![[Edward D. Perkss avatar]](https://franklintempletonprod.widen.net/content/myluatiyuw/webp/Perks_Ed_500x500.png){kind=avatar}
Managed Fund Since 2006
Multi-Asset
FBLAX Franklin Managed Income Fund
- Fixed monthly income distributions, which are pre-determined for each calendar year.
- Broadly diversified and actively managed to adapt to changing markets.
- Experienced portfolio management team. Portfolio managers Ed Perks, Brendan Circle, and Todd Brighton bring over 65 years of combined experience.
Popular Documents
Total Net Assets
$3.32B
As of 10/31/2025 (Updated Monthly)
Reduced NAV breakpoint
Effective January 9, 2025, this fund reduced its Class A share NAV breakpoint from $1,000,000 to $250,000. If you have any questions, please contact your financial professional. Note: purchases of $250,000 or more in Class A shares will be subject to a 1% contingent deferred sales charge if sold within 18 months of purchase.
Overview
Fund Facts
Fund description
The fund seeks to maximize income to support monthly distributions while maintaining the prospects for capital appreciation. The fund invests in a diversified portfolio of stocks and debt securities and employs a managed distribution policy that is intended to provide level monthly payments.
- Additional Benchmark
- Bloomberg US Aggregate Index
- Dividend Frequency, if any
- Monthly
- Distribution Rate at NAV
6 As of 11/07/2025 (Updated Daily) - 4.49%
- Fund Inception Date
- 07/03/2006
Identifiers
- Fund Number
- 424
- Ticker
- FBLAX
- CUSIP Code
- 353612682
Average Annual Total Returns As of 09/30/2025
Class A
- -2.07%1 Year
- 7.53%3 Years
- 5.83%5 Years
- 6.42%10 Years
- 5.89%Since Inception
07/03/2006
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.
Additional Fund Info
- Share Class Inception Date
- 07/03/2006
- Investment Style
- Multi-Asset Income
- Lipper Classification
- Mixed-Asset Target Allocation Moderate Funds
- Morningstar Category
- Moderately Conservative Allocation
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
September 30, 2025- Markets: US equities delivered strong performance over 2025’s third quarter, buoyed in part by easing trade tensions and optimism surrounding artificial intelligence. The US Federal Reserve’s (Fed’s) interest-rate cut in September also supported market sentiment, as did robust corporate earnings. Both the S&P 500 Index and the Nasdaq Composite Index ended the quarter at new record highs.
- Contributors: Allocations to both the fixed income and equity sides of the portfolio benefited absolute returns. On a relative basis, security selection and underweight positioning within fixed income assisted performance, as did an overweight allocation to equities.
- Detractors: Stock selection weakened relative equity returns.
- Outlook: We maintain a balanced stance on fixed income, while continuing to favor a diversified mix across US Treasuries (USTs), securitized products and corporate issues. Moreover, our preference remains for selective exposure within equities, balancing growth sectors with quality cyclicals and dividend payers.
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
August 4, 2025
May 5, 2025
February 5, 2025
Performance
Risk Measures
As of 10/31/2025
Class A - Without Sales Charge (NAV)
Measured against: Linked 60% Bloomberg U.S. Aggregate Index & 40% MSCI USA High Dividend Yield Index
Statistics
Alpha (%)
Beta
Beta Bull
Beta Bear
Bull Bear Capture Ratio
R-Squared
Correlation
Historical Tracking Error
Information Ratio
Gains/Losses
Standard Deviation (%)
Class A
Linked 60% Bloomberg U.S. Aggregate Index & 40% MSCI USA High Dividend Yield Index
Sharpe Ratio (%)
Class A
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 of10/31/2025 (Updated Monthly)
- Total Net Assets
- $3.32 Billion
Positions
As of 10/31/2025 (Updated Monthly)
Number of Holdings
- Fund
- 161
- Fund
- 110
Portfolio Statistics
As of 10/31/2025 (Updated Monthly)
Dividend Yield 13
- Fund
- 3.24%
- Fund
- 2.99x
- Fund
- 12.32x
- Fund
- 6.99 Years
- Fund
- 19.90x
- Fund
- 5.57 Years
Sector Allocation (Equity as a % of Total)
As of 10/31/2025 Equity as a % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Information Technology | 7.80% |
Health Care | 7.66% |
Energy | 6.68% |
Industrials | 5.47% |
Consumer Staples | 5.45% |
Utilities | 5.32% |
Consumer Discretionary | 3.35% |
Materials | 3.02% |
Financials | 2.75% |
Communication Services | 0.79% |
Holdings
As of 09/30/2025 (Updated Monthly)
GOVT NATL MORTG ASSN 5.5% 02/20/2055 GNMA
Chevron Corp COM USD.75
Exxon Mobil Corp COM NPV
United States Treasury Strip Principal 08/15/2054
United States Treasury Note/Bond 4.75% 05/15/2055
Johnson & Johnson COM USD1
GOVT NATL MORTG ASSN 6% 03/20/2055 GNMA
Home Depot Inc/The COM USD0.05
Texas Instruments Inc COM USD1
GOVT NATL MORTG ASSN 6% 02/20/2055 GNMA
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
Federal ID Number 20-4553555
For information on tax years prior to 2008, please contact usThese amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
Jan 25
Feb 23
Mar 22
Apr 24
May 24
Jun 24
Jul 25
Aug 26
Sep 24
Oct 25
Nov 22
Dec 24
Dec 27
Supplemental Tax Information
- Foreign Source Income
- —
- Foreign Source Qualified Dividends
- —
- Direct U.S. Government Obligations
