Franklin Income Fund
Franklin Custodian Funds · Series S000006756 · 6 share classes
data updated 2026-08-10
Fund profile
As filed in the prospectus · 2026 Q1
To maximize income while maintaining prospects for capital appreciation.
The fund pursues a bottom-up value approach, seeking undervalued securities across debt and equity markets by analyzing factors such as anticipated cash flow, earnings prospects, asset coverage, and management quality; it expects to hold 20–30% in below-investment-grade debt but may reach 35%, and may allocate up to 25% to foreign securities and equity-linked notes. The fund employs equity and interest-rate derivatives to enhance returns, hedge risks, and gain efficient exposure. Because security selection depends on the manager's analysis of individual opportunities rather than a benchmark, performance will diverge from any index. The fund distributes twelve level monthly payments annually.
| Share class | Gross | Net | As of |
|---|---|---|---|
| FKINX | 0.61% | 0.61% | 2025 Q1 |
| FCISX | 1.11% | 1.11% | 2025 Q1 |
| FRIAX | 0.46% | 0.46% | 2025 Q1 |
| FISRX | 0.96% | 0.96% | 2025 Q1 |
| FNCFX | 0.42% | 0.41% | 2025 Q1 |
| FKIQX | 0.71% | 0.71% | 2025 Q1 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 62.14% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Bonds | 62.46% |
| Stocks | 28.49% |
| Securitized | 5.61% |
| Cash & short-term | 2.44% |
| 2 smaller | 1.21% |
| Derivatives | -0.04% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: United States of America, Wells Fargo Bank NA into Amazon.com, Inc., Citigroup Global Markets Holdings, Inc. into Microsoft Corp., Merrill Lynch BV into Procter & Gamble Co. (The), Citigroup Global Markets Holdings, Inc. into Halliburton Co., JPMorgan Chase Bank NA into Schlumberger NV, Barclays Bank plc into Freeport-McMoRan, Inc., Barclays Bank plc into Capital One Financial Corp.
Largest exited: United States of America, Accenture plc, AMGN, Merrill Lynch BV into Microsoft Corp., CommScope LLC, Royal Bank of Canada into Cisco Systems, Inc., Wells Fargo Bank NA into Citigroup, Inc., TDG
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — |
Mar 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-03-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 98.0% |
| Floating rate | 1.6% |
| Zero-coupon or unclassified | 0.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 29.1% |
| 1-3y | 10.7% |
| 3-5y | 16.9% |
| 5-10y | 28.4% |
| 10y+ | 14.8% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q1
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.59 yr |
| High yield | +0.63 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.12 yr | 6% |
| 5 yr | 0.74 yr | 34% |
| 10 yr | 0.58 yr | 27% |
| 30 yr | 0.71 yr | 33% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.13 yr | 6% |
| 5 yr | 0.78 yr | 35% |
| 10 yr | 0.61 yr | 27% |
| 30 yr | 0.71 yr | 32% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $38.2k | $299 |
| 1 yr | +0.12 | +0.05 | +0.07 | $405.5k | $587.1k |
| 5 yr | +0.74 | +0.38 | +0.40 | $2.98m | $3.13m |
| 10 yr | +0.58 | +0.47 | +0.13 | $3.71m | $1.05m |
| 30 yr | +0.71 | +0.69 | +0.02 | $5.40m | $143.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 2.16 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| XOM | Exxon Mobil Corp.XOM | 2.16% | $1.70B | 10.0M |
| CVX | Chevron Corp.CVX | 1.97% | $1.55B | 7.5M |
| — | United States of America3.88% · due 2033-08-15 | 1.87% | $1.47B | — |
| — | United States of America4.25% · due 2035-05-15 | 1.59% | $1.25B | — |
| PG | Procter & Gamble Co. (The)PG | 1.56% | $1.23B | 8.5M |
| SO | Southern Co. (The)SO | 1.10% | $868.68M | 9.0M |
| PEP | PepsiCo, Inc.PEP | 0.99% | $776.45M | 5.0M |
| — | United States of America4.75% · due 2055-05-15 | 0.93% | $730.52M | — |
| APD | Air Products and Chemicals, Inc.APD | 0.92% | $726.23M | 2.5M |
| HD | Home Depot, Inc. (The)HD | 0.84% | $657.78M | 2.0M |
Top 10 positions are 13.93% of net assets, top 25 24.27%, across 289 issuers.
See more of this fund's book
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