FIST1 P1 10/24

FRANKLIN INVESTORS SECURITIES TRUST
SUPPLEMENT DATED OCTOBER 23, 2024
TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
EACH DATED MARCH 1, 2024, OF
FRANKLIN MANAGED INCOME FUND (THE “FUND”)


1. Effective January 9, 2025, investments of $250,000 or more in Class A shares will not be charged a sales charge, but will be subject to a 1% contingent deferred sales charge, if sold within 18 months of purchase. Therefore, the following is added to the end of footnote 1 under the “Shareholder Fees” table in the section titled “Fund Summary – Fees and Expenses of the Fund” in the Fund’s Prospectus:

Effective January 9, 2025, this 1% contingent deferred sales charge will be applied to investments of $250,000 or more for shares sold within 18 months of purchase.

2. Effective January 9, 2025, the following replaces the table as it pertains to the Fund in the section titled “Your Account – Choosing a Share Class – Class A, C & R” in the Fund’s Prospectus:

Sales Charges - Class A

   

when you invest this amount

the sales charge makes up this
% of the offering price1

which equals this % of
your net investment1

Under $25,000

5.50

5.82

$25,000 but under $50,000

5.25

5.54

$50,000 but under $100,000

4.50

4.71

$100,000 but under $250,000

3.50

3.63

$250,000 or more

0.00

0.00

1. The dollar amount of the sales charge is the difference between the offering price of the shares purchased (which factors in the applicable sales charge in this table) and the net asset value of those shares. Since the offering price is calculated to two decimal places using standard rounding criteria, the number of shares purchased and the dollar amount of the sales charge as a percentage of the offering price and of your net investment may be higher or lower depending on whether there was a downward or upward rounding.


3. Effective January 9, 2025, the following replaces the disclosure as it pertains to the Fund in the section titled “Your Account – Choosing a Share Class – Investments of $1 Million or More” in the Fund’s Prospectus:

Investments of $250,000 or More

If you invest $250,000 or more, either as a lump sum or through our cumulative quantity discount or letter of intent programs, you can buy Class A shares without an initial sales charge. However, there is a 1% CDSC on any shares you sell within 18 months of purchase. See “Contingent Deferred Sales Charge (CDSC) -Class A & C” for information on the calculation of CDSC.

4. Effective January 9, 2025, the following replaces the table as it pertains to the Fund in the section titled “Your Account – Account Policies – Dealer Compensation” in the Fund’s Prospectus:

    

   

Class A 

Class C 

Class R 

Commission (%)   

-- 

1.001 

-- 

Investment under $25,000 

5.00 

-- 

-- 

$25,000 but under $50,000 

4.75

-- 

-- 

$50,000 but under $100,000 

4.00 

-- 

-- 

$100,000 but under $250,000 

3.00 

-- 

-- 

$250,000 or more 

Up to 1.00

-- 

-- 

12b-1 fee to dealer   

0.252, 3 

1.004 

0.50 


1. Commission includes advance of the first year's 0.25% 12b-1 service fee. Distributors may pay a prepaid commission. However, Distributors does not pay a prepaid commission on any purchases by Employer Sponsored Retirement Plans.

2. For purchases at NAV where Distributors paid a prepaid commission, dealers may start to receive the 12b-1 fee in the 13th month after purchase. For purchases at NAV where Distributors did not pay a prepaid commission, dealers may start to receive the 12b-1 fee at the time of purchase.

3. Under the Distribution Plan for Class A, the Managed Income Fund may pay up to 0.35% to Distributors or others, out of which 0.10% generally will be retained by Distributors for its distribution expenses. The board of trustees has currently determined to set such fees under the Plan at 0.25% (until further notice), thus reducing the amount that will be retained by Distributors.

4. Dealers may be eligible to receive up to 0.25% at the time of purchase and may be eligible to receive 1% starting in the 13th month. During the first 12 months, the full 12b-1 fee will be paid to Distributors to partially offset the commission and the prepaid service fee paid at the time of purchase. For purchases at NAV where Distributors did not pay a prepaid commission, dealers may start to receive the 12b-1 fee at the time of purchase. After approximately eight years, Class C shares convert to Class A shares and dealers may then be eligible to receive the 12b-1 fee applicable to Class A.