- 3.87%
- Specified Private Activity Bond Interest
- —
- Dividends Received Deduction
- 21.25%
- Section 163(j)
- 61.38%
- Indiana Resident Taxable Income
- —
- Utah Resident Taxable Income
- —
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 11/07/2025 (Updated Daily)
Daily Fund Prices and Breakpoints
As of 11/07/2025
Share Prices
As of 11/07/2025
POP and Sales Charge at Breakpoints
Less than $25,000
$25,000 - $49,999
$50,000 - $99,999
$100,000 - $249,999
52-Week Range
- Highest NAV
As of 11/29/2024 - $13.02
- Lowest NAV
As of 04/08/2025 - $11.76
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin Managed Income Fund | |||
| Product Commentary - Franklin Managed Income Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin Managed Income Fund - Class A | |||
| Annual Financial Statements and Other Information - Franklin Investors Securities Trust #1 | |||
| Semi-Annual Report - Franklin Managed Income Fund Class A | |||
| Semiannual Financial Statements and Other Information - Franklin Investors Securities Trust | |||
| Prospectus - Franklin Investors Securities Trust #1 | |||
| Summary Prospectus - Franklin Managed Income Fund | |||
| Statement of Additional Information - Franklin Investors Securities Trust #1 | |||
| Fiscal Q1 Holdings - Franklin Investors Securities Trust Funds | |||
| Fiscal Q3 Holdings - Franklin Investors Securities Trust Funds |
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. Equity securities are subject to price fluctuation and possible loss of principal. 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.
Managed Distribution Policy Risks - The fund is not guaranteed to achieve its investment goal nor is there any guarantee that the fund will provide sufficient income at or through the investor's retirement. In addition, some of its distributions may be treated in part as a return of capital, which will decrease shareholders' cost basis in the fund and affect the amount of any capital gain or loss that they realize when selling or exchanging fund shares. The annual payout rate may be adjusted higher or lower from year to year and could vary substantially over time. It is possible for the fund to suffer substantial investment losses and simultaneously experience additional asset reductions as a result of its distributions to shareholders under the managed distribution policy. Investors who hold the fund within a tax-advantaged retirement account should consult their tax professional to discuss tax consequences of receiving cash distributions. In addition, use of the fund or election of the option to receive distribution payments in cash may be restricted in certain retirement plans by the terms of the governing plan documents and/or the discretion of the plan administrator. Investors are strongly advised to consult with their financial professional for assistance before selecting the appropriate fund, based on their goals and personal situations, including time horizon, retirement income needs, risk tolerance, and tax bracket.
Important 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.
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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.
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.
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.
The Bloomberg US Aggregate 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: Bloomberg Indices.
Effective 3/1/19, Franklin Balanced Fund repositioned to become an income strategy. The fund changed its name to Franklin Managed Income Fund, as well as its dividend policy, investment management fees and primary benchmark.
Managed Distribution Policy Risks - The Franklin Managed Income Fund is not guaranteed to achieve its investment goal of seeking to maximize income to support monthly distributions, while maintaining the prospects for capital appreciation. In addition, some of its distributions may be treated in part as a return of capital which will decrease shareholders' cost basis in the fund and affect the amount of any capital gain or loss that they realize when selling or exchanging fund shares. The annual payout rate may be adjusted higher or lower from year to year, and could vary substantially over time. It is possible for the fund to suffer substantial investment losses and simultaneously experience additional asset reductions as a result of its distributions to shareholders under the managed distribution policy. Investors who hold the fund within a tax-advantaged retirement account should consult their tax advisors to discuss tax consequences of receiving cash distributions. In addition, use of the fund or election of the option to receive distribution payments in cash may be restricted in certain retirement plans by the terms of the governing plan documents and/or the discretion of the plan administrator. Investors are strongly advised to consult with their financial professional for assistance before selecting the fund, based on their goals and personal situations, including time horizon, income needs, risk tolerance, and tax bracket. These and other risks are described more fully in the fund's prospectus.
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.