<PAGE> PAGE 1
000 A000000 01/31/97
000 C000000 0000083293
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FRANKLIN GOLD FUND
001 B000000 811-1700
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BLVD.
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94403
002 D020000 7777
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FRANKLIN ADVISERS, INC.
008 B000001 A
008 C000001 801-26292
008 D010001 SAN MATEO
008 D020001 CA
008 D030001 94403
008 D040001 7777
010 A000001 FRANKLIN TEMPLETON SERVICES, INC.
010 C010001 SAN MATEO
010 C020001 CA
010 C030001 94403
010 C040001 7777
011 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B000001 8-5889
011 C010001 SAN MATEO
011 C020001 CA
011 C030001 94403
011 C040001 7777
<PAGE> PAGE 2
012 A000001 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B000001 84-1036
012 C010001 SAN MATEO
012 C020001 CA
012 C030001 94403
012 C040001 7777
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2119
014 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000001 8-5889
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
015 A000002 CITIBANK DELAWARE
015 B000002 C
015 C010002 NEW CASTLE
015 C020002 DE
015 C030002 19720
015 C040002 2409
015 E010002 X
015 A000003 DELETE
015 A000004 THE BANK OF BOSTON
015 B000004 S
015 C010004 BUENOS AIRES
015 D010004 ARGENTINA
015 E040004 X
015 A000005 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000005 S
015 C010005 MELBOURNE
015 D010005 AUSTRALIA
015 E040005 X
015 A000006 CREDITANSTALT BANKVEREIN
015 B000006 S
015 C010006 VIENNA
015 D010006 AUSTRIA
015 E040006 X
015 A000007 STANDARD CHARTERED BANK PLC
015 B000007 S
015 C010007 DHAKA
015 D010007 BANGLADESH
015 E040007 X
015 A000008 BANQUE BRUXELLES LAMBERT
015 B000008 S
015 C010008 BRUSSELS
015 D010008 BELGIUM
<PAGE> PAGE 3
015 E040008 X
015 A000009 SCMB JOHANNESBURG VIA STANBIC BANK BOTSWANA
015 B000009 S
015 C010009 GABARONE
015 D010009 BOTSWANA
015 E040009 X
015 A000010 THE FIRST NATIONAL BANK OF BOSTON
015 B000010 S
015 C010010 SAO PAULO
015 D010010 BRAZIL
015 E040010 X
015 A000011 ROYAL BANK OF CANADA
015 B000011 S
015 C010011 MONTREAL
015 D010011 CANADA
015 E040011 X
015 A000012 THE FIRST NATIONAL BANK OF BOSTON
015 B000012 S
015 C010012 SANTIAGO
015 D010012 CHILE
015 E040012 X
015 A000013 BANCO DE CHILE
015 B000013 S
015 C010013 SANTIAGO
015 D010013 CHILE
015 E040013 X
015 A000014 THE STANDARD CHARTERED BANK
015 B000014 S
015 C010014 HONG KONG
015 D010014 CHINA
015 E040014 X
015 A000015 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000015 S
015 C010015 BOGOTA
015 D010015 COLUMBIA
015 E040015 X
015 A000016 CESKOSLOVENSKA OBCHODNI BANKA
015 B000016 S
015 C010016 PRAGUE
015 D010016 CZECH REPUBLIC
015 E040016 X
015 A000017 DEN DANSKE BANK
015 B000017 S
015 C010017 COPENHAGEN
015 D010017 DENMARK
015 E040017 X
015 A000018 CITIBANK N.A.
015 B000018 S
015 C010018 QUITO
015 D010018 ECUADOR
015 E040018 X
<PAGE> PAGE 4
015 A000019 CITIBANK NA
015 B000019 S
015 C010019 CAIRO
015 D010019 EGYPT
015 E040019 X
015 A000020 MERITA BANK LTD
015 B000020 S
015 C010020 HELSINKI
015 D010020 FINLAND
015 E040020 X
015 A000021 BANQUE PARIBAS
015 B000021 S
015 C010021 PARIS
015 D010021 FRANCE
015 E040021 X
015 A000022 CREDIT COMMERCIAL DE FRANCE
015 B000022 S
015 C010022 PARIS
015 D010022 FRANCE
015 E040022 X
015 A000023 DRESDNER BANK AG
015 B000023 S
015 C010023 FRANKFURT
015 D010023 GERMANY
015 E040023 X
015 A000024 SCMB JOHANNESBURG VIA MERCHANT BANK (GHANA)
015 B000024 S
015 C010024 ACCRA
015 D010024 GHANA
015 E040024 X
015 A000025 BANK OF AMERICA NT & SA
015 B000025 C
015 C010025 SAN FRANCISCO
015 C020025 CA
015 C030025 94104
015 C040025 1502
015 E010025 X
015 A000026 NATIONAL BANK OF GREECE SA
015 B000026 S
015 C010026 ATHENS
015 D010026 GREECE
015 E040026 X
015 A000027 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000027 S
015 C010027 HONG KONG
015 D010027 HONG KONG
015 E040027 X
015 A000028 CITIBANK NY VIA CITIBANK BUDAPEST RT
015 B000028 S
015 C010028 BUDAPEST
015 D010028 HUNGARY
<PAGE> PAGE 5
015 E040028 X
015 A000029 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000029 S
015 C010029 MUMBAI
015 D010029 INDIA
015 E040029 X
015 A000030 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000030 S
015 C010030 JAKARTA
015 D010030 INDONESIA
015 E040030 X
015 A000031 ALLIED IRISH BANKS, PLC.
015 B000031 S
015 C010031 DUBLIN
015 D010031 IRELAND
015 E040031 X
015 A000032 BANK LEUMI LE-ISRAEL B.M.
015 B000032 S
015 C010032 TEL AVIV
015 D010032 ISRAEL
015 E040032 X
015 A000033 BANCA COMMERCIALE ITALIANA
015 B000033 S
015 C010033 MILAN
015 D010033 ITALY
015 E040033 X
015 A000034 BANQUE PARIBAS
015 B000034 S
015 C010034 MILAN
015 D010034 ITALY
015 E040034 X
015 A000035 BANK OF TOKYO MITSUBISHI
015 B000035 S
015 C010035 TOKYO
015 D010035 JAPAN
015 E040035 X
015 A000036 JASDEC
015 B000036 S
015 C010036 TOKYO
015 D010036 JAPAN
015 E040036 X
015 A000037 THE BRITISH BANK OF THE MIDDLE EAST
015 B000037 S
015 C010037 AMMAN
015 D010037 JORDAN
015 E040037 X
015 A000038 SCMB JOHANNESBURG VIA STANBIC BANK KENYA LTD
015 B000038 S
015 C010038 NAIROBI
015 D010038 KENYA
015 E040038 X
<PAGE> PAGE 6
015 A000039 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000039 S
015 C010039 LUXEMBOURG CITY
015 D010039 LUXEMBOURG
015 E040039 X
015 A000040 CEDEL
015 B000040 S
015 C010040 LUXEMBOURG CITY
015 D010040 LUXEMBOURG
015 E040040 X
015 A000041 THE HONGKONG BANK MALAYSIA BERHAD
015 B000041 S
015 C010041 KUALA LUMPUR
015 D010041 MALAYSIA
015 E040041 X
015 A000042 BANCO NACIONAL DE MEXICO
015 B000042 S
015 C010042 MEXICO CITY
015 D010042 MEXICO
015 E040042 X
015 A000043 BANQUE COMMERCIALE DU MAROC
015 B000043 S
015 C010043 CASABLANCA
015 D010043 MOROCCO
015 E040043 X
015 A000044 SCMB JOHANNESBURG VIA STANBIC BANK NAMIBIA
015 B000044 S
015 C010044 WINDHOEK
015 D010044 NAMIBIA
015 E040044 X
015 A000045 MEESPIERSON
015 B000045 S
015 C010045 AMSTERDAM
015 D010045 NETHERLANDS
015 E040045 X
015 A000046 KAS ASSOCIATE NV
015 B000046 S
015 C010046 AMSTERDAM
015 D010046 NETHERLANDS
015 E040046 X
015 A000047 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000047 S
015 C010047 WELLINGTON
015 D010047 NEW ZEALAND
015 E040047 X
015 A000048 SCMB JOHANNESBURG VIA STANBIC MERCHANT BANK
015 B000048 S
015 C010048 LAGOS
015 D010048 NIGERIA
015 E040048 X
015 A000049 DEN NORSKE BANK
<PAGE> PAGE 7
015 B000049 S
015 C010049 OSLO
015 D010049 NORWAY
015 E040049 X
015 A000050 STANDARD CHARTERED BANK
015 B000050 S
015 C010050 KARACHI
015 D010050 PAKISTAN
015 E040050 X
015 A000051 CITIBANK N.A.
015 B000051 S
015 C010051 LIMA
015 D010051 PERU
015 E040051 X
015 A000052 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000052 S
015 C010052 MANILA
015 D010052 PHILIPPINES
015 E040052 X
015 A000053 BANK HANDLOWY W WARSZAWIE S.A.
015 B000053 S
015 C010053 WARSAW
015 D010053 POLAND
015 E040053 X
015 A000054 BANCO COMERCIAL PORTUGUES
015 B000054 S
015 C010054 LISBON
015 D010054 PORTUGAL
015 E040054 X
015 A000055 DELETE
015 A000056 UNITED OVERSEAS BANK LIMITED
015 B000056 S
015 C010056 SINGAPORE
015 D010056 SINGAPORE
015 E040056 X
015 A000057 DEVELOPMENT BANK OF SINGAPORE LTD
015 B000057 S
015 C010057 SINGAPORE
015 D010057 SINGAPORE
015 E040057 X
015 A000058 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000058 S
015 C010058 BRATISLAVA
015 D010058 SLOVAK REPUBLIC
015 E040058 X
015 A000059 STANDARD CORPORATE AND MERCHANT BANK
015 B000059 S
015 C010059 JOHANNESBURG
015 D010059 SOUTH AFRICA
015 E040059 X
015 A000060 SEOULBANK
<PAGE> PAGE 8
015 B000060 S
015 C010060 SEOUL
015 D010060 SOUTH KOREA
015 E040060 X
015 A000061 BANCO BILBAO VIZCAYA
015 B000061 S
015 C010061 MADRID
015 D010061 SPAIN
015 E040061 X
015 A000062 STANDARD CHARTERED BANK
015 B000062 S
015 C010062 COLOMBO
015 D010062 SRI LANKA
015 E040062 X
015 A000063 SCMB JOHANNESBURG VIA STANBIC BANK SWAZILAND
015 B000063 S
015 C010063 MBABANE
015 D010063 SWAZILAND
015 E040063 X
015 A000064 SKANDINAVISKA ENSKILDA BANKEN
015 B000064 S
015 C010064 STOKHOLM
015 D010064 SWEDEN
015 E040064 X
015 A000065 BANK LEU LTD.
015 B000065 S
015 C010065 ZURICH
015 D010065 SWITZERLAND
015 E040065 X
015 A000066 UNION BANK OF SWITZERLAND
015 B000066 S
015 C010066 ZURICH
015 D010066 SWITZERLAND
015 E040066 X
015 A000067 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000067 S
015 C010067 TAIPEI
015 D010067 TAIWAN
015 E040067 X
015 A000068 THE SIAM COMMERCIAL BANK PUBLIC CO. LTD.
015 B000068 S
015 C010068 BANGKOK
015 D010068 THAILAND
015 E040068 X
015 A000069 BANGKOK BANK PUBLIC COMPANY LTD.
015 B000069 S
015 C010069 BANGKOK
015 D010069 THAILAND
015 E040069 X
015 A000070 CITIBANK N.A.
015 B000070 S
<PAGE> PAGE 9
015 C010070 ISTANBUL
015 D010070 TURKEY
015 E040070 X
015 A000071 THE BANK OF NEW YORK
015 B000071 S
015 C010071 LONDON
015 D010071 UNITED KINGDOM
015 E040071 X
015 A000072 FIRST CHICAGO CLEARING CENTRE
015 B000072 S
015 C010072 LONDON
015 D010072 UNITED KINGDOM
015 E040072 X
015 A000073 THE FIRST NATIONAL BANK OF BOSTON
015 B000073 S
015 C010073 MONTEVIDEO
015 D010073 URUGUAY
015 E040073 X
015 A000074 CITIBANK N.A.
015 B000074 S
015 C010074 CARACAS
015 D010074 VENEZUELA
015 E040074 X
015 A000075 SCMB JOHANNESBURG VIA STANBIC BANK ZAMBIA LTD
015 B000075 S
015 C010075 LUSAKA
015 D010075 ZAMBIA
015 E040075 X
015 A000076 SCMB JOHANNESBURG VIA STANBIC BANK ZIMBABWE
015 B000076 S
015 C010076 HARARE
015 D010076 ZIMBABWE
015 E040076 X
018 000000 Y
019 A000000 Y
019 B000000 212
019 C000000 FRNKTEMGRP
020 A000001 NESBITT BURNS INC
020 B000001 13-2620737
020 C000001 47
020 A000002 WERE (JB) & SON INC
020 B000002 13-3077027
020 C000002 32
020 A000003 NATWEST SECURITIES CORPORATION
020 B000003 11-0773597
020 C000003 22
020 A000004 EDWARDS (AG) & SONS INC
020 B000004 43-0895447
020 C000004 22
020 A000005 MIDLAND WALWYN CAPITAL INC
020 B000005 13-5680570
<PAGE> PAGE 10
020 C000005 13
020 A000006 BANK OF AMERICA NT & SA
020 B000006 94-1687665
020 C000006 11
020 A000007 ORD MINNETT INC
020 B000007 13-3090476
020 C000007 11
020 A000008 UBS SECURITIES LLC
020 B000008 13-2932996
020 C000008 11
020 A000009 ING BARING US SECURITIES INC
020 B000009 04-2455153
020 C000009 10
020 A000010 CAPEL (JAMES) INC
020 B000010 52-1348224
020 C000010 10
021 000000 210
022 A000001 FUJI SECURITIES INC
022 B000001 13-3038090
022 C000001 306592
022 D000001 0
022 A000002 UBS SECURITIES LLC
022 B000002 13-2932996
022 C000002 266341
022 D000002 0
022 A000003 DAIWA SECURITIES AMERICA INC
022 B000003 13-5680329
022 C000003 242283
022 D000003 0
022 A000004 BANKERS TRUST CO
022 B000004 13-4941247
022 C000004 234503
022 D000004 0
022 A000005 SBCI SWISS BANK CORP INV. BANK
022 B000005 13-2639550
022 C000005 230883
022 D000005 0
022 A000006 BANK OF AMERICA NT & SA
022 B000006 94-1687665
022 C000006 211198
022 D000006 4094
022 A000007 DONALDSON LUFKIN & JENRETTE
022 B000007 13-2741729
022 C000007 209748
022 D000007 0
022 A000008 BEAR STEARNS & CO INC
022 B000008 13-3299429
022 C000008 209010
022 D000008 0
022 A000009 AUBREY LANSTON & COMPANY
022 B000009 13-5552129
<PAGE> PAGE 11
022 C000009 193065
022 D000009 0
022 A000010 NIKKO SECURITIES CO INTL INC
022 B000010 94-1302123
022 C000010 178801
022 D000010 0
023 C000000 2704259
023 D000000 28773
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
025 D000009 0
025 D000010 0
025 D000011 0
025 D000012 0
025 D000013 0
025 D000014 0
025 D000015 0
025 D000016 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 31990
028 A020000 0
028 A030000 0
028 A040000 32862
028 B010000 14225
028 B020000 0
028 B030000 0
028 B040000 22572
028 C010000 38601
028 C020000 0
028 C030000 0
028 C040000 35027
028 D010000 43101
028 D020000 0
028 D030000 0
028 D040000 39615
<PAGE> PAGE 12
028 E010000 38135
028 E020000 17925
028 E030000 0
028 E040000 39675
028 F010000 61814
028 F020000 0
028 F030000 0
028 F040000 65012
028 G010000 227866
028 G020000 17925
028 G030000 0
028 G040000 234763
028 H000000 227880
029 000000 Y
030 A000000 624
030 B000000 4.50
030 C000000 0.00
031 A000000 0
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032 000000 636
033 000000 0
034 000000 Y
035 000000 10
036 A000000 N
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038 000000 0
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040 000000 Y
041 000000 Y
042 A000000 0
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042 C000000 100
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043 000000 477
044 000000 62
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 100000
048 A020000 0.625
048 B010000 150000
048 B020000 0.500
048 C010000 0
048 C020000 0.000
048 D010000 0
<PAGE> PAGE 13
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 250000
048 K020000 0.450
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 100
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
<PAGE> PAGE 14
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 Y
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
<PAGE> PAGE 15
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 38273
071 B000000 46705
071 C000000 344509
071 D000000 11
072 A000000 6
072 B000000 645
072 C000000 1511
072 D000000 0
072 E000000 0
072 F000000 943
072 G000000 0
072 H000000 0
072 I000000 267
072 J000000 10
072 K000000 63
072 L000000 46
072 M000000 9
072 N000000 34
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 17
072 S000000 2
072 T000000 445
072 U000000 0
072 V000000 0
072 W000000 5
072 X000000 1841
072 Y000000 0
072 Z000000 315
072AA000000 8210
072BB000000 14420
072CC010000 0
072CC020000 22774
072DD010000 613
072DD020000 21
072EE000000 21075
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.8230
073 C000000 0.0000
074 A000000 54
<PAGE> PAGE 16
074 B000000 17906
074 C000000 0
074 D000000 1582
074 E000000 0
074 F000000 317359
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 192
074 K000000 0
074 L000000 1100
074 M000000 72
074 N000000 338265
074 O000000 0
074 P000000 357
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 221
074 S000000 0
074 T000000 337687
074 U010000 25203
074 U020000 1418
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 47105
074 Y000000 0
075 A000000 0
075 B000000 367854
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE LAURA FERGERSON
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
GOLD FUND JANUARY 31, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN GOLD FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 283,580,821
<INVESTMENTS-AT-VALUE> 318,940,615
<RECEIVABLES> 19,197,466
<ASSETS-OTHER> 126,803
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 338,264,884
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 577,642
<TOTAL-LIABILITIES> 577,642
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 308,296,462
<SHARES-COMMON-STOCK> 25,202,828
<SHARES-COMMON-PRIOR> 24,847,733
<ACCUMULATED-NII-CURRENT> 306,593
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,275,236)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35,359,423
<NET-ASSETS> 337,687,242
<DIVIDEND-INCOME> 1,510,787
<INTEREST-INCOME> 644,719
<OTHER-INCOME> 0
<EXPENSES-NET> (1,840,814)
<NET-INVESTMENT-INCOME> 314,692
<REALIZED-GAINS-CURRENT> (6,209,587)
<APPREC-INCREASE-CURRENT> (22,774,486)
<NET-CHANGE-FROM-OPS> (28,669,381)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (612,513)
<DISTRIBUTIONS-OF-GAINS> (20,164,082)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,703,910
<NUMBER-OF-SHARES-REDEEMED> (16,652,349)
<SHARES-REINVESTED> 1,303,534
<NET-CHANGE-IN-ASSETS> (39,321,862)
<ACCUMULATED-NII-PRIOR> 649,709
<ACCUMULATED-GAINS-PRIOR> 20,985,414
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 942,653
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,840,814
<AVERAGE-NET-ASSETS> 367,854,431
<PER-SHARE-NAV-BEGIN> 14.650
<PER-SHARE-NII> .010
<PER-SHARE-GAIN-APPREC> (1.122)
<PER-SHARE-DIVIDEND> (.025)
<PER-SHARE-DISTRIBUTIONS> (.823)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.690
<EXPENSE-RATIO> .970
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN GOLD
FUND JANUARY 31, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> FRANKLIN GOLD FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 283,580,821
<INVESTMENTS-AT-VALUE> 318,940,615
<RECEIVABLES> 19,197,466
<ASSETS-OTHER> 126,803
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 338,264,884
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 577,642
<TOTAL-LIABILITIES> 577,642
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 308,296,462
<SHARES-COMMON-STOCK> 1,406,117
<SHARES-COMMON-PRIOR> 888,553
<ACCUMULATED-NII-CURRENT> 306,593
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,275,236)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35,359,423
<NET-ASSETS> 337,687,242
<DIVIDEND-INCOME> 1,510,787
<INTEREST-INCOME> 644,719
<OTHER-INCOME> 0
<EXPENSES-NET> (1,840,814)
<NET-INVESTMENT-INCOME> 314,692
<REALIZED-GAINS-CURRENT> (6,209,587)
<APPREC-INCREASE-CURRENT> (22,774,486)
<NET-CHANGE-FROM-OPS> (28,669,381)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21,024)
<DISTRIBUTIONS-OF-GAINS> (911,252)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 680,081
<NUMBER-OF-SHARES-REDEEMED> (219,302)
<SHARES-REINVESTED> 56,785
<NET-CHANGE-IN-ASSETS> (39,321,862)
<ACCUMULATED-NII-PRIOR> 649,709
<ACCUMULATED-GAINS-PRIOR> 20,985,414
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 942,653
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,840,814
<AVERAGE-NET-ASSETS> 367,854,431
<PER-SHARE-NAV-BEGIN> 14.610
<PER-SHARE-NII> (.040)
<PER-SHARE-GAIN-APPREC> (1.118)
<PER-SHARE-DIVIDEND> (.019)
<PER-SHARE-DISTRIBUTIONS> (.823)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.610
<EXPENSE-RATIO> 1.770
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
GOLD FUND JANUARY 31, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> FRANKLIN GOLD FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 283,580,821
<INVESTMENTS-AT-VALUE> 318,940,615
<RECEIVABLES> 19,197,466
<ASSETS-OTHER> 126,803
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 338,264,884
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 577,642
<TOTAL-LIABILITIES> 577,642
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 308,296,462
<SHARES-COMMON-STOCK> 11,428
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 306,593
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,275,236)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35,359,423
<NET-ASSETS> 337,687,242
<DIVIDEND-INCOME> 1,510,787
<INTEREST-INCOME> 644,719
<OTHER-INCOME> 0
<EXPENSES-NET> (1,840,814)
<NET-INVESTMENT-INCOME> 314,692
<REALIZED-GAINS-CURRENT> (6,209,587)
<APPREC-INCREASE-CURRENT> (22,774,486)
<NET-CHANGE-FROM-OPS> (28,669,381)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,428
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (39,321,862)
<ACCUMULATED-NII-PRIOR> 649,709
<ACCUMULATED-GAINS-PRIOR> 20,985,414
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 942,653
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,840,814
<AVERAGE-NET-ASSETS> 367,854,431
<PER-SHARE-NAV-BEGIN> 13.120
<PER-SHARE-NII> .000
<PER-SHARE-GAIN-APPREC> (.420)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.700
<EXPENSE-RATIO> .750
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
