Franklin Gold and Precious Metals Fund
09/24/2026 | Press release | Distributed by Public on 09/24/2026 09:53
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-01700
Franklin Gold and Precious Metals Fund
(Exact name of registrant as specified in charter)
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)
Alison Baur
Franklin Templeton
One Franklin Parkway
San Mateo, CA 94403-1906
(Name and address of agent for service)
Registrant's telephone number, including area code: (650) 312-2000
Date of fiscal year end: July 31
Date of reporting period: July 31, 2026
| ITEM 1. | REPORT TO STOCKHOLDERS |
(a) The Report to Shareholders is filed herewith
|
Franklin Gold and Precious Metals Fund
|
||
|
Class A [FKRCX]
|
||
|
Annual Shareholder Report | July 31, 2026
|
||
This annual shareholder reportcontains important information about Franklin Gold and Precious Metals Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class A
|
$112
|
0.85%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2026, Class A shares of Franklin Gold and Precious Metals Fund returned 63.31%. The Fund compares its performance to the FTSE Gold Mines Index and the S&P 500 Index, which returned 47.54% and 19.56%, respectively, for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Against a backdrop of rising precious and base metals prices (including record highs for gold, silver, platinum and copper), successful stock selection and industry allocation choices led to a wide margin of outperformance versus the benchmark FTSE Gold Mines Index. Aside from its core gold-mining stocks (averaging nearly 80% of total net assets), all of the Fund's primary off-index industry exposures-diversified metals and mining, silver, precious metals and minerals, and copper-generated much higher returns than the benchmark average.
|
|
↑
|
Many smaller, single-asset and development-stage mining companies-a key feature of our long-term investment strategy-exhibited leveraged responses to the precious metals rally and posted some of the strongest one-year gains, including overweighted or off-benchmark contributors Minerals 260, Montage Gold, Hycroft Mining (bought and sold during the period), Omai Gold Mines, Liberty Gold and Thesis Gold & Silver. Holdings in several mid-tier and larger, producing miners with diversified operations also appreciated more than 100% as they achieved notable production milestones and/or delivered consistent earnings "beats," including G Mining Ventures, Greatland Resources and Discovery Mining.
|
|
↑
|
Lighter-than-index positions in large-capitalization gold producers Agnico Eagle Mines and Gold Fields further boosted the Fund's relative returns as their annual gains trailed most of their industry peers.
|
|
Top detractors from performance:
|
|
|
↓
|
Despite gold's ascent to lofty all-time highs, several off-benchmark or overweighted holdings sold off, including Pantoro Gold, Orla Mining, Asante Gold, and St. Augustine Gold and Copper. Among these key detractors, Pantoro's equity value was pressured by sharply higher costs and production guidance downgrades at its Norseman mine, while Asante's shares declined as elevated operating costs, a pit-wall issue at its Bibiani mine and substantial capital requirements raised concerns about operational execution and financial flexibility.
|
|
↓
|
Significant underweighting's in select large-cap gold producers that surpassed the FTSE Gold Mines Index, including Barrick Mining, AngloGold Ashanti and Newmont, along with a lack of portfolio exposure to index component companies like Evolution Mining, SSR Mining and other "detractors by omission" that posted exceptional one-year rallies.
|
|
↓
|
Outside the gold industry, relative performance was curbed by weak returns for Vizsla Silver in the silver industry; declines or lagging gains for some platinum/palladium-focused miners in precious metals and minerals; and below-benchmark returns for about half of the Fund's roughly four dozen positions in the diversified metals and mining industry.
|
| Franklin Gold and Precious Metals Fund | PAGE 1 | 132-ATSR-0926 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) -
Class A 7/31/2016 - 7/31/2026
Class A 7/31/2016 - 7/31/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class A
|
63.31
|
18.81
|
11.22
|
|
Class A (with sales charge)
|
54.34
|
17.48
|
10.59
|
|
MSCI All Country World ex-U.S. Index-NR
|
28.46
|
9.22
|
9.44
|
|
FTSE Gold Mines Index
|
47.54
|
19.08
|
10.74
|
|
S&P 500 Index
|
19.56
|
12.86
|
15.08
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2026)
|
Total Net Assets
|
$2,751,185,129
|
|
Total Number of Portfolio Holdings
|
284
|
|
Total Management Fee Paid
|
$13,624,202
|
|
Portfolio Turnover Rate
|
19.48%
|
| Franklin Gold and Precious Metals Fund | PAGE 2 | 132-ATSR-0926 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin Gold and Precious Metals Fund | PAGE 3 | 132-ATSR-0926 |
|
Franklin Gold and Precious Metals Fund
|
||
|
Class C [FRGOX]
|
||
|
Annual Shareholder Report | July 31, 2026
|
||
This annual shareholder reportcontains important information about Franklin Gold and Precious Metals Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class C
|
$210
|
1.60%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2026, Class C shares of Franklin Gold and Precious Metals Fund returned 62.06%. The Fund compares its performance to the FTSE Gold Mines Index and the S&P 500 Index, which returned 47.54% and 19.56%, respectively, for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Against a backdrop of rising precious and base metals prices (including record highs for gold, silver, platinum and copper), successful stock selection and industry allocation choices led to a wide margin of outperformance versus the benchmark FTSE Gold Mines Index. Aside from its core gold-mining stocks (averaging nearly 80% of total net assets), all of the Fund's primary off-index industry exposures-diversified metals and mining, silver, precious metals and minerals, and copper-generated much higher returns than the benchmark average.
|
|
↑
|
Many smaller, single-asset and development-stage mining companies-a key feature of our long-term investment strategy-exhibited leveraged responses to the precious metals rally and posted some of the strongest one-year gains, including overweighted or off-benchmark contributors Minerals 260, Montage Gold, Hycroft Mining (bought and sold during the period), Omai Gold Mines, Liberty Gold and Thesis Gold & Silver. Holdings in several mid-tier and larger, producing miners with diversified operations also appreciated more than 100% as they achieved notable production milestones and/or delivered consistent earnings "beats," including G Mining Ventures, Greatland Resources and Discovery Mining.
|
|
↑
|
Lighter-than-index positions in large-capitalization gold producers Agnico Eagle Mines and Gold Fields further boosted the Fund's relative returns as their annual gains trailed most of their industry peers.
|
|
Top detractors from performance:
|
|
|
↓
|
Despite gold's ascent to lofty all-time highs, several off-benchmark or overweighted holdings sold off, including Pantoro Gold, Orla Mining, Asante Gold, and St. Augustine Gold and Copper. Among these key detractors, Pantoro's equity value was pressured by sharply higher costs and production guidance downgrades at its Norseman mine, while Asante's shares declined as elevated operating costs, a pit-wall issue at its Bibiani mine and substantial capital requirements raised concerns about operational execution and financial flexibility.
|
|
↓
|
Significant underweighting's in select large-cap gold producers that surpassed the FTSE Gold Mines Index, including Barrick Mining, AngloGold Ashanti and Newmont, along with a lack of portfolio exposure to index component companies like Evolution Mining, SSR Mining and other "detractors by omission" that posted exceptional one-year rallies.
|
|
↓
|
Outside the gold industry, relative performance was curbed by weak returns for Vizsla Silver in the silver industry; declines or lagging gains for some platinum/palladium-focused miners in precious metals and minerals; and below-benchmark returns for about half of the Fund's roughly four dozen positions in the diversified metals and mining industry.
|
| Franklin Gold and Precious Metals Fund | PAGE 1 | 232-ATSR-0926 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Class C 7/31/2016 - 7/31/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class C
|
62.06
|
17.93
|
10.38
|
|
Class C (with sales charge)
|
61.06
|
17.93
|
10.38
|
|
MSCI All Country World ex-U.S. Index-NR
|
28.46
|
9.22
|
9.44
|
|
FTSE Gold Mines Index
|
47.54
|
19.08
|
10.74
|
|
S&P 500 Index
|
19.56
|
12.86
|
15.08
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2026)
|
Total Net Assets
|
$2,751,185,129
|
|
Total Number of Portfolio Holdings
|
284
|
|
Total Management Fee Paid
|
$13,624,202
|
|
Portfolio Turnover Rate
|
19.48%
|
| Franklin Gold and Precious Metals Fund | PAGE 2 | 232-ATSR-0926 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin Gold and Precious Metals Fund | PAGE 3 | 232-ATSR-0926 |
|
Franklin Gold and Precious Metals Fund
|
||
|
Class R6 [FGPMX]
|
||
|
Annual Shareholder Report | July 31, 2026
|
||
This annual shareholder reportcontains important information about Franklin Gold and Precious Metals Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class R6
|
$69
|
0.52%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2026, Class R6 shares of Franklin Gold and Precious Metals Fund returned 63.84%. The Fund compares its performance to the FTSE Gold Mines Index and the S&P 500 Index, which returned 47.54% and 19.56%, respectively, for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Against a backdrop of rising precious and base metals prices (including record highs for gold, silver, platinum and copper), successful stock selection and industry allocation choices led to a wide margin of outperformance versus the benchmark FTSE Gold Mines Index. Aside from its core gold-mining stocks (averaging nearly 80% of total net assets), all of the Fund's primary off-index industry exposures-diversified metals and mining, silver, precious metals and minerals, and copper-generated much higher returns than the benchmark average.
