00000387212011-02-012011-02-010000038721fcf:S000006754Member2011-02-012011-02-010000038721fcf:S000006754Memberfcf:C000018321Member2011-02-012011-02-010000038721fcf:S000006754Memberfcf:C000018322Member2011-02-012011-02-010000038721fcf:S000006754Memberfcf:C000018323Member2011-02-012011-02-010000038721fcf:S000006754Memberfcf:C000068977Member2011-02-012011-02-010000038721fcf:S000006754Memberfcf:C000066417Member2011-02-012011-02-010000038721fcf:S000006754Memberfcf:C000018321Memberrr:AfterTaxesOnDistributionsMember2011-02-012011-02-010000038721fcf:S000006754Memberfcf:C000018321Memberrr:AfterTaxesOnDistributionsAndSalesMember2011-02-012011-02-010000038721fcf:S000006754Memberfcf:Index1040Member2011-02-012011-02-010000038721fcf:S000006754Memberfcf:Index8948Member2011-02-012011-02-010000038721fcf:S000006754Memberfcf:Index1Member2011-02-012011-02-010000038721fcf:S000006755Member2011-02-012011-02-010000038721fcf:S000006755Memberfcf:C000018324Member2011-02-012011-02-010000038721fcf:S000006755Memberfcf:C000018325Member2011-02-012011-02-010000038721fcf:S000006755Memberfcf:C000018326Member2011-02-012011-02-010000038721fcf:S000006755Memberfcf:C000018328Member2011-02-012011-02-010000038721fcf:S000006755Memberfcf:C000018327Member2011-02-012011-02-010000038721fcf:S000006755Memberfcf:C000018324Memberrr:AfterTaxesOnDistributionsMember2011-02-012011-02-010000038721fcf:S000006755Memberfcf:C000018324Memberrr:AfterTaxesOnDistributionsAndSalesMember2011-02-012011-02-010000038721fcf:S000006755Memberfcf:Index1Member2011-02-012011-02-010000038721fcf:S000006756Member2011-02-012011-02-010000038721fcf:S000006756Memberfcf:C000018329Member2011-02-012011-02-010000038721fcf:S000006756Memberfcf:C000018331Member2011-02-012011-02-010000038721fcf:S000006756Memberfcf:C000018330Member2011-02-012011-02-010000038721fcf:S000006756Memberfcf:C000018332Member2011-02-012011-02-010000038721fcf:S000006756Memberfcf:C000018334Member2011-02-012011-02-010000038721fcf:S000006756Memberfcf:C000018333Member2011-02-012011-02-010000038721fcf:S000006756Memberfcf:C000018329Memberrr:AfterTaxesOnDistributionsMember2011-02-012011-02-010000038721fcf:S000006756Memberfcf:C000018329Memberrr:AfterTaxesOnDistributionsAndSalesMember2011-02-012011-02-010000038721fcf:S000006756Memberfcf:Index1Member2011-02-012011-02-010000038721fcf:S000006756Memberfcf:Index1030Member2011-02-012011-02-010000038721fcf:S000006756Memberfcf:Index8920Member2011-02-012011-02-010000038721fcf:S000006757Member2011-02-012011-02-010000038721fcf:S000006757Memberfcf:C000018335Member2011-02-012011-02-010000038721fcf:S000006757Memberfcf:C000018336Member2011-02-012011-02-010000038721fcf:S000006757Memberfcf:C000018337Member2011-02-012011-02-010000038721fcf:S000006757Memberfcf:C000018339Member2011-02-012011-02-010000038721fcf:S000006757Memberfcf:C000018338Member2011-02-012011-02-010000038721fcf:S000006757Memberfcf:C000018335Memberrr:AfterTaxesOnDistributionsMember2011-02-012011-02-010000038721fcf:S000006757Memberfcf:C000018335Memberrr:AfterTaxesOnDistributionsAndSalesMember2011-02-012011-02-010000038721fcf:S000006757Memberfcf:Index1004Member2011-02-012011-02-010000038721fcf:S000006757Memberfcf:Index8918Member2011-02-012011-02-010000038721fcf:S000006758Member2011-02-012011-02-010000038721fcf:S000006758Memberfcf:C000018340Member2011-02-012011-02-010000038721fcf:S000006758Memberfcf:C000018341Member2011-02-012011-02-010000038721fcf:S000006758Memberfcf:C000018342Member2011-02-012011-02-010000038721fcf:S000006758Memberfcf:C000018344Member2011-02-012011-02-010000038721fcf:S000006758Memberfcf:C000018343Member2011-02-012011-02-010000038721fcf:S000006758Memberfcf:C000018340Memberrr:AfterTaxesOnDistributionsMember2011-02-012011-02-010000038721fcf:S000006758Memberfcf:C000018340Memberrr:AfterTaxesOnDistributionsAndSalesMember2011-02-012011-02-010000038721fcf:S000006758Memberfcf:Index1Member2011-02-012011-02-010000038721fcf:S000006758Memberfcf:Index8909Member2011-02-012011-02-01 iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares 0000038721FRANKLIN CUSTODIAN FUNDS485BPOS2011-01-272011-02-012010-09-30false2011-02-01~ http://xbrl.sec.gov/rr/role/RiskReturnDetail column period compact * row primary compact * ~Fund SummaryInvestment GoalCapital appreciation.Fees and Expenses of the Fund50000You 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.These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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. More information about these and other discounts is available from your financial professional and under “Your Account” on page 109 in the Fund's Prospectus and under “Buying and Selling Shares” on page 57 of the Fund’s Statement of Additional Information.SHAREHOLDER FEES (fees paid directly from your investment)~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fcf_S000006754Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.05750.000.000.000.000.000.04000.01000.000.00<div><p>ANNUAL FUND OPERATING EXPENSES</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fcf_S000006754Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.00480.00480.00480.00480.00480.00250.00980.01000.00500.000.00300.00300.00300.00300.00300.01030.01760.01780.01280.0078ExampleThis 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:If you sell your shares at the end of the period:~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fcf_S000006754Member column rr_ProspectusShareClassAxis compact * row primary compact * ~67488411111762579854115418812815609642095130406702154580249433966If you do not sell your shares:~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fcf_S000006754Member column rr_ProspectusShareClassAxis compact * row primary compact * ~17955495418811815609642095Portfolio Turnover0.31<div><p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover 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 31% of the average value of its portfolio.