5. Effective January 9, 2025, the following replaces the table as it pertains to the Fund in the section titled “Buying and Selling Shares – Initial sales charges – Financial intermediary compensation” in the Fund’s SAI:


  

Amount of Investment

For Funds with
an initial sales
charge of 5.50%
(%)

Under $25,000

5.00

$25,000 but under $50,000

4.75

$50,000 but under $100,000

4.00

$100,000 but under $250,000

3.00

$250,000 but under $5 million

1.00

$5 million but under $50 million

0.50

$50 million or more

0.25

Please retain this supplement for future reference.


        
  

SUMMARY PROSPECTUS

   
    
  

FRANKLIN MANAGED

INCOME FUND

 
    
    
  

March 1, 2024

as amended October 23, 2024

 
    
  

 
    
     
      
     

Class A

Class C

Class R

Class R6

Advisor Class

FBLAX

FBMCX

FBFQX

FBFRX

FBFZX

Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, statement of additional information, reports to shareholders and other information about the Fund online at www.franklintempleton.com/prospectus. You can also get this information at no cost by calling (800) DIAL BEN/342-5236 or by sending an e-mail request to prospectus@franklintempleton.com. The Fund’s prospectus and statement of additional information, both dated March 1, 2024, as may be supplemented, are all incorporated by reference into this Summary Prospectus.


FRANKLIN MANAGED INCOME FUND
SUMMARY PROSPECTUS

Franklin Managed Income Fund

Investment Goal

To maximize income to support monthly distributions, while maintaining the prospects for capital appreciation.

Fees and Expenses of the Fund

These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 89 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 84 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.

Shareholder Fees

(fees paid directly from your investment)

           

 

Class A

 

Class C

 

Class R

 

Class R6

 

Advisor
Class

Maximum Sales Charge (Load)
Imposed on Purchases (as percentage of offering price)

5.50%

 

None

 

None

 

None

 

None

Maximum Deferred Sales Charge
(Load) (as percentage of the lower of original purchase price or sale proceeds)

None

1 

1.00%

 

None

 

None

 

None

 

 

 

  

 

 

 

 

 

 

 

1.

There is a 1% contingent deferred sales charge that applies to investments of $1 Million ($250,000 effective January 9, 2025) or more (see "Investment of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.

   
 

2

Summary Prospectus

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FRANKLIN MANAGED INCOME FUND
SUMMARY PROSPECTUS

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

          

 

Class A

 

Class C

 

Class R

 

Class R6

 

Advisor
Class

Management fees

0.55%

 

0.55%

 

0.55%

 

0.55%

 

0.55%

Distribution and service (12b-1) fees

0.25%

 

1.00%

 

0.50%

 

None

 

None

Other expenses

0.10%

 

0.10%

 

0.10%

 

0.04%

 

0.10%

Acquired fund fees and expenses

0.01%

 

0.01%

 

0.01%

 

0.01%

 

0.01%

Total annual Fund operating expenses1

0.91%

 

1.66%

 

1.16%

 

0.60%

 

0.66%

Fee waiver and/or expense reimbursement2

-0.01%

 

-0.01%

 

-0.01%

 

-0.01%

 

-0.01%

Total annual Fund operating expenses after fee waiver and/or expense reimbursement

0.90%

 

1.65%

 

1.15%

 

0.59%

 

0.65%

1 Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.

2 The investment manager has agreed to waive fees and/or reimburse operating expenses (excluding the Rule 12b-1 fees and certain non-routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.68% for each share class. The investment manager has also agreed to reduce its fees to reflect reduced services resulting from the Fund’s investments in Franklin Templeton affiliated funds. In addition, transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03%. These arrangements are expected to continue until February 28, 2025. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders).