|
|
↑
|
Many smaller, single-asset and development-stage mining companies-a key feature of our long-term investment strategy-exhibited leveraged responses to the precious metals rally and posted some of the strongest one-year gains, including overweighted or off-benchmark contributors Minerals 260, Montage Gold, Hycroft Mining (bought and sold during the period), Omai Gold Mines, Liberty Gold and Thesis Gold & Silver. Holdings in several mid-tier and larger, producing miners with diversified operations also appreciated more than 100% as they achieved notable production milestones and/or delivered consistent earnings "beats," including G Mining Ventures, Greatland Resources and Discovery Mining.
|
|
↑
|
Lighter-than-index positions in large-capitalization gold producers Agnico Eagle Mines and Gold Fields further boosted the Fund's relative returns as their annual gains trailed most of their industry peers.
|
|
Top detractors from performance:
|
|
|
↓
|
Despite gold's ascent to lofty all-time highs, several off-benchmark or overweighted holdings sold off, including Pantoro Gold, Orla Mining, Asante Gold, and St. Augustine Gold and Copper. Among these key detractors, Pantoro's equity value was pressured by sharply higher costs and production guidance downgrades at its Norseman mine, while Asante's shares declined as elevated operating costs, a pit-wall issue at its Bibiani mine and substantial capital requirements raised concerns about operational execution and financial flexibility.
|
|
↓
|
Significant underweighting's in select large-cap gold producers that surpassed the FTSE Gold Mines Index, including Barrick Mining, AngloGold Ashanti and Newmont, along with a lack of portfolio exposure to index component companies like Evolution Mining, SSR Mining and other "detractors by omission" that posted exceptional one-year rallies.
|
|
↓
|
Outside the gold industry, relative performance was curbed by weak returns for Vizsla Silver in the silver industry; declines or lagging gains for some platinum/palladium-focused miners in precious metals and minerals; and below-benchmark returns for about half of the Fund's roughly four dozen positions in the diversified metals and mining industry.
|
| Franklin Gold and Precious Metals Fund | PAGE 1 | 364-ATSR-0926 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Class R6 7/31/2016 - 7/31/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class R6
|
63.84
|
19.24
|
11.64
|
|
MSCI All Country World ex-U.S. Index-NR
|
28.46
|
9.22
|
9.44
|
|
FTSE Gold Mines Index
|
47.54
|
19.08
|
10.74
|
|
S&P 500 Index
|
19.56
|
12.86
|
15.08
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2026)
|
Total Net Assets
|
$2,751,185,129
|
|
Total Number of Portfolio Holdings
|
284
|
|
Total Management Fee Paid
|
$13,624,202
|
|
Portfolio Turnover Rate
|
19.48%
|
| Franklin Gold and Precious Metals Fund | PAGE 2 | 364-ATSR-0926 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin Gold and Precious Metals Fund | PAGE 3 | 364-ATSR-0926 |
|
Franklin Gold and Precious Metals Fund
|
||
|
Advisor Class [FGADX]
|
||
|
Annual Shareholder Report | July 31, 2026
|
||
This annual shareholder reportcontains important information about Franklin Gold and Precious Metals Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Advisor Class
|
$79
|
0.60%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2026, Advisor Class shares of Franklin Gold and Precious Metals Fund returned 63.73%. The Fund compares its performance to the FTSE Gold Mines Index and the S&P 500 Index, which returned 47.54% and 19.56%, respectively, for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Against a backdrop of rising precious and base metals prices (including record highs for gold, silver, platinum and copper), successful stock selection and industry allocation choices led to a wide margin of outperformance versus the benchmark FTSE Gold Mines Index. Aside from its core gold-mining stocks (averaging nearly 80% of total net assets), all of the Fund's primary off-index industry exposures-diversified metals and mining, silver, precious metals and minerals, and copper-generated much higher returns than the benchmark average.
|
|
↑
|
Many smaller, single-asset and development-stage mining companies-a key feature of our long-term investment strategy-exhibited leveraged responses to the precious metals rally and posted some of the strongest one-year gains, including overweighted or off-benchmark contributors Minerals 260, Montage Gold, Hycroft Mining (bought and sold during the period), Omai Gold Mines, Liberty Gold and Thesis Gold & Silver. Holdings in several mid-tier and larger, producing miners with diversified operations also appreciated more than 100% as they achieved notable production milestones and/or delivered consistent earnings "beats," including G Mining Ventures, Greatland Resources and Discovery Mining.
|
|
↑
|
Lighter-than-index positions in large-capitalization gold producers Agnico Eagle Mines and Gold Fields further boosted the Fund's relative returns as their annual gains trailed most of their industry peers.
|
|
Top detractors from performance:
|
|
|
↓
|
Despite gold's ascent to lofty all-time highs, several off-benchmark or overweighted holdings sold off, including Pantoro Gold, Orla Mining, Asante Gold, and St. Augustine Gold and Copper. Among these key detractors, Pantoro's equity value was pressured by sharply higher costs and production guidance downgrades at its Norseman mine, while Asante's shares declined as elevated operating costs, a pit-wall issue at its Bibiani mine and substantial capital requirements raised concerns about operational execution and financial flexibility.
|
|
↓
|
Significant underweighting's in select large-cap gold producers that surpassed the FTSE Gold Mines Index, including Barrick Mining, AngloGold Ashanti and Newmont, along with a lack of portfolio exposure to index component companies like Evolution Mining, SSR Mining and other "detractors by omission" that posted exceptional one-year rallies.
|
|
↓
|
Outside the gold industry, relative performance was curbed by weak returns for Vizsla Silver in the silver industry; declines or lagging gains for some platinum/palladium-focused miners in precious metals and minerals; and below-benchmark returns for about half of the Fund's roughly four dozen positions in the diversified metals and mining industry.
|
| Franklin Gold and Precious Metals Fund | PAGE 1 | 632-ATSR-0926 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Advisor Class 7/31/2016 - 7/31/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026
|
1 Year
|
5 Year
|
10 Year
|
|
|
Advisor Class
|
63.73
|
19.12
|
11.49
|
|
MSCI All Country World ex-U.S. Index-NR
|
28.46
|
9.22
|
9.44
|
|
FTSE Gold Mines Index
|
47.54
|
19.08
|
10.74
|
|
S&P 500 Index
|
19.56
|
12.86
|
15.08
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2026)
|
Total Net Assets
|
$2,751,185,129
|
|
Total Number of Portfolio Holdings
|
284
|
|
Total Management Fee Paid
|
$13,624,202
|
|
Portfolio Turnover Rate
|
19.48%
|
| Franklin Gold and Precious Metals Fund | PAGE 2 | 632-ATSR-0926 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2026)
Portfolio Composition* (% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin Gold and Precious Metals Fund | PAGE 3 | 632-ATSR-0926 |
(b) Not applicable
| ITEM 2. | CODE OF ETHICS. |
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
a) Audit Fees. The aggregate fees billed in the last two fiscal years ending July 31, 2025 and July 31, 2026 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $77,384 in July 31, 2025 and $68,365 in July 31, 2026.
b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in July 31, 2025 and $0 in July 31, 2026.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $11,000 in July 31, 2025 and $11,000 in July 31, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.
There were no fees billed for tax services by the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in July 31, 2025 and $0 in July 31, 2026.
There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.
(e) Audit Committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.
(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:
(i) pre-approval of all audit and audit related services;
(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;
(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and
(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $359,647 July 31, 2025 and $1,690,011 in July 31, 2026.
(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.
(i) Not applicable.