</p></div>Principal Investment StrategiesUnder normal market conditions, the Fund seeks investments primarily in equity securities of companies that management believes are leaders in innovation, take advantage of new technologies, have superior management, and benefit from new industry conditions in the dynamically changing global economy.<div><p>Under normal market conditions, the Fund seeks investments primarily in equity securities of companies that management believes are leaders in innovation, take advantage of new technologies, have superior management, and benefit from new industry conditions in the dynamically changing global economy. The Fund invests primarily in common stock.</p><p>In pursuing these objectives, the fund managers may invest in any economic sector, market capitalization and may invest in companies both inside and outside of the United States. Although the investment manager will search for investments across a large number of sectors, it expects to have significant positions in particular sectors including, for example, technology, telecommunications and health care.</p><p>The investment manager uses fundamental, bottom-up research to seek companies meeting its criteria of growth potential, quality and valuation. In seeking sustainable growth characteristics, the investment manager looks for companies it believes can produce sustainable earnings and cash flow growth, evaluating the long-term market opportunity and competitive structure of an industry to target leaders and emerging leaders.</p></div>Principal RisksMutual 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.You could lose money by investing in the Fund.<div><p>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.</p><p>Market</p><p>The market value of securities owned by the Fund will go up and down, sometimes rapidly or unpredictably. A security&#146;s market value 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 securities. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.</p><p>Generally, stocks have historically outperformed other types of investments over the long term. Individual stock prices, however, tend to go up and down more dramatically. A slower-growth or recessionary economic environment could have an adverse effect on the price of the various stocks held by the Fund.</p><p>Focus</p><p>The technology and telecommunications sector has historically been volatile due to the rapid pace of product change and development within the sector. The activities of health care companies may be funded or subsidized by federal and state governments and changes in funding may adversely affect the profitability of these companies. Technology, telecommunications and health care companies may also be affected by legislation or changes in government regulation and policies.</p><p>Foreign Securities</p><p>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.</p><p>Midsize Companies</p><p>Securities issued by midsize companies may be more volatile in price than those of larger companies, involve substantial risks and should be considered speculative. Such risks may include greater sensitivity to economic conditions, less certain growth prospects, lack of depth of management and funds for growth and development and limited or less developed product lines and markets.</p><p>Management</p><p>The Fund is subject to management risk because it is an actively managed investment portfolio. Investment management 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.</p><p>Growth Style Investing</p><p>Growth stock prices reflect projections of future earnings or revenues, and can, therefore, fall dramatically if the company fails to meet those projections. Prices of these companies&#146; securities may be more volatile than other securities, particularly over the short term.</p></div>Performance(800) DIAL BENThe Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.franklintempleton.comThe 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.Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.<div><p>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.