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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
015 D010018 MEXICO
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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SIGNATURE LAURA FERGERSON
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN EQUITY FUND DECEMBER 31, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN EQUITY FUND-CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 436,743,597
<INVESTMENTS-AT-VALUE> 664,317,753
<RECEIVABLES> 38,739,775
<ASSETS-OTHER> 7,243,263
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 710,300,791
<PAYABLE-FOR-SECURITIES> 1,787,475
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,279,436
<TOTAL-LIABILITIES> 4,066,911
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 504,916,942
<SHARES-COMMON-STOCK> 61,124,012
<SHARES-COMMON-PRIOR> 55,832,059
<ACCUMULATED-NII-CURRENT> 2,407,022
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
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<ACCUM-APPREC-OR-DEPREC> 227,574,156
<NET-ASSETS> 706,233,880
<DIVIDEND-INCOME> 3,512,487
<INTEREST-INCOME> 1,928,290
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<EXPENSES-NET> (3,033,755)
<NET-INVESTMENT-INCOME> 2,407,022
<REALIZED-GAINS-CURRENT> (28,387,953)
<APPREC-INCREASE-CURRENT> 27,602,940
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<GROSS-EXPENSE> (3,033,755)
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<PER-SHARE-GAIN-APPREC> (.060)
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<FN>
<F1> ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN EQUITY FUND DECEMBER 31, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> FRANKLIN EQUITY FUND CLASS-II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> DEC-31-1998
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<INVESTMENTS-AT-VALUE> 664,317,753
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<TOTAL-ASSETS> 710,300,791
<PAYABLE-FOR-SECURITIES> 1,787,475
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<SENIOR-EQUITY> 0
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<EXPENSES-NET> (3,033,755)
<NET-INVESTMENT-INCOME> 2,407,022
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<DISTRIBUTIONS-OF-GAINS> (2,427,924)
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<PER-SHARE-NAV-BEGIN> 10.910
<PER-SHARE-NII> .000
<PER-SHARE-GAIN-APPREC> (.060)
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<FN>
<F1> ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN EQUITY FUND DECEMBER 31, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> FRANKLIN EQUITY FUND-ADVISOR CLASS
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> DEC-31-1998
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<INTEREST-INCOME> 1,928,290
<OTHER-INCOME> 0
<EXPENSES-NET> (3,033,755)
<NET-INVESTMENT-INCOME> 2,407,022
<REALIZED-GAINS-CURRENT> (28,387,953)
<APPREC-INCREASE-CURRENT> 27,602,940
<NET-CHANGE-FROM-OPS> 1,622,009
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,147,942)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,684,482
<NUMBER-OF-SHARES-REDEEMED> (935,674)
<SHARES-REINVESTED> 117,333
<NET-CHANGE-IN-ASSETS> 39,770,854
<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,518,293)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3,033,755)
<AVERAGE-NET-ASSETS> 622,178,085
<PER-SHARE-NAV-BEGIN> 11.000
<PER-SHARE-NII> .040
<PER-SHARE-GAIN-APPREC> (.050)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.580)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.410
<EXPENSE-RATIO> .700 <F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1> ANNUALIZED
</FN>
</TABLE>
