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<PAGE> PAGE 3
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<PAGE> PAGE 4
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SIGNATURE LAURA FERGERSON
TITLE ASSISTANT TREASURER
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
EQUITY FUND DECEMBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRE
TY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
EQUITY FUND DECEMBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRE
TY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
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TY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
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<EXPENSES-NET> (4,289,308)
<NET-INVESTMENT-INCOME> (281,607)
<REALIZED-GAINS-CURRENT> 70,127,292
<APPREC-INCREASE-CURRENT> 203,574,218
<NET-CHANGE-FROM-OPS> 273,419,903
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (4,281,855)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,213,268
<NUMBER-OF-SHARES-REDEEMED> (1,898,953)
<SHARES-REINVESTED> 303,339
<NET-CHANGE-IN-ASSETS> 272,444,892
<ACCUMULATED-NII-PRIOR> 185,821
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4,213,129)
<GROSS-ADVISORY-FEES> (2,055,131)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4,289,308)
<AVERAGE-NET-ASSETS> 840,725,127
<PER-SHARE-NAV-BEGIN> 11.520
<PER-SHARE-NII> (.050)<F1>
<PER-SHARE-GAIN-APPREC> 3.940<F1>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.560)<F1>
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 14.850
<EXPENSE-RATIO> 1.700<F2>
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING.
<F2>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
EQUITY FUND DECEMBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRE
TY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 014
<NAME> FRANKLIN EQUITY FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 489,946,977
<INVESTMENTS-AT-VALUE> 993,234,457
<RECEIVABLES> 86,706,355
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,079,940,812
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,228,770
<TOTAL-LIABILITIES> 3,228,770
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 545,897,376
<SHARES-COMMON-STOCK> 671,115
<SHARES-COMMON-PRIOR> 627,197
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (395,277)
<ACCUMULATED-NET-GAINS> 27,922,463
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 503,287,480
<NET-ASSETS> 1,076,712,042
<DIVIDEND-INCOME> 2,684,116
<INTEREST-INCOME> 1,323,585
<OTHER-INCOME> 0
<EXPENSES-NET> (4,289,308)
<NET-INVESTMENT-INCOME> (281,607)
<REALIZED-GAINS-CURRENT> 70,127,292
<APPREC-INCREASE-CURRENT> 203,574,218
<NET-CHANGE-FROM-OPS> 273,419,903
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,869)
<DISTRIBUTIONS-OF-GAINS> (361,597)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 30,025
<NUMBER-OF-SHARES-REDEEMED> (13,619)
<SHARES-REINVESTED> 27,512
<NET-CHANGE-IN-ASSETS> 272,444,892
<ACCUMULATED-NII-PRIOR> 185,821
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4,213,129)
<GROSS-ADVISORY-FEES> (2,055,131)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4,289,308)
<AVERAGE-NET-ASSETS> 840,725,127
<PER-SHARE-NAV-BEGIN> 11.680
<PER-SHARE-NII> .010<F1>
<PER-SHARE-GAIN-APPREC> 4.010<F1>
<PER-SHARE-DIVIDEND> (.020)<F1>
<PER-SHARE-DISTRIBUTIONS> (.560)<F1>
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 15.120
<EXPENSE-RATIO> .700<F2>
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING.
<F2>ANNUALIZED
</FN>
</TABLE>