</p><p>Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p></div>CLASS A ANNUAL TOTAL RETURNS-0.1311-0.19870.38640.07690.07180.02640.2308-0.41010.47110.1851~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact fcf_S000006754Member ~Best Quarter:2003-06-300.1647Worst Quarter:2008-12-31-0.2341<table style="font: 11px sans-serif; background-color:#DDDDDD" border="0" cellspacing="0" cellpadding="5" width="745"><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Best Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q2'03</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">16.47%</td></tr><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Worst Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q4'08</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">23.41%</td></tr></table><div><p>AVERAGE ANNUAL TOTAL RETURNS<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2010</p></div>~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fcf_S000006754Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Return Before Taxes0.11700.04140.03150.11700.03780.02920.07610.03430.02630.13620.04260.03150.16620.04590.03000.18210.05060.03480.18820.05520.03840.16710.03750.00020.18020.04650.01510.15060.02290.0141<div><p>Historical performance for Class R and Advisor Class shares prior to their inception is based on the performance of Class A shares. Class R and Advisor Class performance has been adjusted to reflect differences in sales charges and 12b-1 expenses (with respect to Class R only) between classes.</p><p>The after-tax returns 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-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary.</p></div>Investment GoalCapital appreciation.Fees and Expenses of the Fund50000You 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.These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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. More information about these and other discounts is available from your financial professional and under “Your Account” on page 109 in the Fund's Prospectus and under “Buying and Selling Shares” on page 57 of the Fund’s Statement of Additional Information.SHAREHOLDER FEES (fees paid directly from your investment)~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fcf_S000006755Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.05750.000.000.000.000.000.04000.01000.000.00<div><p>ANNUAL FUND OPERATING EXPENSES</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fcf_S000006755Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.00460.00460.00460.00460.00460.00250.00990.01000.00500.000.00240.00240.00240.00240.00240.00010.00010.00010.00010.00010.00960.01700.01710.01210.0071-0.0001-0.0001-0.0001-0.0001-0.00010.00950.01690.01700.01200.0070ExampleThis 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 waiver and/or expenses reimbursement by the investment manager and/or administrator for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:If you sell your shares at the end of the period:~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fcf_S000006755Member column rr_ProspectusShareClassAxis compact * row primary compact * ~66686010701674572833111818012735369232009122381660145572224390871If you do not sell your shares:~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fcf_S000006755Member column rr_ProspectusShareClassAxis compact * row primary compact * ~17253391818011735369232009Portfolio Turnover0.04<div><p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover 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 4% of the average value of its portfolio.</p></div>Principal Investment StrategiesUnder normal market conditions, the Fund invests substantially in the equity securities of companies that are leaders in their industries.<div><p>Under normal market conditions, the Fund invests substantially in the equity securities of companies that are leaders in their industries. In selecting securities, the investment manager considers many factors, including historical and potential growth in revenues and earnings, assessment of strength and quality of management, and determination of a company's strategic positioning in its industry.</p><p>Although the Fund normally invests substantially in the equity securities (principally common stocks) of U.S.-based large and medium market capitalization companies, it may invest in companies in new and emerging industries where growth is expected to be above average and may invest up to 40% of its assets in smaller companies. The Fund may invest up to 40% of its assets in foreign securities.</p><p>The Fund's investment manager is a research driven, fundamental investor, generally pursuing a "buy-and-hold" growth strategy. As a "bottom-up" investor focusing primarily on individual securities, the investment manager chooses companies that it believes are positioned for growth in revenues, earnings or assets. Such advantages as a particular marketing niche, proven technology, sound financial records, strong management, and industry leadership are all factors the investment manager believes point to strong growth potential. Although the investment manager will search for investments across a large number of sectors, from time to time, based on economic conditions, the Fund may have significant positions in particular sectors.</p></div>Principal RisksMutual 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.You could lose money by investing in the Fund.<div><p>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.</p><p>Market</p><p>The market value of securities owned by the Fund will go up and down, sometimes rapidly or unpredictably. A security&#146;s market value 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 securities. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.</p><p>Generally, stocks have historically outperformed other types of investments over the long term. Individual stock prices, however, tend to go up and down more dramatically. A slower-growth or recessionary economic environment could have an adverse effect on the price of the various stocks held by the Fund.</p><p>Smaller and Midsize Companies</p><p>Securities issued by smaller and midsize companies may be more volatile in price than those of larger companies, involve substantial risks and should be considered speculative. Such risks may include greater sensitivity to economic conditions, less certain growth prospects, lack of depth of management and funds for growth and development and limited or less developed product lines and markets. In addition, smaller companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans.</p><p>Foreign Securities</p><p>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.</p><p>Focus</p><p>To the extent that the Fund focuses on particular countries, regions, industries, sectors or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.</p><p>Management</p><p>The Fund is subject to management risk because it is an actively managed investment portfolio. Investment management 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.</p></div>Performance(800) DIAL BENThe Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.franklintempleton.comThe 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.Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.<div><p>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.</p><p>Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p></div>CLASS A ANNUAL TOTAL RETURNS-0.0947-0.24350.28030.11300.08360.14160.0713-0.33390.34250.1487~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact fcf_S000006755Member ~Best Quarter:2003-06-300.1770Worst Quarter:2008-12-31-0.2030<table style="font: 11px sans-serif; background-color:#DDDDDD" border="0" cellspacing="0" cellpadding="5" width="745"><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Best Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q2'03</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">17.70%</td></tr><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Worst Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q4'08</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">20.30%</td></tr></table><div><p>AVERAGE ANNUAL TOTAL RETURNS<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2010</p></div>~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fcf_S000006755Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Return Before Taxes0.08270.03440.02270.08200.03350.02190.05460.02930.01930.10040.03540.02270.13050.03890.02110.14590.04410.02630.15180.04930.03140.15060.02290.0141<div><p>Historical performance for Class R shares prior to their inception is based on the performance of Class A shares. Class R performance has been adjusted to reflect differences in sales charges and 12b-1 expenses between classes.</p><p>The after-tax returns 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-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary.</p></div>Investment GoalTo maximize income while maintaining prospects for capital appreciation.Fees and Expenses of the Fund100000You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds.These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 109 in the Fund's Prospectus and under “Buying and Selling Shares” on page 57 of the Fund’s Statement of Additional Information.SHAREHOLDER FEES (fees paid directly from your investment)~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fcf_S000006756Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.04250.000.000.000.000.000.000.04000.04000.01000.000.00<div><p>ANNUAL FUND OPERATING EXPENSES</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fcf_S000006756Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.00390.00390.00390.00390.00390.00390.00150.00990.00640.00650.00500.000.00110.00110.00110.00110.00110.00110.00650.01490.01140.01150.01000.0050ExampleThis 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:If you sell your shares at the end of the period:~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fcf_S000006756Member column rr_ProspectusShareClassAxis compact * row primary compact * ~48962477212015527711013155251666282812492173656331398102318552122551160280628If you do not sell your shares:~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fcf_S000006756Member column rr_ProspectusShareClassAxis compact * row primary compact * ~152471813155211636262812491173656331398Portfolio Turnover0.47<div><p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover 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 47% of the average value of its portfolio.</p></div>Principal Investment StrategiesUnder normal market conditions, the Fund invests in a diversified portfolio of debt and equity securities.