Franklin Income Fund
Franklin Custodian Funds · Series S000006756 · 6 share classes
data updated 2026-09-08
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 Q2
| Bonds | 65.10% |
| Stocks | 26.50% |
| Securitized | 5.18% |
| Loans | 1.32% |
| 2 smaller | 0.82% |
| Derivatives | -0.07% |
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: Goldman Sachs Bank USA into Amazon.com, Inc., CVS, Goldman Sachs Bank USA into Home Depot, Inc. (The), Morgan Stanley Finance LLC into Cisco Systems, Inc., Mizuho Markets Cayman LP into Abbott Laboratories, U.S. Treasury Bills, Royal Bank of Canada into Oracle Corp., Alphabet, Inc.
Largest exited: UBS AG into Marvell Technology, Inc., J.P. Morgan Structured Products BV into Home Depot, Inc. (The), Goldman Sachs Bank USA into Home Depot, Inc. (The), Mizuho Markets Cayman LP into Exxon Mobil Corp., Mizuho Markets Cayman LP into Amgen, Inc., Wells Fargo Bank NA into CVS Health Corp., U.S. Treasury Bills ×2
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +16.79% | +31.27% | +38.76% | 4.81% | -7.31% | |
| +16.28% | +29.09% | +35.46% | 4.76% | -7.30% | |
| +16.62% | +31.51% | +39.50% | 4.75% | -6.94% | |
| +16.37% | +29.63% | +36.16% | 4.79% | -7.15% | |
| +17.05% | +32.05% | +40.16% | 4.67% | -7.30% | |
| +16.23% | +30.41% | +37.51% | 4.51% | -6.93% |
These classes hold the same portfolio, so the 4.70pp spread over 5 years is the cost difference between them — roughly 0.94pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are 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 2026-06-30
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 | 97.7% |
| Floating rate | 1.9% |
| Zero-coupon or unclassified | 0.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 29.0% |
| 1-3y | 11.7% |
| 3-5y | 16.4% |
| 5-10y | 28.8% |
| 10y+ | 14.2% |
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 2026Q2
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 | +1.62 yr |
| High yield | +0.68 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 | 0.13 yr | 6% |
| 5 yr | 0.81 yr | 36% |
| 10 yr | 0.58 yr | 26% |
| 30 yr | 0.70 yr | 31% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.13 yr | 6% |
| 5 yr | 0.85 yr | 37% |
| 10 yr | 0.61 yr | 26% |
| 30 yr | 0.70 yr | 30% |
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 | $27.0k | $3.2k |
| 1 yr | +0.13 | +0.05 | +0.08 | $380.8k | $673.1k |
| 5 yr | +0.81 | +0.42 | +0.43 | $3.31m | $3.43m |
| 10 yr | +0.58 | +0.46 | +0.14 | $3.67m | $1.13m |
| 30 yr | +0.70 | +0.68 | +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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | United States of America3.88% · due 2033-08-15 | 1.84% | — | $1.46B | — |
| XOM | Exxon Mobil Corp.XOM | 1.73% | $136.72 | $1.37B | 10.0M |
| CVX | Chevron Corp.CVX | 1.57% | $165.76 | $1.24B | 7.5M |
| — | United States of America4.25% · due 2035-05-15 | 1.56% | — | $1.24B | — |
| PG | Procter & Gamble Co. (The)PG | 1.39% | $146.64 | $1.10B | 7.5M |
| HD | Home Depot, Inc. (The)HD | 1.33% | $352.68 | $1.06B | 3.0M |
| SO | Southern Co. (The)SO | 1.09% | $95.71 | $861.39M | 9.0M |
| APD | Air Products and Chemicals, Inc.APD | 0.93% | $293.18 | $732.95M | 2.5M |
| — | United States of America4.75% · due 2055-05-15 | 0.92% | — | $727.65M | — |
| PEP | PepsiCo, Inc.PEP | 0.85% | $135.40 | $677.00M | 5.0M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 13.20% of net assets, top 25 23.14%, across 289 issuers.
See more of this fund's book
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