(j) Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Franklin
Gold
and
Precious
Metals
Fund
Financial
Statements
and
Other
Important
Information
Annual
|
July
31, 2026
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information-Annual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
12
Notes
to
Financial
Statements
16
Report
of
Independent
Registered
Public
Accounting
Firm
30
Tax
Information
31
Changes
In
and
Disagreements
with
Accountants
32
Results
of
Meeting(s)
of
Shareholders
32
Remuneration
Paid
to
Directors,
Officers
and
Others
32
Board
Approval
of
Management
and
Subadvisory
Agreements
32
Franklin
Gold
and
Precious
Metals
Fund
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Year
Ended
July
31,
2026
2025
2024
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$27.34
$20.02
$17.42
$16.40
$24.23
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
(0.07)
(0.04)
0.09
0.10
0.13
Net
realized
and
unrealized
gains
(losses)
...........
18.12
9.68
3.03
0.92
(5.90)
Total
from
investment
operations
....................
18.05
9.64
3.12
1.02
(5.77)
Less
distributions
from:
Net
investment
income
..........................
(4.96)
(2.32)
(0.52)
-
(2.06)
Net
asset
value,
end
of
year
.......................
$40.43
$27.34
$20.02
$17.42
$16.40
Total
return
c
...................................
63.31%
54.78%
18.56%
6.22%
(25.63)%
Ratios
to
average
net
assets
Expenses
d
....................................
0.85%
0.87%
0.92%
e
0.92%
e
0.88%
Net
investment
income
(loss)
......................
(0.16)%
(0.17)%
0.55%
0.58%
0.58%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$1,817,299
$952,566
$690,180
$679,841
$656,071
Portfolio
turnover
rate
............................
19.48%
22.76%
14.50%
12.92%
17.60%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
d
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Gold
and
Precious
Metals
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
3
a
Year
Ended
July
31,
2026
2025
2024
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$23.48
$17.50
$15.29
$14.50
$21.71
Income
from
investment
operations
a
:
Net
investment
(loss)
b
..........................
(0.35)
(0.18)
(0.03)
(0.02)
(0.03)
Net
realized
and
unrealized
gains
(losses)
...........
15.65
8.34
2.64
0.81
(5.23)
Total
from
investment
operations
....................
15.30
8.16
2.61
0.79
(5.26)
Less
distributions
from:
Net
investment
income
..........................
(4.78)
(2.18)
(0.40)
-
(1.95)
Net
asset
value,
end
of
year
.......................
$34.00
$23.48
$17.50
$15.29
$14.50
Total
return
c
...................................
62.06%
53.71%
17.62%
5.45%
(26.18)%
Ratios
to
average
net
assets
Expenses
d
....................................
1.60%
1.62%
1.67%
e
1.67%
e
1.63%
Net
investment
(loss)
............................
(0.90)%
(0.92)%
(0.18)%
(0.15)%
(0.17)%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$97,770
$61,727
$47,302
$51,872
$58,538
Portfolio
turnover
rate
............................
19.48%
22.76%
14.50%
12.92%
17.60%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
d
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Gold
and
Precious
Metals
Fund
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Year
Ended
July
31,
2026
2025
2024
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$30.56
$22.10
$19.17
$17.98
$26.32
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.08
0.03
0.16
0.17
0.22
Net
realized
and
unrealized
gains
(losses)
...........
20.17
10.82
3.35
1.02
(6.45)
Total
from
investment
operations
....................
20.25
10.85
3.51
1.19
(6.23)
Less
distributions
from:
Net
investment
income
..........................
(5.04)
(2.39)
(0.58)
-
(2.11)
Net
asset
value,
end
of
year
.......................
$45.77
$30.56
$22.10
$19.17
$17.98
Total
return
....................................
63.84%
55.33%
19.01%
6.62%
(25.36)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.56%
0.57%
0.63%
0.64%
0.64%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.52%
0.54%
0.55%
c
0.53%
c
0.52%
Net
investment
income
...........................
0.15%
0.13%
0.87%
0.94%
0.94%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$238,057
$93,299
$50,087
$40,916
$30,969
Portfolio
turnover
rate
............................
19.48%
22.76%
14.50%
12.92%
17.60%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Gold
and
Precious
Metals
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
5
a
Year
Ended
July
31,
2026
2025
2024
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$30.05
$21.76
$18.89
$17.74
$26.00
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.05
0.02
0.14
0.15
0.20
Net
realized
and
unrealized
gains
(losses)
...........
19.84
10.64
3.29
1.00
(6.36)
Total
from
investment
operations
....................
19.89
10.66
3.43
1.15
(6.16)
Less
distributions
from:
Net
investment
income
..........................
(5.02)
(2.37)
(0.56)
-
(2.10)
Net
asset
value,
end
of
year
.......................
$44.92
$30.05
$21.76
$18.89
$17.74
Total
return
....................................
63.73%
55.25%
18.81%
6.48%
(25.42)%
Ratios
to
average
net
assets
Expenses
c
.....................................
0.60%
0.62%
0.67%
d
0.67%
d
0.63%
Net
investment
income
...........................
0.10%
0.06%
0.79%
0.83%
0.84%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$598,060
$369,940
$240,439
$236,987
$239,115
Portfolio
turnover
rate
............................
19.48%
22.76%
14.50%
12.92%
17.60%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments,
July
31,
2026
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Country
Shares
a
Value
a
Common
Stocks
99.0%
Copper
1.3%
a
Axo
Metals
Corp.
.....................................
Canada
6,979,051
$
4,132,120
a
FireFly
Metals
Ltd.
....................................
Australia
8,137,185
9,916,057
a
Imperial
Metals
Corp.
..................................
Canada
1,300,330
6,678,586
a
Talamore
Mining
Corp.
.................................
Canada
1,989,587
11,723,072
a,b,c
Talamore
Mining
Corp.
,
144A
............................
Canada
420,176
2,247,378
34,697,213
Diversified
Metals
&
Mining
8.5%
a
Aclara
Resources,
Inc.
.................................
United
Kingdom
444,972
1,145,878
a
Adyton
Resources
Corp.
................................
Canada
12,280,000
2,189,963
a
Americas
Gold
&
Silver
Corp.
............................
Canada
1,938,652
7,370,985
a
Andean
Silver
Ltd.
.....................................
Australia
4,732,891
6,472,885
a
Antipa
Minerals
Ltd.
...................................
Australia
10,630,000
4,075,931
a
Arizona
Metals
Corp.
...................................
Canada
150,000
14,445
a,d
Arizona
Metals
Corp.
,
144A
..............................
Canada
2,294,000
220,915
a,e
AuMega
Metals
Ltd.
,
(
AUD
Traded)
........................
Australia
10,813,044
272,589
a,e
AuMega
Metals
Ltd.
,
(
CAD
Traded)
........................
Australia
20,000,000
570,674
a,b,c,e
AuMega
Metals
Ltd.
,
(
CAD
Traded)
,
144A
...................
Australia
43,558,000
1,158,792
a
Awale
Resources
Ltd.
..................................
Canada
5,250,000
3,108,393
a
Azimut
Exploration,
Inc.
.................................
Canada
1,691,000
687,570
a
Bellavista
Resources
Ltd.
...............................
Australia
6,662,470
1,652,416
a
Blue
Moon
Metals,
Inc.
.................................
Canada
200,000
1,044,334
a,b,c
Blue
Moon
Metals,
Inc.
,
144A
............................
Canada
498,594
2,466,593
a,d
Blue
Moon
Metals,
Inc.
,
144A
............................
Canada
2,349,453
12,268,072
a
Boab
Metals
Ltd.
......................................
Australia
25,363,000
7,345,407
a
Bravo
Mining
Corp.
....................................
Canada
2,630,000
4,483,861
a,d
Bravo
Mining
Corp.
,
144A
...............................
Canada
744,579
1,269,425
a
Cerro
de
Pasco
Resources,
Inc.
..........................
Canada
7,400,000
3,029,560
a
Cerro
de
Pasco
Resources,
Inc.
..........................
Canada
4,917,529
1,964,416
a
Chalice
Mining
Ltd.
....................................
Australia
1,722,810
1,351,327
a
Challenger
Gold
Ltd.
...................................
Australia
4,082,855
5,946,906
a
Collective
Mining
Ltd.
..................................
Canada
490,000
6,047,009
a
Forrestania
Resources
Ltd.
..............................
Australia
11,747,083
2,718,703
a
Great
Pacific
Gold
Corp.
................................
Canada
7,948,107
1,587,524
a,e
Helius
Minerals
Ltd.
...................................
Canada
2,152,709
6,050,343
a
Ivanhoe
Electric,
Inc.
...................................
United
States
263,903
2,414,712
a
Magna
Mining,
Inc.
....................................