<div><p>Under normal market conditions, the Fund invests in a diversified portfolio of debt and equity securities. The Fund may shift its investments from one asset class to another based on the investment managers' analysis of the best opportunities for the Fund&#146;s portfolio in a given market. The equity securities in which the Fund invests consist primarily of common stocks. Debt securities include all varieties of fixed, floating and variable rate instruments, including secured and unsecured bonds, bonds convertible into common stock, mortgage and asset-backed securities, debentures, and shorter term instruments. The Fund seeks income by selecting investments such as corporate, foreign and U.S. Treasury bonds, as well as stocks with dividend yields the manager believes are attractive. The Fund may invest up to 100% of its total assets in debt securities that are rated below investment grade (also known as "junk bonds"), including a portion in defaulted securities. The Fund maintains the flexibility to invest in securities of companies from a variety of sectors, but from time to time, based on economic conditions, the Fund may have significant investments in particular sectors. The Fund may also invest up to 25% of its assets in foreign securities, either directly or through depositary receipts.</p><p>The Fund's investment manager searches for undervalued or out-of-favor securities it believes offer opportunities for income today and significant growth tomorrow. It generally performs independent analysis of the debt securities being considered for the Fund's portfolio, rather than relying principally on the ratings assigned by rating organizations. In analyzing both debt and equity securities, the manager considers a variety of factors, including:</p><p>a security's relative value based on such factors as anticipated cash flow, interest or dividend coverage, asset coverage, and earnings prospects;</p><p>the experience and strength of the company's management;</p><p>the company's changing financial condition and market recognition of the change;</p><p>the company's sensitivity to changes in interest rates and business conditions; and</p><p>the company's debt maturity schedules and borrowing requirements.</p><p>When choosing equity investments for the Fund, the investment manager applies a "bottom-up," long-term approach, focusing on 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.</p></div>Principal RisksMutual 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.You could lose money by investing in the Fund.<div><p>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.</p><p>Credit</p><p>An issuer of debt securities may fail to make interest payments and repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.</p><p>High-Yield Debt Securities</p><p>Issuers of lower-rated or "high yield" debt securities are not as strong financially as those issuing higher credit quality debt securities. These issuers are more likely to encounter financial difficulties and 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 securities generally fluctuate more than those of higher credit quality. High yield debt securities are generally more illiquid (harder to sell) and harder to value.</p><p>Market</p><p>The market value of securities owned by the Fund will go up and down, sometimes rapidly or unpredictably. A security&#146;s market value 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 securities. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.</p><p>Generally, stocks have historically outperformed other types of investments over the long term. Individual stock prices, however, tend to go up and down more dramatically. A slower-growth or recessionary economic environment could have an adverse effect on the price of the various stocks held by the Fund.</p><p>Interest Rate</p><p>When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. In general, securities with longer maturities are more sensitive to these price changes.</p><p>Income</p><p>Because the Fund can only distribute what it earns, the Fund's distributions to shareholders may decline when prevailing interest rates fall or when the Fund experiences defaults on debt securities it holds.</p><p>Foreign Securities</p><p>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.</p><p>Focus</p><p>To the extent that the Fund focuses on particular countries, regions, industries, sectors or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.</p><p>Management</p><p>The Fund is subject to management risk because it is an actively managed investment portfolio. Investment management 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.</p><p>Prepayment</p><p>Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest.</p><p>Value Style Investing</p><p>A value stock may not increase in price as anticipated by the investment manager if other investors fail to recognize the company's value and bid up the price, the markets favor faster-growing companies, or the factors that the investment manager believes will increase the price of the security do not occur.</p></div>Performance(800) DIAL BENThe Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.franklintempleton.comThe 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.Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.<div><p>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.