![[Edward D. Perkss avatar]](https://franklintempletonprod.widen.net/content/myluatiyuw/webp/Perks_Ed_500x500.png){kind=avatar}
Managed Fund Since 2006
Multi-Asset
FBFZX 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)
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 11/26/2025 (Updated Daily) - 4.66%
- Fund Inception Date
- 07/03/2006
Identifiers
- Fund Number
- 624
- Ticker
- FBFZX
- CUSIP Code
- 353612658
Average Annual Total Returns As of 10/31/2025
Advisor Class
- 5.92%1 Year
- 8.31%3 Years
- 7.52%5 Years
- 6.71%10 Years
- 6.49%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
As of 10/31/2025 % of Total (Updated Monthly)
Fixed Income50.53% | |
Equity38.63% | |
Convertibles/Equity-Linked Notes9.66% | |
Cash & Cash Equivalents1.19% |
Additional Fund Info
- Share Class Inception Date
- 07/03/2006
- Investment Style
- Multi-Asset Income
- Morningstar Category
3 - Moderately Conservative Allocation
- Lipper Classification
- Mixed-Asset Target Allocation Moderate Funds
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
November 11, 2025
August 4, 2025
May 5, 2025
February 5, 2025
Performance
Average Annual Total Returns
As of 10/31/2025
Selected Month October 2025
Advisor Class - With Sales Charge (POP) (%)
Month End
As of 10/31/2025
Advisor Class - Without Sales Charge (NAV) (%)
Month End
As of 10/31/2025
Month End
As of 10/31/2025
Bloomberg US Aggregate Index (%)
Month End
As of 10/31/2025
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.
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
- 17
- Fund
- 61
- Fund
- 111
- Fund
- 47
Portfolio Statistics
As of 10/31/2025 (Updated Monthly)
Dividend Yield 12
- Fund
- 3.24%
- Fund
- 2.99x
- Fund
- 12.32x
- Fund
- 6.99 Years
- Fund
- 19.90x
- Fund
- 5.57 Years
Asset Allocation
As of 10/31/2025 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Fixed Income | 50.53% |
Equity | 38.63% |
Convertibles/Equity-Linked Notes | 9.66% |
Cash & Cash Equivalents | 1.19% |
Holdings
As of 10/31/2025 (Updated Monthly)
GOVT NATL MORTG ASSN 5.5% 10/20/2055 GNMA
GOVT NATL MORTG ASSN 5.5% 02/20/2055 GNMA
Chevron Corp COM USD.75
United States Treasury Strip Principal 08/15/2054
Exxon Mobil Corp COM NPV
United States Treasury Note/Bond 4.75% 05/15/2055
Johnson & Johnson COM USD1
PepsiCo Inc COM USD.017
Home Depot Inc/The COM USD0.05
Southern Co/The COM USD5
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) 4.66%
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
12/24/2025
11/21/2025
10/27/2025
09/24/2025
08/25/2025
07/25/2025
06/24/2025
05/22/2025
04/24/2025
03/25/2025
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 Managed Income Fund | |||
| Product Commentary - Franklin Managed Income Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin Managed Income Fund - Advisor Class | |||
| Annual Financial Statements and Other Information - Franklin Investors Securities Trust #1 | |||
| Semi-Annual Report - Franklin Managed Income Fund Advisor Class | |||
| 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.