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

          

 

 

 

1 Year

 

3 Years

 

5 Years

 

10 Years

Class A

 

$637

 

$823

 

$1,025

 

$1,607

Class C

 

$268

 

$522

 

$900

 

$1,764

Class R

 

$117

 

$367

 

$636

 

$1,407

Class R6

 

$60

 

$191

 

$334

 

$749

Advisor Class

 

$66

 

$209

 

$366

 

$821

If you do not sell your shares:

 

 

 

 

 

 

 

Class C

 

$168

 

$522

 

$900

 

$1,764

 

 

 

 

 

 

 

 

 

   
 

franklintempleton.com

Summary Prospectus

3


FRANKLIN MANAGED INCOME FUND
SUMMARY PROSPECTUS

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 92.40% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests in a diversified portfolio of stocks (substantially dividend paying) and debt securities. The Fund normally invests at least 25% of its total assets in debt securities, including bonds, notes, debentures and money market securities. In addition, the Fund normally invests at least 25% of its total assets in equity securities, primarily common and preferred stock. To the extent that the value of convertible and preferred securities can be attributed to their debt characteristics, they will be treated as debt securities for purposes of this investment policy.

The Fund seeks income by investing in a combination of fixed or floating rate corporate, agency and government bonds issued in the United States and other countries, as well as common stocks of companies in any market capitalization range and convertible securities. The Fund seeks capital appreciation by investing in equity securities and convertible securities of companies from a variety of industries.

The Fund generally invests in investment grade debt securities, but may invest up to 10% of its total assets in non-convertible bonds rated below investment grade. The Fund may invest in debt securities of any duration. The Fund does not currently anticipate investing more than 25% of its total assets in securities of issuers domiciled outside the United States.

The Fund also invests in equity-linked notes, which are hybrid derivative-type instruments that are specially designed to combine the characteristics of one or more reference securities (usually a single stock, a stock index or a basket of stocks (underlying securities)) and a related equity derivative, such as a put or call option, in a single note form.

The Fund may, from time to time, use (i) equity-related derivatives, which may include call and put options on equity securities and equity security indices, futures on equity securities and equity indexes and options on equity index futures, (ii) interest rate derivatives, including interest rate swaps and interest rate/bond futures contracts, (iii) currency derivatives, including forward foreign currency exchange

   
 

4

Summary Prospectus

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FRANKLIN MANAGED INCOME FUND
SUMMARY PROSPECTUS

contracts, currency futures contracts, currency swaps and currency options and (iv) credit-related derivatives, such as credit default swaps and options on credit default swaps for various purposes, including enhancing Fund returns, increasing liquidity, gaining exposure to particular instruments or markets in more efficient or less expensive ways and/or hedging risks. The use of such derivative transactions may allow the Fund to obtain net long or net short exposures to selected securities, markets, interest rates, countries, currencies, credits or durations.

The investment manager applies a “bottom-up” approach to investing in individual securities. The investment manager will assess the market price of a company’s securities relative to the investment manager’s evaluation of the company’s long-term earnings, asset value and cash flow potential. The investment manager also considers a company’s price/earnings ratio, profit margins and liquidation value. In determining an optimal mix of equity and fixed-income investments for the Fund, the investment manager assesses changing economic, market and industry conditions.

Under normal market conditions, the Fund employs a managed distribution policy that is designed to provide shareholders with regular distributions from their investment. Under this policy, the Fund distributes twelve level monthly payments throughout each calendar year to enable shareholders to estimate the distributions they will receive from the Fund; however, the twelfth monthly payment may be greater than the initially anticipated amount if additional income or capital gains are required to be distributed. The targeted annual payout rate for all share classes is between approximately 2.75% and 6.25% per share based on the last net asset value of the Fund of the prior calendar year in which the distribution is being made (e.g., for distributions made in 2024, the targeted annual payout rate for all share classes will be based on the Fund’s net asset value on December 31, 2023). The distribution rate will vary by class based on the expenses of each class. Every year, the investment manager will undertake to determine if an adjustment should be made to the monthly rate.

It is possible to lose money by investing in the Fund notwithstanding the managed distribution policy. There can be no assurance or guarantee that the Fund will provide a fixed stable level of distributions at any time or over any period of time. An investment in the Fund could lose money over short, intermediate, or even long periods of time.