</p><p>Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p></div>CLASS A ANNUAL TOTAL RETURNS0.0065-0.01060.30960.12170.01850.19120.0531-0.30510.35010.1291~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact fcf_S000006756Member ~Best Quarter:2009-06-300.1879Worst Quarter:2008-09-30-0.1545<table style="font: 11px sans-serif; background-color:#DDDDDD" border="0" cellspacing="0" cellpadding="5" width="745"><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Best Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q2'09</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">18.79%</td></tr><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Worst Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q3'08</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">15.45%</td></tr></table><div><p>AVERAGE ANNUAL TOTAL RETURNS<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2010</p></div>~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fcf_S000006756Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Return Before Taxes0.08210.04910.06630.05900.02580.04120.05490.02940.04260.08020.04680.06240.08220.05090.06640.11230.05370.06540.12660.05550.06670.13150.06040.07260.15060.02290.01410.06540.05800.05840.11370.03570.0354<div><p>Historical performance for Class R shares prior to their inception is based on the performance of Class A shares. Class R performance has been adjusted to reflect differences in sales charges and 12b-1 expenses between classes.</p><p>The new Class B performance shown reflects a restatement of the old Class B (now Class B1) performance to include the Rule 12b-1 fee applicable to the new Class B as though it was in effect from the inception of old Class B (now Class B1) shares.</p><p>The after-tax returns 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-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary.</p></div>Investment GoalIncome.Fees and Expenses of the Fund100000You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds.These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 109 in the Fund's Prospectus and under “Buying and Selling Shares” on page 57 of the Fund’s Statement of Additional Information.SHAREHOLDER FEES (fees paid directly from your investment)~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fcf_S000006757Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.04250.000.000.000.000.000.04000.01000.000.00<div><p>ANNUAL FUND OPERATING EXPENSES</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fcf_S000006757Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.00450.00450.00450.00450.00450.00140.00640.00650.00500.000.00140.00140.00140.00140.00140.00730.01230.01240.01090.0059ExampleThis 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:If you sell your shares at the end of the period:~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fcf_S000006757Member column rr_ProspectusShareClassAxis compact * row primary compact * ~496648814129352569087613502263936811500111347601132960189329738If you do not sell your shares:~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fcf_S000006757Member column rr_ProspectusShareClassAxis compact * row primary compact * ~12539067613501263936811500Portfolio Turnover0.47<div><p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover 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 47% of the average value of its portfolio.</p></div>Principal Investment StrategiesUnder normal market conditions, the Fund invests at least 80% of its net assets in U.S. government securities.<div><p>Under normal market conditions, the Fund invests at least 80% of its net assets in U.S. government securities. The Fund presently invests substantially all of its assets in Government National Mortgage Association obligations (Ginnie Maes). Ginnie Maes represent an ownership interest in mortgage loans pooled together for sale to investors to finance purchases of homes. The mortgage loans may have either fixed or adjustable interest rates. As the underlying mortgage loans are paid off, Ginnie Maes provide investors with monthly payments of interest and principal as well as any unscheduled prepayments on the underlying mortgage loans.</p><p>Ginnie Maes carry a guarantee as to the timely repayment of principal and interest that is backed by the full faith and credit of the U.S. government. The full faith and credit guarantee does not apply to the market prices and yields of the Ginnie Maes or to the net asset value or performance of the Fund, which will vary with changes in interest rates and other market conditions.</p></div>Principal RisksMutual 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.You could lose money by investing in the Fund.<div><p>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.</p><p>Ginnie Maes</p><p>Ginnie Maes differ from conventional corporate debt securities because principal is paid back monthly over the life of the security rather than at maturity. The Fund may receive unscheduled prepayments of principal due to voluntary prepayments, refinancing or foreclosure on the underlying mortgage loans. Because of repayments, Ginnie Maes may be less effective than some other types of securities as a means of "locking in" long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. A reduction in the anticipated rate of principal prepayments, especially during periods of rising interest rates, may increase the effective maturity of Ginnie Maes, making them more susceptible than some other debt securities to a decline in market value when interest rates rise.