FRANKLIN EQUITY FUND
DEFA14A, 2000-06-30
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                           SCHEDULE 14A INFORMATION

                    Proxy Statement Pursuant to Section 14(a)
                     of the Securities Exchange Act of 1934
                                 (Amendment No.)

Filed by the Registrant                               [X]
Filed by a party other than the Registrant            [ ]

Check the appropriate box:

[ ]   Preliminary Proxy Statement
[ ]   Definitive Proxy Statement
[X]   Definitive Additional Materials
[ ]   Soliciting Material Pursuant to Section.240-14a-11(c)
      or Section.240-14a-12
[ ]   Confidential, for Use of the Commission Only (as permitted by Rule
      14a-6(e)(2))

                             Franklin Equity Fund
                (Name of Registrant as Specified In Its Charter)

                             Franklin Equity Fund
                   (Name of Person(s) Filing Proxy Statement)

Payment of Filing Fee (Check the appropriate box):

[X] No fee required

[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11

     (1)  Title of each class of securities to which transaction applies:

     (2)  Aggregate number of securities to which transaction applies:

     (3)  Per unit  price  or other  underlying  value of  transaction
computed pursuant to Exchange  Act Rule 0-11 (set forth the amount on which
the filing fee is calculated and state how it was determined):

     (4)  Proposed maximum aggregate value of transaction:

     (5)  Total fee paid:

[ ]   Fee paid previously with preliminary material.

[ ]   Check box if any part of the fee is offset as provided  by Exchange
Act Rule  0-11(a)(2)  and identify the filing for which the offsetting fee
was paid  previously.  Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.

      1)   Amount Previously Paid:

      2)   Form, Schedule or Registration Statement No.:

      3)   Filing Party:

      4)   Date Filed:






                             FRANKLIN EQUITY FUND
                         777 MARINERS ISLAND BLVD.
                             SAN MATEO CA 94404

                         Special Shareholders' Meeting
                      To be held on Friday, July 14, 2000

   Dear Shareholder:

   Recently   we   distributed   proxy   material   regarding   the  Special
   Shareholders'  Meeting for the  Franklin  Equity Fund  scheduled  to take
   place on  FRIDAY,  JULY 14,  2000.  As you know,  shareholders  are being
   asked to consider  changing the name of the Fund to "Franklin  Growth and
   Income Fund",  reorganizing  the Fund from a California  corporation to a
   Delaware  business  trust,  and other matters as more fully  described in
   the materials  previously sent to you. Our records  indicate that we have
   not yet received your voting  instructions.  We encourage you to exercise
   your  right  to vote  in  order  to  have a  majority  opinion  from  the
   shareholders  of the Fund.  Please  take a few moments to cast your vote.
   If you do not plan to attend the Meeting,  please vote now to ensure that
   your vote is received before the Meeting.

   Since  the  Meeting  will be held  shortly,  we have  set up a  toll-free
   telephone  number,  Internet  voting,  as well as a toll-free fax line by
   which you can  quickly  and easily  exercise  your right to vote.  Please
   use the  mail  option  only  if the  above-mentioned  are not  available,
   since  there is no  guarantee  your vote will be received in time for the
   Meeting.

   Please take a few moments to vote now by utilizing one of the
   following options:

       1.   BY PHONE:    For automated phone voting, call
                         1-800-597-7836, available 24 hours a day. Enter the 14
                         digit control number located on your proxy card and
                         follow the prompts. If you would like to speak to a
                         live representative, call 1-800-819-1625.
                         Representatives are available to take your vote Monday
                         through Friday between 9 a.m. and 11 p.m. and Saturday
                         12 p.m. to 6 p.m. eastern time. Please have your proxy
                         card available at the time of the call.

       2.   BY INTERNET: Visit WWW.FRANKLINTEMPLETON.COM and enter
                         the 14-digit control number located on your proxy card.

       3.   BY FAX:      Complete the enclosed proxy card and fax it to
                         us toll-free at 1-888-796-9932, any time.

       4.   BY MAIL:     Complete the enclosed proxy card and return it
                         in the enclosed postage-paid envelope. Please use this
                         option only if the above methods are unavailable, as we
                         may not receive your executed proxy by July 14, 2000.

                REMEMBER, YOUR PROXY COUNTS. PLEASE VOTE TODAY.

   Please  take the time to vote your shares in order to reduce the need for
   additional solicitation efforts or costly Meeting adjournments.

   Thank you for your prompt attention to this matter.