Principal Risks

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

   
 

franklintempleton.com

Summary Prospectus

5


FRANKLIN MANAGED INCOME FUND
SUMMARY PROSPECTUS

Market: The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Stock prices tend to go up and down more dramatically than those of debt securities. A slower-growth or recessionary economic environment could have an adverse effect on the prices of the various stocks held by the Fund.

Credit: An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value.

Interest Rate: When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

Managed Distribution Policy:  The Fund's monthly payments under the managed distribution policy may reduce the amount of assets available for investment by the Fund, even if the Fund's assets grow over time. In addition, the Fund may return capital to shareholders (i.e., a return of all or part of a shareholder's original investment). Fund shareholders are expected to receive a monthly distribution that is equal to a set percentage per share, which will be different per class based on differences in class expenses, multiplied by the number of shares owned on the record date; therefore, redemptions from a shareholder’s account will reduce future distributions. The managed distribution policy is not designed to generate, and is not expected to result in, distributions that equal a fixed percentage of the Fund's current net asset value per share or a fixed percentage of a shareholder’s current account value.

Equity-Linked Notes (ELNs):  ELNs may not perform as expected and could cause the Fund to realize significant losses including its entire principal investment. Other risks include counterparty risk, liquidity risk and imperfect correlation between ELNs and the underlying securities.

Convertible Securities: Convertible securities are subject to the risks of stocks when the underlying stock price is high relative to the conversion price (because more of the security's value resides in the conversion feature) and debt securities when the underlying stock price is low relative to the conversion price (because the conversion feature is less valuable). A convertible security is not as sensitive to

   
 

6

Summary Prospectus

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FRANKLIN MANAGED INCOME FUND
SUMMARY PROSPECTUS

interest rate changes as a similar non-convertible debt security, and generally has less potential for gain or loss than the underlying stock.

High-Yield Debt Securities: Issuers of lower-rated or “high-yield” debt securities (also known as “junk bonds”) are not as strong financially as those issuing higher credit quality debt instruments. High-yield debt instruments are generally considered predominantly speculative by the applicable rating agencies as their issuers are more likely to encounter financial difficulties because they may be more highly leveraged, or because of other considerations. In addition, high yield debt instruments generally are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt instruments generally fluctuate more than those of higher credit quality. High-yield debt instruments are generally more illiquid (harder to sell) and harder to value.

Derivative Instruments: The performance of derivative instruments depends largely on the performance of an underlying instrument, such as a currency, security, interest rate or index, and such instruments often have risks similar to their underlying instrument, in addition to other risks. Derivative instruments involve costs and can create economic leverage in the Fund's portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that exceeds the Fund's initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security, interest rate index or other risk being hedged. With over-the-counter derivatives, there is the risk that the other party to the transaction will fail to perform.

Foreign Securities (non-U.S.): Investing in foreign securities typically involves more risks than investing in U.S. securities, including risks related to currency exchange rates and policies, country or government specific issues, less favorable trading practices or regulation and greater price volatility. Certain of these risks also may apply to securities of U.S. companies with significant foreign operations. The risks of investing in foreign securities are typically greater in less developed or emerging market countries.

Management: The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.

   
 

franklintempleton.com

Summary Prospectus

7


FRANKLIN MANAGED INCOME FUND
SUMMARY PROSPECTUS

Cybersecurity: Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing redeeming or exchanging or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.

Performance

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

The indices in the table below show how the Fund's performance compares to: (1) a blended benchmark of equity and fixed income indices that is proportionate to the Fund's approximate allocation to equity and fixed income investments; (2) the equity securities market as a whole; and (3) the fixed income market as a whole.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

   
 

8

Summary Prospectus

franklintempleton.com


FRANKLIN MANAGED INCOME FUND
SUMMARY PROSPECTUS

Class A Annual Total Returns

PerformanceBarChartData(2014:7.47,2015:-2.85,2016:11.98,2017:9.51,2018:-3.16,2019:17.89,2020:5.42,2021:15.15,2022:-7.16,2023:7.63)

   

Best Quarter:

2020, Q2

9.74%

Worst Quarter:

2020, Q1

-13.37%

Average Annual Total Returns

(figures reflect sales charges)

For periods ended December 31, 2023

         

 

 

1 Year

 

5 Years

 

10 Years

 

Franklin Managed Income Fund - Class A

 

 

 

 

 

 

 

 

Return before taxes

 

1.74%

 

6.20%

 

5.30%

 

 

Return after taxes on distributions

 

0.03%

 

4.35%

 

3.74%

 

 

Return after taxes on distributions and sale of Fund shares

 

1.14%

 

4.25%

 

3.67%

 

Franklin Managed Income Fund - Class C

 

5.86%

 

6.62%

 

5.12%

 

Franklin Managed Income Fund - Class R

 

7.36%

 

7.15%

 

5.63%

 

Franklin Managed Income Fund - Class R6

 

7.98%

 

7.78%

 

6.27%

 

Franklin Managed Income Fund - Advisor Class 

 

7.89%

 

7.69%

 

6.17%

 

Blended 50% MSCI USA High Dividend Yield Index + 25% ICE BofA U.S. Corporate & High Yield Index + 25% Bloomberg U.S. Aggregate Index (index reflects no deduction for fees, expenses or taxes)

 

7.16%

 

5.90%

 

6.09%

 

Bloomberg US Aggregate Index (index reflects no deduction for fees, expenses or taxes)

 

5.53%

 

1.10%

 

1.81%

 

S&P 500 Index (index reflects no deduction for fees, expenses or taxes)

 

26.29%

 

15.69%

 

12.03%

 

 

 

 

 

 

 

 

 

 

No one index is representative of the Fund's portfolio.

The figures in the average annual total returns table above reflect the Class A shares maximum front-end sales charge of 5.50%. Prior to September 10, 2018,

   
 

franklintempleton.com

Summary Prospectus

9


FRANKLIN MANAGED INCOME FUND
SUMMARY PROSPECTUS

Class A shares were subject to a maximum front-end sales charge of 5.75%. If the prior maximum front-end sales charge of 5.75% was reflected, performance for Class A shares in the average annual total returns table would be lower.

The after-tax returns presented in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

Investment Manager

Franklin Advisers, Inc. (Advisers or investment manager)

Portfolio Managers

Edward D. Perks, CFA
President and Director of Advisers and portfolio manager of the Fund since inception (2006).

Brendan Circle, CFA
Senior Vice President of Advisers and portfolio manager of the Fund since 2019.

Todd Brighton, CFA
Senior Vice President of Advisers and portfolio manager of the Fund since 2017.

Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Fund on any business day online through our website at franklintempleton.com, by mail (Franklin Templeton Investor Services, P.O. Box 997152, Sacramento, CA 95899-7152), or by telephone at (800) 632-2301. For Class A, C and R, the minimum initial purchase for most accounts is $1,000 (or $25 under an automatic investment plan). Class R6 and Advisor Class are only available to certain qualified investors and the minimum initial investment will vary depending on the type of qualified investor, as described under "Your Account — Choosing a Share Class — Qualified Investors — Class R6" and "— Advisor Class" in the Fund's prospectus. There is no minimum investment for subsequent purchases.

Taxes

The Fund’s distributions are generally taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement

   
 

10

Summary Prospectus

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FRANKLIN MANAGED INCOME FUND
SUMMARY PROSPECTUS

account, in which case your distributions would generally be taxed when withdrawn from the tax-advantaged account.

Due to the Fund’s managed distribution policy, the Fund’s monthly distributions may consist of a return of capital, which will have the effect of reducing your cost basis in the Fund's shares and thereby increasing the amount of capital gain, if any, or decreasing the amount of capital loss, if any, that you will realize when selling or exchanging Fund shares.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

   
 

franklintempleton.com

Summary Prospectus

11


  

 
 

Franklin Distributors, LLC

One Franklin Parkway

San Mateo, CA 94403-1906

franklintempleton.com

Franklin Managed Income Fund

  
  

Investment Company Act file #811-04986

© 2024 Franklin Templeton. All rights reserved.

10% Total Recycled Fiber 00070380

424 PSUM 10/24


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