Canada
5,803,646
9,107,980
a
Max
Resource
Corp.
...................................
Canada
1,500,000
256,804
a
Meridian
Mining
plc
....................................
Brazil
15,082,013
16,137,974
a
Minerals
260
Ltd.
.....................................
Australia
82,426,170
33,922,830
a
Mining
Americas,
Inc.
..................................
Canada
3,485,628
11,114,425
a
Nevada
King
Gold
Corp.
................................
Canada
2,800,000
1,597,889
a,e
Nevgold
Corp.
........................................
Canada
3,957,500
4,234,583
a,b,c,e
NevGold
Corp.
,
144A
..................................
Canada
5,503,828
5,461,838
a,d
NorthIsle
Copper
&
Gold,
Inc.
,
144A
.......................
Canada
10,052,545
23,448,887
a,b,c
Phoenix
Industrial
Minerals
Pty.
Ltd.
.......................
Australia
45,900,000
54,906
a
Phoenix
Metals
Corp.
..................................
Canada
3,668,513
3,009,445
a
Pilbara
Gold
Ltd.
......................................
Australia
9,700,000
3,259,631
a
Sable
Resources
Ltd.
..................................
Canada
12,000,000
385,205
a
Sunshine
Silver
Mining
&
Refining
Co.
......................
United
States
1,213,635
17,439,935
a,b,c
Tintina
Mines
Ltd.
,
144A
................................
Canada
2,256,556
2,789,682
a
US
Gold
Corp.
.......................................
United
States
360,000
4,672,800
a
Vior
Gold
Corp.,
Inc.
...................................
Canada
17,700,000
1,199,486
a
Western
Copper
&
Gold
Corp.
............................
Canada
3,160,000
6,401,826
233,425,754
Environmental
&
Facilities
Services
0.0%
†
a
Clean
TeQ
Water
Ltd.
..................................
Australia
679,999
239,241
a
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
7
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
81.3%
Agnico
Eagle
Mines
Ltd.
................................
Canada
432,000
$
62,756,640
Alamos
Gold,
Inc.
,
(
CAD
Traded)
,
A
........................
Canada
765,316
21,269,545
Alamos
Gold,
Inc.
,
(
USD
Traded)
,
A
........................
Canada
3,539,500
98,504,285
a
Amapa
Minerals
Holdings,
Inc.
...........................
Brazil
7,758,900
5,811,496
a
Amaroq
Ltd.
.........................................
Canada
5,800,000
8,252,474
a
Amex
Gold
Mining,
Inc.
.................................
Canada
1,944,463
5,298,604
Anglogold
Ashanti
plc
..................................
Australia
977,903
77,567,266
a
Artemis
Gold,
Inc.
.....................................
Canada
841,800
20,200,558
a
Asante
Gold
Corp.
....................................
Canada
13,875,345
7,027,496
a,e
Asara
Resources
Ltd.
..................................
Australia
104,814,367
9,193,498
a
Astral
Resources
NL
...................................
Australia
35,760,000
3,267,833
a
Atex
Resources,
Inc.
...................................
Canada
8,999,042
14,957,212
a
Aurum
Resources
Ltd.
.................................
Australia
9,000,000
2,908,870
a
Ausgold
Ltd.
.........................................
Australia
15,616,666
9,398,037
B2Gold
Corp.
........................................
Canada
3,208,694
12,016,723
a
Ballard
Mining
Ltd.
....................................
Australia
7,854,775
3,287,546
a
Banyan
Gold
Corp.
....................................
Canada
19,897,629
19,587,494
Barrick
Mining
Corp.
...................................
Canada
3,990,383
146,566,768
a
Barton
Gold
Holdings
Ltd.
...............................
Australia
11,268,800
5,654,147
a
Bellevue
Gold
Ltd.
.....................................
Australia
18,344,000
16,061,512
a
Belo
Sun
Mining
Corp.
.................................
Canada
3,500,000
2,471,734
a,d
Belo
Sun
Mining
Corp.
,
144A
.............................
Canada
3,800,000
2,683,596
a
Black
Cat
Syndicate
Ltd.
................................
Australia
30,426,504
19,159,613
a
Blossom
Gold,
Inc.
....................................
Canada
6,398,306
7,622,193
a
Brightstar
Resources
Ltd.
...............................
Australia
42,752,194
9,598,190
a,f
Cadillac
Mines
Corp.
...................................
Canada
3,429,312
17,393,022
Calibre
Mining
Corp.
...................................
Canada
2,883,535
25,835,284
a,e
Cambria
Gold
Mines,
Inc.
...............................
Canada
32,097,862
17,172,591
a
Catalyst
Metals
Ltd.
...................................
Australia
7,188,915
27,133,956
Coeur
Mining,
Inc.
.....................................
United
States
178,406
2,660,033
a
Contango
Silver
&
Gold,
Inc.
.............................
United
States
790,109
12,167,679
a
Dakota
Gold
Corp.
....................................
United
States
2,544,163
11,550,500
Eldorado
Gold
Corp.
...................................
Turkiye
694,724
20,967,844
a
Emerald
Resources
NL
.................................
Australia
7,125,000
26,735,403
Endeavour
Mining
plc
..................................
Ivory
Coast
1,077,114
50,972,460
Equinox
Gold
Corp.
,
(
CAD
Traded)
........................
Canada
4,138,236
37,076,890
Equinox
Gold
Corp.
,
(
USD
Traded)
........................
Canada
5,250,000
46,987,500
a,e
Falcon
Metals
Ltd.
.....................................
Australia
12,145,414
3,426,591
a
Felix
Gold
Ltd.
.......................................
Australia
21,836,000
3,520,451
a,b,c
Firefinch
Ltd.
.........................................
Australia
18,028,500
557,158
a
Founders
Metals,
Inc.
..................................
Canada
2,910,000
8,220,280
a
G
Mining
Ventures
Corp.
................................
Canada
4,739,965
144,479,584
a
G3
Goldfields,
Inc.
....................................
Canada
250,000
243,507
a,e
Galantas
Gold
Corp.
...................................
Chile
5,870,780
1,675,152
a,b,d,e
Galantas
Gold
Corp.
,
144A
..............................
Chile
38,178,660
10,224,043
a
Galiano
Gold,
Inc.
.....................................
Canada
7,307,219
12,666,507
a
Genesis
Minerals
Ltd.
..................................
Australia
7,146,549
28,629,010
a
Geopacific
Resources
Ltd.
..............................
Australia
138,886,772
2,733,384
Gold
Fields
Ltd.
.......................................
South
Africa
439,800
14,202,437
Gold
Fields
Ltd.
,
ADR
..................................
South
Africa
170,000
5,511,400
a
Gold
X2
Mining,
Inc.
...................................
Canada
2,657,326
13,591,345
a
Golden
Horse
Minerals
Ltd.
,
CDI
..........................
Australia
6,598,220
1,946,966
a
Gorilla
Gold
Mines
Ltd.
.................................
Australia
14,420,000
2,934,393
a
Great
Boulder
Resources
Ltd.
............................
Australia
65,998,967
2,967,599
a
Greatland
Resources
Ltd.
...............................
Australia
7,633,750
53,391,117
a
Greenheart
Gold,
Inc.
..................................
Canada
3,361,800
1,798,588
a
Greenheart
Gold,
Inc.
..................................
Canada
700
374
a,e
Heliostar
Metals
Ltd.
...................................
Canada
16,088,333
18,362,402
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
a
Hemlo
Mining
Corp.
...................................
Canada
8,192,210
$
29,686,790
Hochschild
Mining
plc
..................................
Peru
2,418,520
14,200,088
a
IAMGOLD
Corp.
......................................
Burkina
Faso
390,000
5,534,100
a
Integra
Resources
Corp.
,
(
CAD
Traded)
....................
Canada
6,993,320
14,566,818
a
Integra
Resources
Corp.
,
(
USD
Traded)
....................
Canada
1,530,072
3,197,851
a
International
Tower
Hill
Mines
Ltd.
.........................
Canada
2,634,296
4,610,018
a
K92
Mining,
Inc.
......................................
Canada
2,011,571
32,329,204
Kingsgate
Consolidated
Ltd.
.............................
Australia
2,760,000
7,805,449
a
Liberty
Gold
Corp.
.....................................
Canada
13,129,800
12,644,170
a,d
Liberty
Gold
Corp.
,
144A
................................
Canada
13,339,100
12,845,729
a,d,e
Maple
Gold
Mines
Ltd.
,
144A
.............................
Canada
3,849,386
7,002,129
a
Maritana
Minerals
Ltd.
..................................
Australia
17,411,203
7,567,002
a
Medallion
Metals
Ltd.
..................................
Australia
31,020,000
9,234,940
a
Meeka
Metals
Ltd.
.....................................
Australia
107,559,186
7,102,649
a,b,c,e
Monarch
Mining
Corp.
,
144A
.............................
Canada
15,500,000
11
a
Montage
Gold
Corp.
...................................
Canada
3,500,000
39,597,675
a
New
Murchison
Gold
Ltd.
...............................
Australia
265,502,000
8,584,177
a
Newcore
Gold
Ltd.
....................................
Canada
15,520,000
3,265,970
Newmont
Corp.
.......................................
United
States
760,614
71,277,138
Newmont
Corp.
,
CDI
...................................
United
States
910,265
86,759,999
Northern
Star
Resources
Ltd.
............................
Australia
1,090,782
15,116,943
OceanaGold
Corp.
....................................
Australia
204,353
4,927,154
a
Omai
Gold
Mines
Corp.
.................................
Canada
23,824,678
39,598,744
a,e
Onyx
Gold
Corp.
......................................
Canada
1,400,750
1,209,050
a,e
Onyx
Gold
Corp.
......................................
Canada
650,000
570,318
a,e
Onyx
Gold
Corp.
......................................
Canada
3,323,201
2,868,405
a
Ora
Banda
Mining
Ltd.
.................................
Australia
32,257,692
25,696,036
Orla
Mining
Ltd.
......................................
Canada
2,299,928
20,573,597
d
Orla
Mining
Ltd.
,
144A
..................................
Canada
2,571,436
23,002,324
a
Osisko
Gold
Group,
Inc.
,
(
CAD
Traded)
.....................
Canada
3,389,049
8,147,159
a
Osisko
Gold
Group,
Inc.
,
(
USD
Traded)
.....................
Canada
3,117,334
7,450,428
Pan
American
Silver
Corp.
..............................
Canada
125,021
5,383,078
a
Pantoro
Gold
Ltd.
.....................................
Australia
9,855,330
14,126,979
Perseus
Mining
Ltd.
...................................
Australia
16,516,211
56,539,522
a
Predictive
Discovery
Ltd.
,
(
AUD
Traded)
....................
Australia
42,381,471
19,656,026
a
Predictive
Discovery
Ltd.
,
(
CAD
Traded)
....................
Australia
58,178,800
26,145,910
a,e
Q-Gold
Resources
Ltd.
.................................
Canada
13,088,830
1,540,576
a
Radisson
Mining
Resources,
Inc.
,
A
........................
Canada
9,935,398
5,599,004
Ramelius
Resources
Ltd.
...............................
Australia
7,765,795
16,701,386
a
Resolute
Mining
Ltd.
...................................
Australia
12,332,892
8,069,332
a
Rio2
Ltd.
............................................
Canada
6,420,884
11,908,762
a
Rox
Resources
Ltd.
...................................
Australia
32,305,203
8,783,770
a,d
Roxmore
Resources,
Inc.
,
144A
..........................
Canada
1,699,430
3,442,866
a
RTG
Mining,
Inc.
......................................
Australia
4,167,708
104,055
a
RTG
Mining,
Inc.
,
CDI
..................................
Australia
82,487,582
2,089,526
a
Rua
Gold,
Inc.
........................................
Canada
4,466,490
3,664,061
a
Santana
Minerals
Ltd.
..................................
Australia
22,853,334
7,543,150
a,e
Saturn
Metals
Ltd.
.....................................
Australia
34,976,957
10,416,739
a
Sinclair
Gold
Ltd.
.....................................
Australia
4,279,567
3,354,111
a
Sitka
Gold
Corp.
......................................
Canada
15,115,870
10,028,005
a
Skeena
Resources
Ltd.
.................................
Canada
1,516,863
40,241,206
a
Snowline
Gold
Corp.
...................................
Canada
1,545,450
14,827,765
a
Southern
Cross
Gold
Consolidated
Ltd.
.....................
Canada
1,921,090
12,333,566
a
Southern
Cross
Gold
Consolidated
Ltd.
,
CDI
.................
Canada
1,732,272
11,801,049
a
St.
Augustine
Gold
and
Copper
Ltd.
,
(
CAD
Traded)
............
United
States
337,336
47,526
a,d
St.
Augustine
Gold
and
Copper
Ltd.
,
(
CAD
Traded)
,
144A
.......
United
States
16,383,333
2,308,170
a,d
St.
Augustine
Gold
and
Copper
Ltd.
,
(
USD
Traded)
,
144A
.......
United
States
10,000,000
1,408,853
a
St.
Barbara
Ltd.
.......................................
Australia
8,608,021
2,747,217
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
a
STLLR
Gold,
Inc.
.....................................
Canada
125,000
$
115,027
a,d
STLLR
Gold,
Inc.
,
144A
.................................
Canada
4,370,010
4,021,338
a,e
Talisker
Resources
Ltd.
.................................
Canada
11,107,987
8,953,900
a,e
Tectonic
Metals,
Inc.
...................................
Canada
6,306,809
9,087,816
a
Tiernan
Gold
Corp.
....................................
Canada
1,286,127
5,697,363
a
Titan
Minerals
Ltd.
....................................
Australia
8,905,000
3,437,408
a
Tolu
Minerals
Ltd.
.....................................
Australia
9,518,700
8,037,400
Torex
Gold
Resources,
Inc.
..............................
Canada
1,128,488
43,429,702
d
Torex
Gold
Resources,
Inc.
,
144A
.........................
Canada
293,400
11,291,458
a
Torque
Metals
Ltd.
....................................
Australia
25,213,732
3,180,493
a
Toubani
Resources
Ltd.
,
CDI
.............................
Australia
17,865,000
3,248,922
a
Troilus
Mining
Corp.
...................................
Canada
24,852,561
28,720,012
a
Turaco
Gold
Ltd.
......................................
Australia
10,276,530
4,408,848
a
Valiant
Gold
Ltd.
......................................
Australia
15,058,150
2,239,546
Vault
Minerals
Ltd.
....................................
Australia
2,471,754
8,283,893
a,b
Walhalla
Gold
Corp.
...................................
Australia
1,724,675
108,757
a
Walhalla
Gold
Corp.
...................................
Australia
3,449,350
246,057
a,b
Walhalla
Gold
Corp.
...................................
Australia
1,724,675
99,520
a
West
African
Resources
Ltd.
.............................
Australia
2,789,984
5,560,206
Westgold
Resources
Ltd.
...............................
Australia
5,850,000
19,500,180
a
WIA
Gold
Ltd.
........................................
Australia
37,660,139
11,247,164
a,b,c,e
Wiluna
Mining
Corp.
Ltd.
................................
Australia
19,510,000
9,266,543
2,236,824,608
Precious
Metals
&
Minerals
3.8%
Impala
Platinum
Holdings
Ltd.
............................
South
Africa
895,000
9,761,042
Impala
Platinum
Holdings
Ltd.
,
ADR
.......................
South
Africa
744,100
8,185,100
a
Mackay
Gold
&
Silver
Corp.
.............................
Canada
3,443,285
7,196,794
Northam
Platinum
Holdings
Ltd.
..........................
South
Africa
474,019
6,787,443
a
Platinum
Group
Metals
Ltd.
,
(
CAD
Traded)
..................
South
Africa
925,458
1,188,304
a
Platinum
Group
Metals
Ltd.
,
(
USD
Traded)
..................
South
Africa
2,004,871
2,566,235
a
Scottie
Resources
Corp.
................................
Canada
3,757,033
5,520,910
a,e
Sierra
Madre
Gold
and
Silver
Ltd.
.........................
Canada
13,171,023
11,274,550
a,b,c
SUA
Holdings
Ltd.
.....................................
Canada
671,300
770,018
a,e
TDG
Gold
Corp.
......................................
Canada
7,557,000
2,264,108
a,d,e
TDG
Gold
Corp.
,
144A
.................................
Canada
8,810,200
2,639,572
a,e
Thesis
Gold
&
Silver,
Inc.
...............................
Canada
15,164,053
30,396,254
Valterra
Platinum
Ltd.
..................................
South
Africa
212,314
15,898,223
104,448,553
Silver
4.1%
a
Aya
Gold
&
Silver,
Inc.
..................................
Morocco
355,000
6,974,141
a
Discovery
Mining
Ltd.
..................................
Canada
5,836,700
36,431,234
a
GoGold
Resources,
Inc.
................................
Canada
8,763,217
18,128,423
a
Silver
Mines
Ltd.
......................................
Australia
68,966,666
6,567,760
a
Silver
Mountain
Resources,
Inc.
..........................
Canada
1,890,533
4,234,600
a,e
Silver
Tiger
Metals,
Inc.
.................................
Canada
10,000
5,493
a,d,e
Silver
Tiger
Metals,
Inc.
,
144A
............................
Canada
29,538,073
16,224,500
a
Sinda
Ltd.
...........................................
Mexico
460,583
5,900,068
a
Vizsla
Silver
Corp.
,
(
CAD
Traded)
.........................
Canada
682,000
2,130,870
a,d
Vizsla
Silver
Corp.
,
(
CAD
Traded)
,
144A
....................
Canada
4,199,000
13,119,535
a
Vizsla
Silver
Corp.
,
(
USD
Traded)
.........................
Canada
1,054,100
3,309,874
113,026,498
Total
Common
Stocks
(Cost
$
1,574,562,772
)
....................................
2,722,661,867
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Rights
a
Value
a
a
a
Rights
0.0%
†
Gold
0.0%
†
a
Pan
American
Silver
Corp.,
CVR
,
2/22/29
...................
Canada
1,850,600
$
962,312
Total
Rights
(Cost
$
856,772
)
..................................................
962,312
Warrants
a
a
a
Warrants
0.5%
Copper
0.1%
a,b,c
Axo
Metals
Corp.
,
144A,
8/19/27
..........................
Canada
3,489,525
371,094
a,b,c
Talamore
Mining
Corp.
,
144A,
10/17/30
.....................
Canada
576,080
2,367,030
2,738,124
Diversified
Metals
&
Mining
0.1%
a,b,c
Adyton
Resources
Corp.
,
144A,
8/13/27
....................
Canada
5,140,000
27,195
a,b,c,e
AuMega
Metals
Ltd.
,
144A,
9/03/28
........................
Australia
43,558,000
509,578
a,b,c
Cerro
de
Pasco
Resources
Sucursal
del
Peru
,
144A,
11/14/26
....
Canada
3,700,000
235,236
a,b,c
Cerro
de
Pasco
Resources,
Inc.
,
144A,
11/06/27
..............
Canada
2,458,764
133,861
a,b,c
Great
Pacific
Gold
Corp.
,
144A,
4/02/28
....................
Canada
524,703
12,606
a,b,c
Great
Pacific
Gold
Corp.
,
144A,
7/03/28
....................
Canada
3,449,350
97,904
a,b,c,e
Helius
Minerals
Ltd.
,
144A,
1/29/29
........................
Canada
67,274
42,821
a,b,c,e
Helius
Minerals
Ltd.
,
144A,
6/30/29
........................
Canada
1,009,080
695,317
a,b,c
Mining
Americas,
Inc.
,
144A,
9/17/28
.......................
Canada
2,892,920
1,328,638
a,b,d
US
Gold
Corp.
,
144A,
12/19/27
...........................
United
States
180,000
182,151
a,b,c
Vior
Gold
Corp.,
Inc.
,
144A,
2/27/27
.......................
Canada
17,700,000
2,008
3,267,315
Gold
0.3%
a,b,c
Atex
Resources,
Inc.
,
144A,
11/06/29
......................
Canada
1,353,242
429,346
a,b,c,e
Cambria
Gold
Mines,
Inc.
,
144A,
3/13/27
....................
Canada
61,744,100
44
a,b,c
Contango
Silver
&
Gold,
Inc.
,
6/11/27
......................
United
States
25,000
28,406
a,b,e
Galantas
Gold
Corp.
,
5/28/28
............................
Chile
19,089,330
670,145
a
Integra
Resources
Corp.
,
3/13/27
.........................
Canada
500,000
613,475
a,b,c
Liberty
Gold
Corp.
,
144A,
4/22/27
.........................
Canada
2,444,550
1,569,423
a,b,c,e
Monarch
Mining
Corp.
,
144A,
4/06/27
......................
Canada
6,000,000
4
a
Osisko
Gold
Group,
Inc.
,
(
CAD
Traded),
3/02/27
..............
Canada
608,333
27,122
b,c
Osisko
Gold
Group,
Inc.
,
(
USD
Traded),
8/15/27
..............
Canada
800,000
390,774
a
Osisko
Gold
Group,
Inc.
,
(
USD
Traded),
10/01/29
.............
Canada
985,000
1,354,375
a,b,c
STLLR
Gold,
Inc.
,
144A,
2/06/27
..........................
Canada
537,600
19,694
a,b,c,e
Talisker
Resources
Ltd.
,
144A,
3/10/28
.....................
Canada
783,199
41,355
a,e
Talisker
Resources
Ltd.
,
5/05/28
..........................
Canada
300,000
159,432
a,b,d
Tiernan
Gold
Corp.
,
144A,
10/31/27
.......................
Canada
643,063
920,556
a,b,c
Troilus
Mining
Corp.
,
144A,
10/18/26
.......................
Canada
1,800,000
1,502,300
7,726,451
Silver
0.0%
†
a,b,c
GoGold
Resources,
Inc.
,
144A,
11/27/28
....................
Canada
1,195,379
644,477
a,b,c
Silver
Mountain
Resources,
Inc.
,
B
,
144A,
11/18/27
............
Canada
332,400
164,907
a,d
Silver
Mountain
Resources,
Inc.
,
144A,
4/24/28
...............
Canada
3,100,000
287,477
1,096,861
Total
Warrants
(Cost
$
-
)
......................................................
14,828,751
Total
Long
Term
Investments
(Cost
$
1,575,419,544
)
.............................
2,738,452,930
a
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
Short
Term
Investments
1.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.2%
g,h
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
United
States
32,125,483
$
32,125,483
Total
Money
Market
Funds
(Cost
$
32,125,483
)
..................................
32,125,483
Total
Short
Term
Investments
(Cost
$
32,125,483
)
................................
32,125,483
a
Total
Investments
(Cost
$
1,607,545,027
)
100.7
%
................................
$2,770,578,413
Other
Assets,
less
Liabilities
(
0.7
)
%
...........................................
(19,393,284)
Net
Assets
100.0%
...........................................................
$2,751,185,129
See
Abbreviations
on
page
29
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
c
See
Note
7
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2026,
the
aggregate
value
of
these
securities
was
$148,811,596,
representing
5.4%
of
net
assets.
e
See
Note
8
regarding
holdings
of
5%
voting
securities.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(b).
g
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Gold
and
Precious
Metals
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
July
31,
2026
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Franklin
Gold
and
Precious
Metals
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$1,400,532,649
Cost
-
Non-controlled
affiliates
(Note
3
f
and
8
)
....................................................
207,012,378
Value
-
Unaffiliated
issuers
..................................................................
$2,544,811,174
Value
-
Non-controlled
affiliates
(Note
3
f
and
8
)
...................................................
225,767,239
Foreign
currency,
at
value
(cost
$
2,065
)
..........................................................
2,065
Receivables:
Investment
securities
sold
...................................................................
7,328,855
Capital
shares
sold
........................................................................
2,662,114
Dividends
...............................................................................
73,000
Total
assets
..........................................................................
2,780,644,447
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
23,026,746
Capital
shares
redeemed
...................................................................
3,885,379
Management
fees
.........................................................................
1,069,318
Distribution
fees
..........................................................................
478,338
Transfer
agent
fees
........................................................................
804,528
Trustees'
fees
and
expenses
.................................................................
101
Accrued
expenses
and
other
liabilities
...........................................................
194,908
Total
liabilities
.........................................................................
29,459,318
Net
assets,
at
value
.................................................................
$2,751,185,129
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$2,409,433,903
Total
distributable
earnings
(losses)
.............................................................
341,751,226
Net
assets,
at
value
.................................................................
$2,751,185,129
Franklin
Gold
and
Precious
Metals
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
July
31,
2026
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
Franklin
Gold
and
Precious
Metals
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$1,817,298,541
Shares
outstanding
........................................................................
44,947,321
Net
asset
value
per
share
a
,b
..................................................................
$40.43
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94
.50
%
)
b
................................
$42.78
Class
C:
Net
assets,
at
value
.......................................................................
$97,770,229
Shares
outstanding
........................................................................
2,875,510
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$34.00
Class
R6:
Net
assets,
at
value
.......................................................................
$238,056,781
Shares
outstanding
........................................................................
5,201,332
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$45.77
Advisor
Class:
Net
assets,
at
value
.......................................................................
$598,059,578
Shares
outstanding
........................................................................
13,314,422
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$44.92
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Gold
and
Precious
Metals
Fund
Financial
Statements
Statement
of
Operations
for
the
year
ended
July
31,
2026
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Franklin
Gold
and
Precious
Metals
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$1,414,393)
Unaffiliated
issuers
........................................................................
$18,434,387
Non-controlled
affiliates
(Note
3
f
and
8
)
.........................................................
1,535,183
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
48,648
Non-controlled
affiliates
(Note
3
f
)
.............................................................
88,002
Total
investment
income
...................................................................
20,106,220
Expenses:
Management
fees
(Note
3
a
)
...................................................................
13,693,636
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
4,775,043
Class
C
................................................................................
1,088,321
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
1,969,690
Class
C
................................................................................
112,160
Class
R6
...............................................................................
137,456
Advisor
Class
............................................................................
696,581
Custodian
fees
............................................................................
140,061
Reports
to
shareholders
fees
..................................................................
105,485
Registration
and
filing
fees
....................................................................
282,606
Professional
fees
...........................................................................
155,423
Trustees'
fees
and
expenses
..................................................................
30,022
Other
....................................................................................
67,204
Total
expenses
.........................................................................
23,253,688
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(139,753)
Net
expenses
.........................................................................
23,113,935
Net
investment
income
(loss)
............................................................
(3,007,715)
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
270,603,635
Non-controlled
affiliates
(Note
3
f
and
8
)
.......................................................
8,541,458
Foreign
currency
transactions
................................................................
(209,782)
Net
realized
gain
(loss)
..................................................................
278,935,311
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
541,071,112
Non-controlled
affiliates
(Note
3
f
and
8
)
.......................................................
48,800,014
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(62,722)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
589,808,404
Net
realized
and
unrealized
gain
(loss)
............................................................
868,743,715
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$865,736,000
Franklin
Gold
and
Precious
Metals
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
Franklin
Gold
and
Precious
Metals
Fund
Year
Ended
July
31,
2026
Year
Ended
July
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
(loss)
............................................
$(3,007,715)
$(1,599,906)
Net
realized
gain
(loss)
.................................................
278,935,311
154,512,661
Net
change
in
unrealized
appreciation
(depreciation)
...........................
589,808,404
373,486,527
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
865,736,000
526,399,282
Distributions
to
shareholders:
Class
A
.............................................................
(184,233,443)
(76,834,420)
Class
C
.............................................................
(12,494,428)
(5,349,182)
Class
R6
............................................................
(20,084,938)
(5,380,288)
Advisor
Class
........................................................
(64,037,594)
(25,992,989)
Total
distributions
to
shareholders
..........................................
(280,850,403)
(113,556,879)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
507,252,744
(9,395,811)
Class
C
.............................................................
11,565,587
(2,303,281)
Class
R6
............................................................
112,024,695
18,992,522
Advisor
Class
........................................................
57,924,455
29,388,896
Total
capital
share
transactions
............................................
688,767,481
36,682,326
Net
increase
(decrease)
in
net
assets
...................................
1,273,653,078
449,524,729
Net
assets:
Beginning
of
year
.......................................................
1,477,532,051
1,028,007,322
End
of
year
...........................................................
$2,751,185,129
$1,477,532,051
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
16
franklintempleton.com
Annual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
Gold
and
Precious
Metals
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers
four classes
of
shares:
Class
A,
Class
C,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
July
31,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
17
franklintempleton.com
Annual
Report
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
c.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
d.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the
Fund. The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the Statement of
Operations.
The
Fund
bears
the
market
risk
with
respect
to
any
cash
collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
Securities
on
loan
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
18
franklintempleton.com
Annual
Report
e.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
July
31,
2026, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
The
Fund's federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis. Estimated
expenses
are
accrued
daily.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund. Distributions
to
shareholders
are recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
g.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
h.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
19
franklintempleton.com
Annual
Report
2.
Shares
of
Beneficial
Interest
At
July
31,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
3.
Transactions
with
Affiliates
Effective
August
17,
2026,
Franklin
Resources,
Inc.
was
renamed
Franklin
Templeton,
Inc.
Franklin
Templeton,
Inc.
is
the
holding
company
for
various
subsidiaries.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
Year
Ended
July
31,
2026
Year
Ended
July
31,
2025
Shares
Amount
Shares
Amount
Class
A
Shares:
(10465392)
-
Shares
sold
a
...................................
36,257,315
$1,721,112,309
15,970,512
$382,584,828
Shares
issued
in
reinvestment
of
distributions
..........
3,522,356
167,347,152
3,803,983
66,151,266
Shares
redeemed
...............................
(29,669,138)
(1,381,206,717)
(19,419,636)
(458,131,905)
Net
increase
(decrease)
..........................
10,110,533
$507,252,744
354,859
$(9,395,811)
Class
C
Shares:
(172792)
-
Shares
sold
...................................
998,603
$40,224,470
668,525
$14,031,929
Shares
issued
in
reinvestment
of
distributions
..........
310,253
12,453,546
354,930
5,323,952
Shares
redeemed
a
..............................
(1,062,383)
(41,112,429)
(1,097,136)
(21,659,162)
Net
increase
(decrease)
..........................
246,473
$11,565,587
(73,681)
$(2,303,281)
Class
R6
Shares:
(2934639)
-
Shares
sold
...................................
4,971,196
$258,507,794
2,021,699
$54,232,114
Shares
issued
in
reinvestment
of
distributions
..........
369,747
19,844,335
266,525
5,167,923
Shares
redeemed
...............................
(3,192,783)
(166,327,434)
(1,501,745)
(40,407,515)
Net
increase
(decrease)
..........................
2,148,160
$112,024,695
786,479
$18,992,522
Advisor
Class
Shares:
(2266794)
-
Shares
sold
...................................
7,081,530
$364,214,931
5,356,903
$140,380,818
Shares
issued
in
reinvestment
of
distributions
..........
1,143,290
60,251,389
1,254,070
23,927,662
Shares
redeemed
...............................
(7,220,610)
(366,541,865)
(5,348,389)
(134,919,584)
Net
increase
(decrease)
..........................
1,004,210
$57,924,455
1,262,584
$29,388,896
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
20
franklintempleton.com
Annual
Report
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
month-end
net
assets
of
the
Fund
as
follows:
For
the
year
ended
July
31,
2026,
the
gross
effective
investment
management
fee
rate
was 0.469%
of
the
Fund's
average daily
net
assets.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
Class
A
and
Class
C
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund's
Class
A
reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund's
Class
C
compensation
distribution
plan,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the Fund's shares
for
the
year:
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
In
excess
of
$15
billion
Class
A
....................................................................................
0.25%
Class
C
....................................................................................
1.00%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$389,590
CDSC
retained
..............................................................................
$76,252
3.
Transactions
with
Affiliates
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
21
franklintempleton.com
Annual
Report
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
year
ended
July
31,
2026,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$924,519
was
retained
by
Investor
Services.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
year
ended
July
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
g.
Waiver
and
Expense
Reimbursements
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
November
30,
2026.
aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Gold
and
Precious
Metals
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$19,635,328
$671,216,188
$(658,726,033)
$-
$-
$32,125,483
32,125,483
$1,535,183
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$734,000
$76,099,000
$(76,833,000)
$-
$-
$-
-
$88,002
Total
Affiliated
Securities
...
$20,369,328
$747,315,188
$(735,559,033)
$-
$-
$32,125,483
$1,623,185
3.
Transactions
with
Affiliates
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
22
franklintempleton.com
Annual
Report
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
July
31,
2026,
the
capital
loss
carryforwards
were
as
follows:
During
the
year
ended
July
31,
2026,
the
Fund
utilized
$177,074,068
of
capital
loss
carryforwards.
The
tax
character
of
distributions
paid
during
the
years
ended
July
31,
2026 and July
31,
2025,
was
as
follows:
At
July
31,
2026,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation)
and
undistributed
ordinary
income
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales,
passive
foreign
investment
company
shares
and
corporate
actions.
The
Fund
utilized
a
tax
accounting
practice
to
treat
a
portion
of
the
proceeds
from
capital
shares
redeemed
as
a
distribution
from
net
investment
income.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
year
ended
July
31,
2026,
aggregated
$967,083,937 and
$552,222,169,
respectively.
6.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Ongoing
or
threatened
military
conflicts
throughout
the
world
may
cause
significant
market
disruptions
and
volatility.
The
hostilities
and
sanctions
resulting
from
those
conflicts
may
also
have
a
significant
impact
on
certain
investments
of
the
Fund
as
well
as
the
Fund's
performance
and
liquidity.
