<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FRANKLIN EQUITY FUND JUNE 30, 2000 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN EQUITY FUND - CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 673,686,485
<INVESTMENTS-AT-VALUE> 1,279,189,005
<RECEIVABLES> 115,647,082
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,394,836,087
<PAYABLE-FOR-SECURITIES> 17,381,374
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,360,343
<TOTAL-LIABILITIES> 20,741,717
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 701,138,092
<SHARES-COMMON-STOCK> 68,525,027
<SHARES-COMMON-PRIOR> 60,722,505
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 67,453,758
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 605,502,520
<NET-ASSETS> 1,374,094,370
<DIVIDEND-INCOME> 6,239,332
<INTEREST-INCOME> 3,880,166
<OTHER-INCOME> 0
<EXPENSES-NET> (10,454,589)
<NET-INVESTMENT-INCOME> (335,091)
<REALIZED-GAINS-CURRENT> 110,057,754
<APPREC-INCREASE-CURRENT> 305,789,258
<NET-CHANGE-FROM-OPS> 415,511,921
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (227,134)
<DISTRIBUTIONS-OF-GAINS> (33,225,141)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 42,731,775
<NUMBER-OF-SHARES-REDEEMED> (37,279,988)
<SHARES-REINVESTED> 2,350,735
<NET-CHANGE-IN-ASSETS> 569,827,220
<ACCUMULATED-NII-PRIOR> 185,821
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4,213,129)
<GROSS-ADVISORY-FEES> (5,012,245)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (10,454,589)
<AVERAGE-NET-ASSETS> 1,036,242,541
<PER-SHARE-NAV-BEGIN> 11.670
<PER-SHARE-NII> .010<F1>
<PER-SHARE-GAIN-APPREC> 5.900
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> (.570)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.000
<EXPENSE-RATIO> .910
<FN>
<F1> BASED ON AVERAGE SHARES OUTSTANDING.
</FN>
</TABLE>
