<PAGE> PAGE 1
000 A000000 12/31/94
000 C000000 0000083297
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 FRANKLIN EQUITY FUND
001 B000000 811-334
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FRANKLIN ADVISERS, INC.
008 B000001 A
008 C000001 801-26292
008 D010001 SAN MATEO
008 D020001 CA
008 D030001 94403
008 D040001 7777
011 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B000001 8-5889
011 C010001 SAN MATEO
011 C020001 CA
011 C030001 94403
011 C040001 7777
012 A000001 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B000001 84-1036
012 C010001 SAN MATEO
012 C020001 CA
012 C030001 94403
<PAGE> PAGE 2
012 C040001 7777
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2174
015 A000001 BANK OF AMERICA NT&SA
015 B000001 C
015 C010001 SAN FRANCISCO
015 C020001 CA
015 C030001 94104
015 C040001 1502
015 E010001 X
015 A000002 CITIBANK DELAWARE
015 B000002 C
015 C010002 NEW CASTLE
015 C020002 DE
015 C030002 19720
015 C040002 2409
015 E010002 X
018 000000 Y
019 A000000 Y
019 B000000 114
019 C000000 FRANKLNGRP
020 A000001 MERRILL LYNCH PIERCE FENNER
020 B000001 13-5674085
020 C000001 34
020 A000002 INSTINET CORP
020 B000002 13-3443395
020 C000002 33
020 A000003 DEAN WITTER REYNOLDS INC
020 B000003 94-1671384
020 C000003 25
020 A000004 DAIN BOSWORTH INC
020 B000004 41-0212020
020 C000004 25
020 A000005 PAINEWEBBER INC
020 B000005 13-2638166
020 C000005 20
020 A000006 PRUDENTIAL BACHE SECURITIES
020 B000006 22-2347336
020 C000006 18
020 A000007 MONTGOMERY SECURITIES INC
020 B000007 94-1701676
020 C000007 17
020 A000008 JANNEY MONTGOMERY SCOTT INC
020 B000008 23-0731260
020 C000008 17
020 A000009 COWEN & CO NYC
020 B000009 13-5616116
020 C000009 16
<PAGE> PAGE 3
020 A000010 MORGAN (J P) SECURITIES INC
020 B000010 13-3224016
020 C000010 15
021 000000 380
022 A000001 DAIWA SECURITIES AMERICA
022 B000001 13-5680329
022 C000001 654071
022 D000001 0
022 A000002 LEHMAN BROTHERS SECS
022 B000002 13-2518466
022 C000002 456957
022 D000002 988
022 A000003 CITICORP/CITIBANK
022 B000003 13-3187336
022 C000003 114405
022 D000003 0
022 A000004 DONALDSON LUFKIN & JENRE
022 B000004 13-2741729
022 C000004 100555
022 D000004 0
022 A000005 FUJI SECURITIES INC
022 B000005 13-3038090
022 C000005 68135
022 D000005 0
022 A000006 SANWA-BGK SEC CO L.P.
022 B000006 13-3154528
022 C000006 50749
022 D000006 0
022 A000007 GECC CAPITAL MKTS GROUP INC
022 B000007 13-1500700
022 C000007 14862
022 D000007 4972
022 A000008 JEFFERIES & CO INC
022 B000008 95-2622900
022 C000008 495
022 D000008 9726
022 A000009 GREENWICH SEC
022 B000009 13-2697091
022 C000009 9755
022 D000009 0
022 A000010 MORGAN STANLEY & CO INC
022 B000010 13-2655998
022 C000010 8610
022 D000010 746
023 C000000 1536329
023 D000000 42732
024 000000 Y
025 A000001 CITICORP
025 B000001 13-3187336
025 C000001 E
025 D000001 3517
<PAGE> PAGE 4
025 A000002 J.P. MORGAN & CO., INC.
025 B000002 13-3224016
025 C000002 E
025 D000002 3920
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 32210
028 A020000 0
028 A030000 0
028 A040000 26605
028 B010000 24512
028 B020000 0
028 B030000 0
028 B040000 28083
028 C010000 19189
028 C020000 0
028 C030000 0
028 C040000 28749
028 D010000 15925
028 D020000 0
028 D030000 0
028 D040000 19566
028 E010000 13351
028 E020000 0
028 E030000 0
028 E040000 8335
028 F010000 7905
028 F020000 25408
028 F030000 0
028 F040000 15486
028 G010000 113092
028 G020000 25408
028 G030000 0
028 G040000 126824
028 H000000 113092
029 000000 Y
030 A000000 206
<PAGE> PAGE 5
030 B000000 4.50
030 C000000 0.25
031 A000000 23
031 B000000 0
032 000000 183
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 14
