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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE LAURA FERGERSON
TITLE ASST TREASURER
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
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<GROSS-ADVISORY-FEES> (690,649)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,645,187)
<AVERAGE-NET-ASSETS> 252,518,483
<PER-SHARE-NAV-BEGIN> 8.260
<PER-SHARE-NII> (.020)<F1>
<PER-SHARE-GAIN-APPREC> .720<F1>
<PER-SHARE-DIVIDEND> (.040)<F1>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.920
<EXPENSE-RATIO> 1.980<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
GOLD FUND JANUARY 31, 2000 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> FRANKLIN GOLD FUND - CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 242,088,276
<INVESTMENTS-AT-VALUE> 218,331,049
<RECEIVABLES> 14,137,680
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 232,468,729
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,152,906
<TOTAL-LIABILITIES> 1,152,906
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 297,432,832
<SHARES-COMMON-STOCK> 2,954,188
<SHARES-COMMON-PRIOR> 2,851,218
<ACCUMULATED-NII-CURRENT> 757,090
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (43,117,532)
<ACCUM-APPREC-OR-DEPREC> (23,756,568)
<NET-ASSETS> 231,315,822
<DIVIDEND-INCOME> 2,265,480
<INTEREST-INCOME> 308,876
<OTHER-INCOME> 0
<EXPENSES-NET> (1,645,187)
<NET-INVESTMENT-INCOME> 929,169
<REALIZED-GAINS-CURRENT> 3,305,223
<APPREC-INCREASE-CURRENT> 16,415,683
<NET-CHANGE-FROM-OPS> 20,650,075
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,900)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,324,139
<NUMBER-OF-SHARES-REDEEMED> (1,221,449)
<SHARES-REINVESTED> 280
<NET-CHANGE-IN-ASSETS> (2,467,377)
<ACCUMULATED-NII-PRIOR> 754,124
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (46,422,755)
<GROSS-ADVISORY-FEES> (690,649)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,645,187)
<AVERAGE-NET-ASSETS> 252,518,483
<PER-SHARE-NAV-BEGIN> 8.230
<PER-SHARE-NII> .000
<PER-SHARE-GAIN-APPREC> .690<F1>
<PER-SHARE-DIVIDEND> .000<F1><F3>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.920
<EXPENSE-RATIO> 1.980<F2>
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING.
<F2>ANNUALIZED
<F3>THE FUND MADE AN INCOME DISTRIBUTION OF $.001.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
GOLD FUND JANUARY 31, 2000 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 014
<NAME> FRANKLIN GOLD FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 242,088,276
<INVESTMENTS-AT-VALUE> 218,331,049
<RECEIVABLES> 14,137,680
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 232,468,729
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,152,906
<TOTAL-LIABILITIES> 1,152,906
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 297,432,832
<SHARES-COMMON-STOCK> 402,833
<SHARES-COMMON-PRIOR> 377,397
<ACCUMULATED-NII-CURRENT> 757,090
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (43,117,532)
<ACCUM-APPREC-OR-DEPREC> (23,756,568)
<NET-ASSETS> 231,315,822
<DIVIDEND-INCOME> 2,265,480
<INTEREST-INCOME> 308,876
<OTHER-INCOME> 0
<EXPENSES-NET> (1,645,187)
<NET-INVESTMENT-INCOME> 929,169
<REALIZED-GAINS-CURRENT> 3,305,223
<APPREC-INCREASE-CURRENT> 16,415,683
<NET-CHANGE-FROM-OPS> 20,650,075
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20,202)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 233,165
<NUMBER-OF-SHARES-REDEEMED> (209,619)
<SHARES-REINVESTED> 1,890
<NET-CHANGE-IN-ASSETS> (2,467,377)
<ACCUMULATED-NII-PRIOR> 754,124
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (46,422,755)
<GROSS-ADVISORY-FEES> (690,649)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,645,187)
<AVERAGE-NET-ASSETS> 252,518,483
<PER-SHARE-NAV-BEGIN> 8.490
<PER-SHARE-NII> .040<F1>
<PER-SHARE-GAIN-APPREC> .710<F1>
<PER-SHARE-DIVIDEND> (.050)<F1>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.190
<EXPENSE-RATIO> .980<F2>
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING.
<F2>ANNUALIZED
</FN>
</TABLE>
NAME OF REGISTRANT:
Franklin Gold Fund
File No. 811-1700
Exhibit Item No. 77D (g): Policies with respect to security investments
December 16, 1999 supplement to the Registrant's prospectus:
132 P-PA2
SUPPLEMENT DATED DECEMBER 16, 1999
TO THE PROSPECTUSES OF
FRANKLIN GOLD FUND
dated December 1, 1999
Franklin Gold Fund's Board of Directors has approved certain
proposals to change some of the fund's investment policies.
These proposals will be presented to shareholders of the fund
for their approval in March 2000. Currently, the fund is
permitted to invest at least 65% of its total assets in the
equity securities of companies that mine, process or deal
in gold. The Board of Directors has approved a proposal to
change this investment criteria to permit the fund to invest
at least 65% of its total assets in the equity securities of
companies that mine, process or deal in both gold and other
precious metals (such as silver, platinum and paladium).
This change in the fund's investment criteria would necessitate
changing the name of the fund to the "Franklin Gold and Precious
Metals Fund." The Board also has approved a proposal to change
the fund's sub-classification from diversified to non-diversified
in order to provide the fund with the investment flexibility to
invest greater than 5% in certain issuers. The Board believes
these proposed changes will benefit shareholders.
It is anticipated that during February 2000, fund shareholders
will receive a proxy and proxy statement requesting their
votes on these and other specific proposed changes.
Please keep this supplement for future reference.
Wpdoc2\nsar\2000\132-77d-2000.doc 02/28/00
