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.

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.

Benchmark: Linked 60% Bloomberg U.S. Aggregate Index & 40% MSCI USA High Dividend Yield Index
Additional Benchmark: Bloomberg U.S. Aggregate Index
Dividend Frequency, if any: Monthly
Distribution Rate at NAVAs of 05/08/2026 (Updated Daily): 4.39%
30-Day SEC Yield—With Waiver^3,4,5As of 03/31/2026 (Updated Monthly): 2.71%
30-Day SEC Yield—Without Waiver^4,5As of 03/31/2026 (Updated Monthly): 2.69%
Fund Inception Date: 07/03/2006

Sales Charges, Expenses & Fees

As of 03/01/2026

Gross Expense Ratio: 0.91%
Net Expense Ratio: 0.91%
Maximum Initial Charge: 5.50%
CDSC: N/A
12b-1 Fee: 0.25%

Identifiers

Fund Number: 424
Ticker: FBLAX
CUSIP Code: 353612682

Average Annual Total Returns As of 03/31/2026

View performance section for additional info As of 03/31/2026

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

5.20%1 Year
6.05%3 Years
4.32%5 Years
6.45%10 Years
6.09%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.

Top Asset Allocation

View portfolio section for additional info

As of 04/30/2026 % of Total (Updated Monthly)

Top Asset Allocation
Fixed Income46.29%
Equity40.10%
Convertibles/Equity-Linked Notes12.13%
Cash & Cash Equivalents1.48%

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

March 31, 2026

Markets: US equities endured a difficult first quarter of 2026 as investors reassessed the durability of the artificial intelligence (AI) trade and as geopolitical risk intensified. Technology-focused shares came under pressure as rising AI-related capital expenditure spurred a rotation away from mega-capitalization growth stocks and toward value stocks. March brought further strain as the Middle East conflict disrupted energy markets, lifting oil prices and adding to inflation risk.
Contributors: Allocations to equities assisted the fund’s absolute returns. On a relative basis, underweight fixed income positioning, as well as stock selection and overweight equity exposure, contributed to performance.
Detractors: Fixed income holdings were a slight detractor from absolute results, while selection within the asset class weakened relative returns.
Outlook: We remain vigilant amid ongoing uncertainties, selectively deploying capital during periods of market dislocation to enhance income and long-term total return potential. Having reduced fixed income exposure earlier in the year in favor of equity opportunities, we are now selectively increasing bond allocations as higher yields and wider spreads improve their relative attractiveness to us.