                             FRANKLIN EQUITY FUND
                         777 MARINERS ISLAND BLVD.
                             SAN MATEO CA 94404

                         Special Shareholders' Meeting
                      To be held on Friday, July 14, 2000

   Dear Shareholder:

   Recently   we   distributed   proxy   material   regarding   the  Special
   Shareholders'  Meeting for the  Franklin  Equity Fund  scheduled  to take
   place on  FRIDAY,  JULY 14,  2000.  As you know,  shareholders  are being
   asked to consider  changing the name of the Fund to "Franklin  Growth and
   Income Fund",  reorganizing  the Fund from a California  corporation to a
   Delaware  business  trust,  and other matters as more fully  described in
   the materials  previously sent to you. Our records  indicate that we have
   not yet received your voting  instructions.  We encourage you to exercise
   your  right  to vote  in  order  to  have a  majority  opinion  from  the
   shareholders  of the Fund.  Please  take a few moments to cast your vote.
   If you do not plan to attend the Meeting,  please vote now to ensure that
   your vote is received before the Meeting.

   Since  the  Meeting  will be held  shortly,  we have  set up a  toll-free
   telephone  number as well as a Internet  voting web site by which you can
   quickly  and  easily  exercise  your  right to vote.  Please use the mail
   option only if the above-mentioned  are not available,  since there is no
   guarantee your vote will be received in time for the Meeting.

   Please take a few moments to vote now by utilizing one of the
   following options:

       1.   BY PHONE:    Call 1-800-819-1625 to speak to a
                         representative. Representatives are available to take
                         your vote Monday through Friday between 9 a.m. and 11
                         p.m. and Saturday 12 p.m. to 6 p.m. eastern time.
                         Please have your proxy card available at the time of
                         the call.

       2.   BY INTERNET: Visit WWW.PROXYVOTE.COM and enter the
                         12-digit control number located on your proxy card.

       3.   BY MAIL:     Complete the enclosed proxy card and return it
                         in the enclosed postage-paid envelope. Please use this
                         option only if the above methods are unavailable, as we
                         may not receive your executed proxy by July 14, 2000.

                REMEMBER, YOUR PROXY COUNTS. PLEASE VOTE TODAY.

   Please  take the time to vote your shares in order to reduce the need for
   additional solicitation efforts or costly Meeting adjournments.

   Thank you for your prompt attention to this matter.




                             FRANKLIN EQUITY FUND
                         777 MARINERS ISLAND BLVD.
                             SAN MATEO CA 94404

                         Special Shareholders' Meeting
                      To be held on Friday, July 14, 2000


   Dear Shareholder:

   Recently   we   distributed   proxy   material   regarding   the  Special
   Shareholders'  Meeting for the  Franklin  Equity Fund  scheduled  to take
   place on  FRIDAY,  JULY 14,  2000.  As you know,  shareholders  are being
   asked to consider  changing the name of the Fund to "Franklin  Growth and
   Income Fund",  reorganizing  the Fund from a California  corporation to a
   Delaware  business  trust,  and other matters as more fully  described in
   the materials  previously sent to you. Our records  indicate that we have
   not yet received your voting  instructions.  We encourage you to exercise
   your  right  to vote  in  order  to  have a  majority  opinion  from  the
   shareholders  of the Fund.  Please  take a few moments to cast your vote.
   If you do not plan to attend the Meeting,  please vote now to ensure that
   your vote is received before the Meeting.

   Since  the  Meeting  will be held  shortly,  we have  set up a  toll-free
   telephone  number as well as a Internet  voting web site by which you can
   quickly  and  easily  exercise  your  right to vote.  Please use the mail
   option only if the above-mentioned  are not available,  since there is no
   guarantee your vote will be received in time for the Meeting.

   Please take a few moments to vote now by utilizing one of the
   following options:

   1.  BY TOUCHTONE:  Dial the toll-free number found on your
                      proxy card and follow the simple directions.

   2.  BY INTERNET:   Visit WWW.PROXYVOTE.COM and enter the 12-digit
                      control number located on your proxy card.

   3.  BY MAIL:       Complete the enclosed proxy card and return it in
                      the enclosed postage-paid envelope. Please use this option
                      only if the above methods are unavailable, as we may not
                      receive your executed proxy by July 14, 2000.


                REMEMBER, YOUR PROXY COUNTS. PLEASE VOTE TODAY.

   Please  take the time to vote your shares in order to reduce the need for
   additional solicitation efforts or costly Meeting adjournments.

   Thank you for your prompt attention to this matter.





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