</p><p>Interest Rate</p><p>When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. In general, securities with longer maturities are more sensitive to these price changes.</p><p>Credit</p><p>An issuer of debt securities may fail to make interest payments and repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value. While securities issued by Ginnie Mae are backed by the full faith and credit of the U.S. government, not all securities of the various U.S. government agencies are, including those of Fannie Mae and Freddie Mac. Also guarantees of principal and interest do not apply to market prices, yields or the Fund&#146;s share price. While the U.S. government has recently provided financial support to Fannie Mae and Freddie Mac, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law.</p><p>Income</p><p>Because the Fund can only distribute what it earns, the Fund's distributions to shareholders may decline when prevailing interest rates fall or when the Fund experiences defaults on debt securities it holds.</p><p>Management</p><p>The Fund is subject to management risk because it is an actively managed investment portfolio. Investment management 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.</p><p>Market</p><p>The market value of securities owned by the Fund will go up and down, sometimes rapidly or unpredictably. A security&#146;s market value 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 securities. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.</p><p>Prepayment</p><p>Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest.</p></div>Performance(800) DIAL BENThe Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.franklintempleton.comThe 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.Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.<div><p>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.</p><p>Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p></div>CLASS A ANNUAL TOTAL RETURNS0.07670.08580.01780.03800.02770.03690.06360.06880.04770.0608~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact fcf_S000006757Member ~Best Quarter:2001-09-300.0387Worst Quarter:2004-06-30-0.0095<table style="font: 11px sans-serif; background-color:#DDDDDD" border="0" cellspacing="0" cellpadding="5" width="745"><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Best Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q3'01</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">3.87%</td></tr><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Worst Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q2'04</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">0.95%</td></tr></table><div><p>AVERAGE ANNUAL TOTAL RETURNS<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2010</p></div>~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fcf_S000006757Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Return Before Taxes0.01640.04630.04760.00190.02940.02870.01050.02940.02910.01530.04680.04780.04580.05010.04680.05690.05170.04820.06210.05710.05350.04980.05410.05120.06160.05860.0526<div><p>Historical performance for Class R shares prior to their inception is based on the performance of Class A shares. Class R performance has been adjusted to reflect differences in sales charges and 12b-1 expenses between classes.</p><p>The after-tax returns 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-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary.</p></div>Investment GoalCapital appreciation and current income.Fees and Expenses of the Fund100000You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds.These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 109 in the Fund's Prospectus and under “Buying and Selling Shares” on page 57 of the Fund’s Statement of Additional Information.SHAREHOLDER FEES (fees paid directly from your investment)~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fcf_S000006758Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.04250.000.000.000.000.000.04000.01000.000.00<div><p>ANNUAL FUND OPERATING EXPENSES</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fcf_S000006758Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.00460.00460.00460.00460.00460.00150.00650.00650.00500.000.00170.00170.00170.00170.00170.00780.01280.01280.01130.0063ExampleThis 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:If you sell your shares at the end of the period:~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fcf_S000006758Member column rr_ProspectusShareClassAxis compact * row primary compact * ~501664840135053070690214072304067021545115359622137564202351786If you do not sell your shares:~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fcf_S000006758Member column rr_ProspectusShareClassAxis compact * row primary compact * ~13040670214071304067021545Portfolio Turnover0.05<div><p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover 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 5% of the average value of its portfolio.</p></div>Principal Investment StrategiesUnder normal market conditions, the Fund invests at least 80% of its net assets in the securities of public utilities companies.