SUPPLEMENT TO THE PROSPECTUSES DATED JANUARY 1, 1997
FRANKLIN EQUITY FUND
(dated November 1, 1996)
FRANKLIN GOLD FUND
(dated December 1, 1996)
I. As of January 1, 1997, the Fund began offering a third class of shares,
designated "Advisor Class." This prospectus describes the Class I and Class II
shares of the Fund. Class I, Class II and Advisor Class shares differ as to
sales charges, expenses and services. Different fees and expenses will affect
performance. Advisor Class shares are described in a separate prospectus
relating only to that class. For more information concerning Advisor Class
shares, contact your investment representative or Distributors. Additional
classes of shares may be offered in the future.
II. The discussion under "How Do I Buy Shares? - Cumulative Quantity Discounts
Class I Only." is amended by replacing it with the following text:
To determine if you may pay a reduced sales charge, the amount of your
current purchase is added to the cost or current value, whichever is
higher, of your shares in other Franklin Templeton Funds, as well as those
of your spouse, children under the age of 21 and grandchildren under the
age of 21. If you are the sole owner of a company, you may also add any
company accounts, including retirement plan accounts. Companies with one or
more retirement plans may add together the total plan assets invested in
the Franklin Templeton Funds to determine the sales charge that applies.
January 1, 1997
