Multi-Asset

FCISX 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.

Benchmark³: 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 NAV⁴As of 03/13/2026 (Updated Daily): 4.74%
30-Day SEC Yield—With Waiver^5,6,7As of 02/28/2026 (Updated Monthly): 2.55%
30-Day SEC Yield—Without Waiver^6,7As of 02/28/2026 (Updated Monthly): 2.55%
Fund Inception Date: 08/31/1948

Sales Charges, Expenses & Fees

As of 02/01/2026

Gross Expense Ratio⁸: 1.11%
Net Expense Ratio^8,9: 1.11%
Maximum Initial Charge: —
CDSC¹⁰: 1.00%
12b-1 Fee: 0.65%

Identifiers

Fund Number: 209
Ticker: FCISX
CUSIP Code: 353496805

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Class C

With Sales Charge (POP)

Without Sales Charge (NAV)

11.94%1 Year
9.64%3 Years
7.62%5 Years
7.88%10 Years
7.13%Since Inception
05/01/1995

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 02/28/2026 % of Total (Updated Monthly)

Top Asset Allocation
Fixed Income47.62%
Equity28.05%
Convertibles/Equity-Linked Notes22.06%
Cash & Cash Equivalents2.26%

Additional Fund Info

Share Class Inception Date: 05/01/1995
Investment Style: Income
Morningstar Category¹¹: Moderate Allocation
Lipper Classification: Flexible Portfolio Funds

Hear Ed Perks answer the top questions on investors' minds today.

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

December 31, 2025

Markets: US equities collectively delivered solid gains during the fourth quarter of 2025, maintaining their upward trajectory against a backdrop of generally robust corporate earnings, despite some mixed economic signals and investor concerns about stretched technology valuations. Continued monetary easing by the US Federal Reserve (Fed), along with a constructive shift in US-China relations, supported investor sentiment.
Contributors: Allocations to both the fixed income and equity sides of the portfolio contributed to the fund’s absolute returns, while selection assisted relative results.
Detractors: Underweight equity positioning and an overweight fixed income allocation slightly detracted from relative returns.
Outlook: We believe fixed income yields remain historically attractive, and we are constructive on equity markets despite volatility within certain sectors. Broad diversification and a high degree of flexibility underpin our approach to navigating the year ahead. Our diversified portfolio is designed to pursue income stability while selectively participating in secular growth themes using tools like equity-linked notes.

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

January 12, 2026

Investment outlook for 2026: Policy is paramount and income a priority

November 11, 2025

Diversifying for income

August 4, 2025

Mid-year update: Staying diversified and income-focused

May 5, 2025

Income diversification amid market uncertainty

Performance

Average Annual Total Returns

As of 02/28/2026

Month End

Quarter End

As of

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

Month End

As of 02/28/2026

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

Month End

As of 02/28/2026

Blended 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate Index (%) ³

Month End

As of 02/28/2026

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: 2 out of 5 stars
As of 02/28/2026

3 Years: 3 Years: 1 out of 5 stars
465 Funds in category

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

10 Years: 10 Years: 2 out of 5 stars
371 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.

©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 of02/28/2026 (Updated Monthly)

Total Net Assets: $80.52 Billion

Positions

As of 02/28/2026 (Updated Monthly)

Number of Issuers

Fund: 234

Number of Equity Issuers

Fund: 67

Number of FI Issuers

Fund: 160

Number of Holdings

Fund: 574

Number of Convertible Issuers

Fund: 46

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Price to Earnings (12-Month Trailing)

Fund: 23.46x

Average Weighted Maturity

Fund: 5.75 Years

Dividend Yield ¹²

Fund: 5.41%

Price to Book

Fund: 3.29x

Effective Duration

Fund: 4.13 Years

Price to Cash Flow

Fund: 13.36x

Asset Allocation

As of 02/28/2026 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Fixed Income	47.62%
Equity	28.05%
Convertibles/Equity-Linked Notes	22.06%
Cash & Cash Equivalents	2.26%

Holdings
As of 01/31/2026 (Updated Monthly)

Exxon Mobil Corp COM NPV

Procter & Gamble Co/The COM NPV

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

Chevron Corp COM USD.75

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

PepsiCo Inc COM USD.017

Southern Co/The COM USD5

Home Depot Inc/The COM USD0.05

Air Products and Chemicals Inc COM USD1

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	0.01	0.001709	—	—	—	—	—	—	—
Jan 31	0.01	0.001709	—	—	—	—	—	—	—
Feb 28	0.01	0.001709	—	—	—	—	—	—	—
Mar 31	0.01	0.001709	—	—	—	—	—	—	—
Apr 30	0.01	0.001709	—	—	—	—	—	—	—
May 30	0.01	0.001709	—	—	—	—	—	—	—
Jun 30	0.01	0.001709	—	—	—	—	—	—	—
Jul 31	0.01	0.001709	—	—	—	—	—	—	—
Aug 29	0.01	0.001709	—	—	—	—	—	—	—
Sep 30	0.01	0.001709	—	—	—	—	—	—	—
Oct 31	0.01	0.001709	—	—	—	—	—	—	—
Nov 28	0.01	0.001709	0.0076	—	—	—	—	—	—
	0.12	0.020508	0.0076	—	—	—	—	—	—

Jan 02

Jan 31

Feb 28

Mar 31

Apr 30

May 30

Jun 30

Jul 31

Aug 29

Sep 30

Oct 31

Nov 28

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.: 6.39%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 14.64%
Section 163(j): 55.32%
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 03/13/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/13/2026

Share Prices

As of 03/13/2026

NAV ¹(Net Asset Value): $2.58
NAV Change ¹: $-0.01
NAV Change (%) ¹: -0.39%
POP ¹³(Public Offering Price): $2.58

52-Week Range

Highest NAV As of 02/27/2026: $2.65
Lowest NAV As of 04/08/2025: $2.27

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	Brochure - Franklin Income Fund: The Power of Income.	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 - Class C	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Custodian Funds	Download Document
Checkbox	Semi-Annual Report - Franklin Income Fund - Class C	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 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. 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. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Equity securities are subject to price fluctuation and possible loss of principal. Investments in equity-linked notes often have risks similar to their underlying securities, which could include management risk, market risk and, as applicable, foreign securities and currency risks. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. 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.

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

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.

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.

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.

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 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, may include capital gains and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
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.
A 1% contingent deferred sales charge (CDSC) may apply to shares redeemed within 12 months.
©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.
Dividend yield is calculated without the deduction of fees and expenses.
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.
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.

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FCISX Franklin Income Fund

Popular Documents

Dividend increase effective January 2026

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class C

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 14

Portfolio

Asset Allocation

Distributions & Tax

Federal ID Number 94-3025603

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ¹⁴