<div><p>Under normal market conditions, the Fund invests at least 80% of its net assets in the securities of public utilities companies. These are companies that provide electricity, natural gas, water, and communications services to the public and companies that provide services to public utilities companies. The Fund concentrates (invests more than 25% of its total assets) in companies operating in the utilities industry. The Fund invests primarily in equity securities, which consist mainly of common stocks.</p><p>The Fund searches for the best return opportunities available in the global utilities arena with a specific focus on the U.S. electricity and gas sector. Generally, the Fund seeks to invest in companies producing a high percentage of earnings from regulated utility franchise operations.</p></div>Principal RisksMutual 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.You could lose money by investing in the Fund.<div><p>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.</p><p>Utilities Industry</p><p>Utility company equity securities, which are generally purchased for their dividend yield, historically have been sensitive to interest rate movements: when interest rates have risen, the stock prices of these companies have tended to fall. In some states, utility companies and their rates are regulated; other states have moved to deregulate such companies thereby causing non-regulated companies&#146; returns to generally be more volatile and more sensitive to changes in revenue and earnings. In general, all utility companies may face additional regulation and litigation regarding emissions from their power plants; increased costs from new or greater regulation of greenhouse gas emissions; and the need to purchase expensive emissions control equipment due to regulations, all of which may lower their earnings.</p><p>Market</p><p>The market value of securities owned by the Fund will go up and down, sometimes rapidly or unpredictably. A security&#146;s market value 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 securities. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.</p><p>Generally, stocks have historically outperformed other types of investments over the long term. Individual stock prices, however, tend to go up and down more dramatically. A slower-growth or recessionary economic environment could have an adverse effect on the price of the various stocks held by the Fund.</p><p>Concentration</p><p>By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities in such industries.</p><p>Management</p><p>The Fund is subject to management risk because it is an actively managed investment portfolio. Investment management 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.</p></div>Performance(800) DIAL BENThe Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.franklintempleton.comThe 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.Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.<div><p>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.</p><p>Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p></div>CLASS A ANNUAL TOTAL RETURNS-0.0809-0.10480.19300.23140.10740.23890.1642-0.25600.13820.0685~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact fcf_S000006758Member ~Best Quarter:2003-06-300.1511Worst Quarter:2008-09-30-0.1314<table style="font: 11px sans-serif; background-color:#DDDDDD" border="0" cellspacing="0" cellpadding="5" width="745"><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Best Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q2'03</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">15.11%</td></tr><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Worst Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q3'08</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">13.14%</td></tr></table><div><p>AVERAGE ANNUAL TOTAL RETURNS<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2010</p></div>~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fcf_S000006758Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Return Before Taxes0.02320.04560.05280.01720.03680.04110.02210.03870.04140.02370.04610.05310.05340.04940.05210.06580.05100.05370.07060.05620.05900.15060.02290.01410.05460.03900.0079<div><p>Historical performance for Class R shares prior to their inception is based on the performance of Class A shares. Class R performance has been adjusted to reflect differences in sales charges and 12b-1 expenses between classes.</p><p>The after-tax returns 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-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary.</p></div>The index shows how the Fund's performance compares to a group of securities that aligns more closely with the Fund's investment strategies.The investment manager has contractually agreed in advance to reduce its fee as a result of the Fund's investment in a Franklin Templeton money fund (acquired fund) for at least the next 12-month period.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.New or additional investments into Class B are no longer permitted. New or additional investments into Class B/B1 are no longer permitted.The index shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives.