![[Edward D. Perkss avatar]](https://franklintempletonprod.widen.net/content/myluatiyuw/webp/Perks_Ed_500x500.png){kind=avatar}
Managed Fund Since 2002
Multi-Asset
FNCFX 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.
Popular Documents
Total Net Assets
$77.25B
As of 12/31/2025 (Updated Monthly)
Dividend increase effective January 2026
Overview
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.
Identifiers
- Fund Number
- 390
- Ticker
- FNCFX
- CUSIP Code
- 353496631
Average Annual Total Returns As of 12/31/2025
Class R6
- 12.47%1 Year
- 9.52%3 Years
- 8.07%5 Years
- 7.88%10 Years
- 10.19%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
As of 12/31/2025 % of Total (Updated Monthly)
Fixed Income49.40% | |
Equity27.48% | |
Convertibles/Equity-Linked Notes20.79% | |
Cash & Cash Equivalents2.34% |
Additional Fund Info
- Share Class Inception Date
- 05/01/2013
- Investment Style
- Income
- Morningstar Category
11 - 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
12/31/2025- 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.
Franklin Income Investors
![[Brendan Circles avatar]](https://franklintempletonprod.widen.net/content/qfyhqgdkcd/webp/Circle_Brendan_500x500.png){kind=avatar}
Managed Fund Since 2019
![[Todd Brightons avatar]](https://franklintempletonprod.widen.net/content/z1hwjxebpc/webp/Brighton_Todd_500x500.png){kind=avatar}
Managed Fund Since 2017
Latest Insights
November 11, 2025
August 4, 2025
May 5, 2025
Performance
Calendar Year Returns
As of 12/31/2025
Class R6 - With Sales Charge (POP) (%)
Class R6 - Without Sales Charge (NAV) (%)
Blended 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate 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.
Ratings 3
©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 of12/31/2025 (Updated Monthly)
- Total Net Assets
- $77.25 Billion
Positions
As of 12/31/2025 (Updated Monthly)
Number of Issuers
- Fund
- 240
- Fund
- 71
- Fund
- 159
- Fund
- 546
- Fund
- 45
Portfolio Statistics
As of 12/31/2025 (Updated Monthly)
Price to Earnings (12-Month Trailing) 12
- Fund
- 20.92x
- Fund
- 5.68 Years
- Fund
- 3.28%
- Fund
- 3.03x
- Fund
- 4.19 Years
- Fund
- 12.43x
Asset Allocation
As of 12/31/2025 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Fixed Income | 49.40% |
Equity | 27.48% |
Convertibles/Equity-Linked Notes | 20.79% |
Cash & Cash Equivalents | 2.34% |
Holdings
As of 12/31/2025 (Updated Monthly)
Exxon Mobil Corp COM NPV
United States Treasury Note/Bond 3.875% 08/15/2033
Cash and Cash Equivalents
United States Treasury Note/Bond 4.25% 05/15/2035
Chevron Corp COM USD.75
Procter & Gamble Co/The COM NPV
PepsiCo Inc COM USD.017
Southern Co/The COM USD5
United States Treasury Note/Bond 4.75% 05/15/2055
Union Pacific Corp COM USD2.5
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
- Distribution Frequency
- MonthlyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Rates and Yields
Distribution Rate
At Net Asset Value (NAV) 5.48%
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
01/30/2026
01/02/2026
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.
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin Income Fund | |||
| Product Commentary - Franklin Income Fund | |||
| Brochure - Five reasons why investors buy and hold Franklin Income Fund (A Class) | |||
| Brochure - Five reasons why investors buy and hold Franklin Income Fund (Advisor Class) | |||
| Flyer - Franklin Income Fund - Compounding in Action | |||
| Flyer - Franklin Income Fund A History of Consistent Income | |||
| Flyer - Income Has Worked, No Matter the Market | |||
| Snapshot - Franklin Income Fund - Advisor Class |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin Income Fund - Class R6 | |||
| Annual Financial Statements and Other Information - Franklin Custodian Funds | |||
| Semi-Annual Report - Franklin Income Fund - Class R6 | |||
| Semi-Annual Financial Statements and Other Information - Franklin Custodian Funds | |||
| Prospectus - Franklin Custodian Funds | |||
| Summary Prospectus - Franklin Income Fund | |||
| Statement of Additional Information - Franklin Custodian Funds | |||
| Fiscal Q1 Holdings - Franklin Custodian Funds | |||
| Fiscal Q3 Holdings - Franklin Custodian Funds |
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
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.
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.
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.