FRANKLIN EQUITY FUND
DEFA14A, 2000-07-17
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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:








                                                                  July 14, 2000
                              FRANKLIN EQUITY FUND

                           777 MARINERS ISLAND BLVD.
                              SAN MATEO, CA 94404

             THE SPECIAL SHAREHOLDERS' MEETING HAS BEEN ADJOURNED
                               TO AUGUST 4, 2000

Dear Shareholder,

We are writing to inform you that the  Special  Shareholders'  Meeting  held on
Friday,  July  14,  2000,  has  been  adjourned  to  August  4,  2000,  to give
shareholders  additional  time to exercise  their  voting  rights.  The Special
Meeting  has been  adjourned  to the Fund's  offices,  at 777  Mariners  Island
Boulevard, San Mateo, California, at 1:00 p.m. (Pacific time).

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.   In  order  for  the  name   change   and
reorganization  Proposals  to be  approved,  California  law  requires  that  a
majority of ALL  outstanding  shares (over 78 million  shares) of the Fund vote
in favor of the Proposals.  Brokers,  banks and certain  institutional  holders
do not have the  authority  to vote your shares on this  matter.  The Fund must
receive  your vote to pass all  Proposals.  THE BOARD OF  DIRECTORS  RECOMMENDS
YOU VOTE "FOR" ALL PROPOSALS.

                      PLEASE EXERCISE YOUR VOTING RIGHTS

You may vote your shares through by any of the convenient methods listed
below:


  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  August  4,
                        2000.

If we do not receive  your proxy by one of the above  methods,  you may receive
a  call  from  SHAREHOLDER   COMMUNICATIONS   CORPORATION,   our  proxy  agent,
requesting  you to vote your shares over the phone for the  Adjourned  Meeting.
Thank you for your time and understanding.



                                                                  July 14, 2000
                              FRANKLIN EQUITY FUND


                           777 MARINERS ISLAND BLVD.
                              SAN MATEO, CA 94404

             THE SPECIAL SHAREHOLDERS' MEETING HAS BEEN ADJOURNED
                               TO AUGUST 4, 2000

Dear Shareholder,

We are writing to inform you that the  Special  Shareholders'  Meeting  held on
Friday,  July  14,  2000,  has  been  adjourned  to  August  4,  2000,  to give
shareholders  additional  time to exercise  their  voting  rights.  The Special
Meeting  has been  adjourned  to the Fund's  offices,  at 777  Mariners  Island
Boulevard, San Mateo, California, at 1:00 p.m. (Pacific time).

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.   In  order  for  the  name   change   and
reorganization  Proposals  to be  approved,  California  law  requires  that  a
majority of ALL  outstanding  shares (over 78 million  shares) of the Fund vote
in favor of the Proposals.  Brokers,  banks and certain  institutional  holders
do not have the  authority  to vote your shares on this  matter.  The Fund must
receive  your vote to pass all  Proposals.  THE BOARD OF  DIRECTORS  RECOMMENDS
YOU VOTE "FOR" ALL PROPOSALS.



                      PLEASE EXERCISE YOUR VOTING RIGHTS


You may vote your shares through by any of the convenient methods listed
below:


      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
                          August 4, 2000.


Thank you for your time and understanding.




                                                                  July 14, 2000

                              FRANKLIN EQUITY FUND

                           777 MARINERS ISLAND BLVD.
                              SAN MATEO, CA 94404

             THE SPECIAL SHAREHOLDERS' MEETING HAS BEEN ADJOURNED
                               TO AUGUST 4, 2000

Dear Shareholder,

We are writing to inform you that the  Special  Shareholders'  Meeting  held on
Friday,  July  14,  2000,  has  been  adjourned  to  August  4,  2000,  to give
shareholders  additional  time to exercise  their  voting  rights.  The Special
Meeting  has been  adjourned  to the Fund's  offices,  at 777  Mariners  Island
Boulevard, San Mateo, California, at 1:00 p.m. (Pacific time).

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.   In  order  for  the  name   change   and
reorganization  Proposals  to be  approved,  California  law  requires  that  a
majority of ALL  outstanding  shares (over 78 million  shares) of the Fund vote
in favor of the Proposals.  Brokers,  banks and certain  institutional  holders
do not have the  authority  to vote your shares on this  matter.  The Fund must
receive  your vote to pass all  Proposals.  THE BOARD OF  DIRECTORS  RECOMMENDS
YOU VOTE "FOR" ALL PROPOSALS.


                      PLEASE EXERCISE YOUR VOTING RIGHTS



You may vote your shares through by any of the convenient methods listed
below:

     1. BY PHONE:       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.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  August  4,
                        2000.


If we do not receive  your proxy by one of the above  methods,  you may receive
a  call  from  SHAREHOLDER   COMMUNICATIONS   CORPORATION,   our  proxy  agent,
requesting  you to vote your shares over the phone for the  Adjourned  Meeting.
Thank you for your time and understanding.





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