042 B000000 13
042 C000000 1
042 D000000 72
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 311
044 000000 88
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 100000
048 A020000 0.625
048 B010000 150000
048 B020000 0.500
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 250000
048 K020000 0.450
049 000000 N
<PAGE> PAGE 6
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 100
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
<PAGE> PAGE 7
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 135413
071 B000000 142350
071 C000000 261531
071 D000000 52
072 A000000 6
072 B000000 500
072 C000000 2666
<PAGE> PAGE 8
072 D000000 0
072 E000000 0
072 F000000 765
072 G000000 0
072 H000000 0
072 I000000 165
072 J000000 13
072 K000000 114
072 L000000 43
072 M000000 13
072 N000000 30
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 16
072 S000000 2
072 T000000 311
072 U000000 0
072 V000000 0
072 W000000 12
072 X000000 1484
072 Y000000 0
072 Z000000 1682
072AA000000 16585
072BB000000 18602
072CC010000 7657
072CC020000 0
072DD010000 1678
072DD020000 0
072EE000000 26017
073 A010000 0.0400
073 A020000 0.0000
073 B000000 0.6200
073 C000000 0.0000
074 A000000 0
074 B000000 4788
074 C000000 10805
074 D000000 0
074 E000000 5625
074 F000000 252510
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1308
074 K000000 0
074 L000000 987
074 M000000 7
074 N000000 276030
074 O000000 4030
074 P000000 331
074 Q000000 0
<PAGE> PAGE 9
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 486
074 S000000 0
074 T000000 271183
074 U010000 44919
074 U020000 0
074 V010000 6.04
074 V020000 0.00
074 W000000 0.0000
074 X000000 43515
074 Y000000 0
075 A000000 0
075 B000000 281017
076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 ICI MUTUAL
080 C000000 115000
081 A000000 Y
081 B000000 119
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDUEL CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN EQUITY FUND DECEMBER 31, 1994 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 263,629,613
<INVESTMENTS-AT-VALUE> 268,939,931
<RECEIVABLES> 7,082,946
<ASSETS-OTHER> 6,768
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 276,029,645
<PAYABLE-FOR-SECURITIES> 4,029,744
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 816,710
<TOTAL-LIABILITIES> 4,846,454
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 267,834,848
<SHARES-COMMON-STOCK> 44,919,456
<SHARES-COMMON-PRIOR> 42,857,374
<ACCUMULATED-NII-CURRENT> 72,932
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,034,907)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,310,318
<NET-ASSETS> 271,183,191
<DIVIDEND-INCOME> 2,666,352
<INTEREST-INCOME> 500,103
<OTHER-INCOME> 0
<EXPENSES-NET> (1,484,266)
<NET-INVESTMENT-INCOME> 1,682,189
<REALIZED-GAINS-CURRENT> (2,016,672)
<APPREC-INCREASE-CURRENT> 7,657,105
<NET-CHANGE-FROM-OPS> 7,322,622
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,678,413)
<DISTRIBUTIONS-OF-GAINS> (26,017,096)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,996,623
<NUMBER-OF-SHARES-REDEEMED> 19,176,245
<SHARES-REINVESTED> 4,241,703
<NET-CHANGE-IN-ASSETS> (8,697,209)
<ACCUMULATED-NII-PRIOR> 69,156
<ACCUMULATED-GAINS-PRIOR> 25,998,861
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (764,856)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,484,266)
<AVERAGE-NET-ASSETS> 281,017,041
<PER-SHARE-NAV-BEGIN> 6.53
<PER-SHARE-NII> .040
<PER-SHARE-GAIN-APPREC> .130
<PER-SHARE-DIVIDEND> (.040)
<PER-SHARE-DISTRIBUTIONS> (.620)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.04
<EXPENSE-RATIO> 1.060
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
