Beyond Bulls & Bears

Fixed Income

A pioneering income strategy celebrates 75 years

Celebrating an exciting milestone: Franklin Income Fund turns 75. Learn more about this flagship strategy and read some fun facts from back in 1948.

Our Franklin Income Fund recently celebrated its 75th anniversary, offering investors a steady diet of dividends since its launch in 1948.

As the name implies, Franklin Templeton’s founder Rupert H. Johnson Sr. launched the fund to address investors’ need for income, particularly in their retirement years. And Franklin Income Fund has done just that—paying uninterrupted dividends for 75 years.1 A cornerstone of compounding returns, dividends can help people accumulate money for retirement and provide the monthly income needed when their working years are over. As of July 31, 2023, the fund had more than US$72 billion in assets under management.

In its long history, Franklin Income Fund has only had three lead managers. Ed Perks celebrates his 21st year of managing the fund, first as a co-manager in 2002, then as lead manager in 2004, taking the helm from Charlie Johnson. The fund has the flexibility to invest in both equities and fixed income across the globe and in both public and private markets.

A few fun facts about 1948, the year the fund was launched:2

  • Yearly US inflation: 7.74%
  • The World Health Organization was founded
  • Cost of a new house in the United States: $7,700
  • A gallon of gasoline was 16 cents
  • Velcro was invented
  • Harry S. Truman was president of the United States and Time Magazine’s “Man of the Year”
  • Only 1% of US households owned a television set

Commenting on the fund’s anniversary:

“Franklin Income Fund was introduced by the company’s founder Rupert H. Johnson Sr. to address investors’ need for income, particularly in their retirement years. The need for sustainable and regular dividends transcends geographies, and we are thrilled that this flagship strategy is now available across the globe.” ~ Jenny Johnson, president and CEO of Franklin Templeton

“The hallmark of the strategy is not just generating income, but ensuring portfolios are capable of delivering income on a consistent basis for clients. Thinking back to the strategy in its earliest form, it was such an elegant solution for clients looking for income. Given our broad opportunity set and ability to invest in a wide range of assets, there is truly not an asset class, region or type of private or public asset that we can’t consider to achieve our investment objective. Drawing upon the extensive insights and research capabilities across our firm, we look across the capital structure of individual companies for the most attractive income opportunities to pass along to our investors.” ~ Ed Perks, CIO of Franklin Income Investors and lead portfolio manager of Franklin Income Fund

Also in 1948, DeBeers launched a marketing campaign centered around the tagline, “A diamond is forever.”3 Help us celebrate the diamond anniversary of Franklin Income Fund!


All investments involve risks, including possible loss of principal. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. 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. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. Equity securities are subject to price fluctuation and possible loss of principal. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. 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.

Investors should carefully consider a fund’s investment goals, risks, charges and expenses before investing. To obtain a summary prospectus and/or prospectus, which contains this and other information, talk to your financial advisor, call us at (800) DIAL BEN /(800)342-5236 or visit Please carefully read a prospectus before you invest or send money.


This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. This material may not be reproduced, distributed or published without prior written permission from Franklin Templeton.

The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The underlying assumptions and these views are subject to change based on market and other conditions and may differ from other portfolio managers or of the firm as a whole. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market. There is no assurance that any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets will be realized. The value of investments and the income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is not necessarily indicative nor a guarantee of future performance. All investments involve risks, including possible loss of principal.

Any research and analysis contained in this material has been procured by Franklin Templeton for its own purposes and may be acted upon in that connection and, as such, is provided to you incidentally. Data from third party sources may have been used in the preparation of this material and Franklin Templeton (“FT”) has not independently verified, validated or audited such data.  Although information has been obtained from sources that Franklin Templeton believes to be reliable, no guarantee can be given as to its accuracy and such information may be incomplete or condensed and may be subject to change at any time without notice. The mention of any individual securities should neither constitute nor be construed as a recommendation to purchase, hold or sell any securities, and the information provided regarding such individual securities (if any) is not a sufficient basis upon which to make an investment decision. FT accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments, opinions and analyses in the material is at the sole discretion of the user.

Products, services and information may not be available in all jurisdictions and are offered outside the U.S. by other FT affiliates and/or their distributors as local laws and regulation permits. Please consult your own financial professional or Franklin Templeton institutional contact for further information on availability of products and services in your jurisdiction.

Issued in the U.S. by Franklin Distributors, LLC, One Franklin Parkway, San Mateo, California 94403-1906, (800) DIAL BEN/342-5236, – Franklin Distributors, LLC, member FINRA/SIPC, is the principal distributor of Franklin Templeton U.S. registered products, which are not FDIC insured; may lose value; and are not bank guaranteed and are available only in jurisdictions where an offer or solicitation of such products is permitted under applicable laws and regulation.


1. Dividends and capital gains will vary depending on the fund’s income. There is no guarantee the fund will pay dividends and distributions and past distributions are not indicative of future trends. For more information on historical distributions, see the Franklin Income Fund’s webpage here.

2. Sources: The People History, Time Magazine, University of Chicago Press.

3. Source: “1948: De Beers ‘A diamond is forever’ campaign invents the modern day engagement ring.” The Drum. March 31, 2016.

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