Franklin Managed Income Fund
Franklin Investors Securities Trust · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Franklin Managed Income Fund is a moderate allocation fund. 0% of FBLAX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 90% of the fund’s equity).
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Moderate
Fund profile
As filed in the prospectus · 2026 Q1
To maximize income to support monthly distributions, while maintaining the prospects for capital appreciation.
The fund invests in a diversified mix of dividend-paying stocks and investment-grade debt securities, with at least 25% in each asset class, using a bottom-up approach that evaluates individual securities on earnings potential, asset value, cash flow and valuation metrics. The fund employs derivatives including equity options, interest rate swaps, currency forwards and credit default swaps to enhance returns, increase liquidity or hedge risks. Because performance depends on the manager's security selection and the effectiveness of derivative strategies, results may diverge from broad market returns. The fund distributes twelve level monthly payments annually, with a targeted payout rate between 2.75% and 6.25% of prior year-end net asset value.
| Share class | Gross | Net | As of |
|---|---|---|---|
| FBLAX | 0.91% | 0.90% | 2025 Q1 |
| FBMCX | 1.66% | 1.65% | 2025 Q1 |
| FBFQX | 1.16% | 1.15% | 2025 Q1 |
| FBFZX | 0.66% | 0.65% | 2025 Q1 |
| FBFRX | 0.59% | 0.59% | 2025 Q1 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 42.27% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 43.35% |
| Bonds | 42.06% |
| Securitized | 12.56% |
| Cash & short-term | 2.08% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Financials | 14.0% |
| Securitized | 12.6% |
| Other | 10.9% |
| International | 10.4% |
| 12 smaller | 52.1% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Largest new: AMZN, Beignet Investor LLC, RD Michigan Property Owner I LLC, Ares Management Corp., AstraZeneca plc, MSFT, SCHW, COF
Exited: Centene Corp., Barclays Bank plc into Amazon.com, Inc., Merrill Lynch BV into Microsoft Corp., AstraZeneca plc, Mizuho Markets Cayman LP into Exxon Mobil Corp., Goldman Sachs International Bank into NIKE, Inc., Micron Technology, Inc.
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 |
|---|---|---|---|---|---|
| +16.49% | +27.73% | +30.65% | 5.89% | -7.60% | |
| +15.60% | +24.88% | +25.82% | 5.87% | -7.79% | |
| +16.25% | +26.83% | +28.99% | 5.87% | -7.71% | |
| +16.73% | +28.63% | +32.26% | 5.94% | -7.52% | |
| +16.80% | +28.90% | +32.65% | 5.94% | -7.57% |
These classes hold the same portfolio, so the 6.83pp spread over 5 years is the cost difference between them — roughly 1.37pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
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 | 96.6% |
| Zero-coupon or unclassified | 3.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 16.1% |
| 1-3y | 3.7% |
| 3-5y | 13.1% |
| 5-10y | 34.1% |
| 10y+ | 33.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
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 | 50% |
| Interest rates | 50% |
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 | +2.64 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.08 yr | 3% |
| 5 yr | 0.79 yr | 30% |
| 10 yr | 0.62 yr | 24% |
| 30 yr | 1.14 yr | 43% |
| 1 yr | 0.08 yr | 3% |
| 5 yr | 0.80 yr | 30% |
| 10 yr | 0.63 yr | 24% |
| 30 yr | 1.14 yr | 43% |
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 | $0 | $0 |
| 1 yr | +0.08 | +0.08 | +0.00 | $26.0k | $0 |
| 5 yr | +0.79 | +0.80 | +0.00 | $276.0k | $0 |
| 10 yr | +0.62 | +0.63 | +0.00 | $217.7k | $0 |
| 30 yr | +1.14 | +1.14 | +0.00 | $396.3k | $0 |
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 |
|---|---|---|---|---|---|
| — | GNMA5.50% · due 2055-10-20 | 2.86% | — | $99.00M | — |
| — | GNMA5.50% · due 2055-02-20 | 2.17% | — | $75.34M | — |
| INFXX | Franklin Institutional U.S. Government Money Market FundINFXX | 2.08% | — | $72.20M | — |
| PG | Procter & Gamble Co. (The)PG | 1.91% | $147.09 | $66.19M | 450.0K |
| — | United States of America0.00% · due 2054-08-15 | 1.83% | — | $63.57M | — |
| CVX | Chevron Corp.CVX | 1.81% | $193.31 | $62.83M | 325.0K |
| XOM | Exxon Mobil Corp.XOM | 1.78% | $154.33 | $61.73M | 400.0K |
| — | United States of America4.75% · due 2055-05-15 | 1.66% | — | $57.70M | — |
| TXN | Texas Instruments, Inc.TXN | 1.62% | $281.08 | $56.22M | 200.0K |
| PEP | PepsiCo, Inc.PEP | 1.60% | $158.49 | $55.47M | 350.0K |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 19.33% of net assets, top 25 35.99%, across 125 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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