Capital
loss
carryforwards
not
subject
to
expiration:
Long
term
................................................................................
$
482,588,410
2026
2025
Distributions
paid
from:
Ordinary
income
..........................................................
$280,850,403
$113,556,879
Cost
of
investments
..........................................................................
$2,136,687,857
Unrealized
appreciation
........................................................................
$1,365,997,719
Unrealized
depreciation
........................................................................
(732,107,163)
Net
unrealized
appreciation
(depreciation)
..........................................................
$633,890,556
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$190,503,672
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
23
franklintempleton.com
Annual
Report
7.
Restricted
Securities
The
Fund
invests
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The Fund
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
At
July
31,
2026,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Gold
and
Precious
Metals
Fund
5,140,000
a
Adyton
Resources
Corp.,
144A,
8/13/27
...........
8/14/25
$
-
$
27,195
1,353,242
b
Atex
Resources,
Inc.,
144A,
11/06/29
.............
11/07/25
-
429,346
43,558,000
c
AuMega
Metals
Ltd.,
(CAD
Traded),
144A
.........
4/09/26
1,261,317
1,158,792
43,558,000
c
AuMega
Metals
Ltd.,
144A,
9/03/28
..............
4/15/26
-
509,578
3,489,525
d
Axo
Metals
Corp.,
144A,
8/19/27
................
2/20/26
-
371,094
498,594
e
Blue
Moon
Metals,
Inc.,
144A
...................
5/01/26
3,668,425
2,466,593
61,744,100
f
Cambria
Gold
Mines,
Inc.,
144A,
3/13/27
..........
3/18/25
-
44
3,700,000
g
Cerro
de
Pasco
Resources
Sucursal
del
Peru,
144A,
11/14/26
.................................
11/29/24
-
235,236
2,458,764
g
Cerro
de
Pasco
Resources,
Inc.,
144A,
11/06/27
....
11/10/25
-
133,861
25,000
h
Contango
Silver
&
Gold,
Inc.,
6/11/27
.............
6/11/24
-
28,406
18,028,500
Firefinch
Ltd.
...............................
6/28/21
-
12/14/21
2,037,844
557,158
1,195,379
i
GoGold
Resources,
Inc.,
144A,
11/27/28
..........
11/28/25
-
644,477
524,703
j
Great
Pacific
Gold
Corp.,
144A
4/02/28
...........
4/06/26
-
12,606
3,449,350
j
Great
Pacific
Gold
Corp.,
144A,
7/03/28
...........
7/07/25
-
97,904
67,274
k
Helius
Minerals
Ltd.,
144A,
1/29/29
..............
2/06/26
-
42,821
1,009,080
k
Helius
Minerals
Ltd.,
144A,
6/30/29
..............
7/02/26
-
695,317
2,444,550
l
Liberty
Gold
Corp.,
144A,
4/22/27
................
4/23/25
-
1,569,423
2,892,920
m
Mining
Americas,
Inc.,
144A,
9/17/28
.............
6/30/26
-
1,328,638
15,500,000
Monarch
Mining
Corp.,
144A
...................
4/04/22
-
1/18/23
3,340,290
11
6,000,000
Monarch
Mining
Corp.,
144A,
4/06/27
.............
4/07/22
-
4
5,503,828
Nevgold
Corp.,
144A
.........................
5/08/26
7,643,367
5,461,838
800,000
n
Osisko
Gold
Group,
Inc.,
(USD
Traded),
8/15/27..
....
8/18/25
-
390,774
45,900,000
Phoenix
Industrial
Minerals
Pty.
Ltd.
..............
3/09/21
-
12/16/22
-
54,906
332,400
o
Silver
Mountain
Resources,
Inc.,
B,
144A,
11/18/27
..
11/19/25
-
164,907
537,600
p
STLLR
Gold,
Inc.,
144A,
2/06/27
................
2/09/24
-
19,694
671,300
SUA
Holdings
Ltd.
...........................
5/15/20
-
12/02/21
-
770,018
420,176
q
Talamore
Mining
Corp.,
144A
...................
7/16/26
2,392,716
2,247,378
576,080
q
Talamore
Mining
Corp.,
144A,
10/17/30
...........
10/21/25
-
2,367,030
783,199
r
Talisker
Resources
Ltd.,
144A,
3/10/28
............
3/11/26
-
41,355
2,256,556
Tintina
Mines
Ltd.,
144A
.......................
6/25/26
1,080,871
2,789,682
1,800,000
s
Troilus
Mining
Corp.,
144A,
10/18/26
.............
10/18/24
-
1,502,300
17,700,000
t
Vior
Gold
Corp.,
Inc.,
144A,
2/27/27
..............
2/28/25
-
2,008
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
24
franklintempleton.com
Annual
Report
8.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies'
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
year
ended
July
31,
2026,
investments
in
"affiliated
companies"
were
as
follows:
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Gold
and
Precious
Metals
Fund
(continued)
19,510,000
Wiluna
Mining
Corp.
Ltd.
......................
2/28/20
-
6/10/22
$
9,867,301
$
9,266,543
Total
Restricted
Securities
(Value
is
1.3%
of
Net
Assets)
...............
$31,292,131
$35,386,937
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,189,963
as
of
July
31,
2026.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$14,957,212
as
of
July
31,
2026.
c
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$843,263
as
of
July
31,
2026.
d
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,132,120
as
of
July
31,
2026.
e
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$13,312,406
as
of
July
31,
2026.
f
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$17,172,591
as
of
July
31,
2026.
g
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,993,976
as
of
July
31,
2026.
h
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$12,167,679
as
of
July
31,
2026.
i
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$18,128,423
as
of
July
31,
2026.
j
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,587,524
as
of
July
31,
2026.
k
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,050,343
as
of
July
31,
2026.
l
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$25,489,899
as
of
July
31,
2026.
m
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$11,114,425
as
of
July
31,
2026.
n
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$16,979,084
as
of
July
31,
2026.
o
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,522,077
as
of
July
31,
2026.
p
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,136,365
as
of
July
31,
2026.
q
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$11,723,072
as
of
July
31,
2026.
r
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$9,113,332
as
of
July
31,
2026.
s
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$28,720,012
as
of
July
31,
2026.
t
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,199,486
as
of
July
31,
2026.
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares/Warrants
Held
at
End
of
Year
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
Non-Controlled
Affiliates
Dividends
Asara
Resources
Ltd.
...
$
-
$
4,724,059
a
$
-
$
-
$
4,469,439
$
9,193,498
104,814,367
$
-
Ascot
Resources
Ltd.
...
6,232,309
10,470,086
a
(37,931,368)
a
-
21,228,973
-
b
-
-
AuMega
Metals
Ltd.,
(AUD
Traded)
...........
243,215
-
-
-
29,374
272,589
10,813,044
-
AuMega
Metals
Ltd.,
(CAD
Traded)
...........
505,196
-
-
-
65,478
570,674
20,000,000
-
AuMega
Metals
Ltd.,
(CAD
Traded),
144A
......
-
1,261,317
a
-
-
(102,525)
1,158,792
43,558,000
-
7.
Restricted
Securities
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
25
franklintempleton.com
Annual
Report
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares/Warrants
Held
at
End
of
Year
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
AuMega
Metals
Ltd.,
144A,
9/03/28
...........
$
-
$
-
$
-
$
-
$
509,578
$
509,578
43,558,000
$
-
Aurion
Resources
Ltd.
..
4,261,872
-
(13,913,014)
9,489,438
161,704
-
b
-
-
Banyan
Gold
Corp.
....
5,484,772
-
(2,348,625)
1,768,010
-
c
-
c
-
c
-
Cambria
Gold
Mines,
Inc.
-
41,670,371
a
(322,616)
a
(8,889,919)
(15,285,245)
17,172,591
32,097,862
-
Cambria
Gold
Mines,
Inc.,
144A,
7/25/26
......
23,073
-
-
-
(23,073)
-
b
-
-
Cambria
Gold
Mines,
Inc.,
144A,
3/13/27
......
1,204,625
-
-
-
(1,204,581)
44
61,744,100
-
Falcon
Metals
Ltd.
.....
2,697,018
1,331,615
a
(43,210)
a
(4,593)
(554,239)
3,426,591
12,145,414
-
Galantas
Gold
Corp.
....
-
2,253,127
-
-
(577,975)
1,675,152
5,870,780
-
Galantas
Gold
Corp.,
144A
-
15,204,564
a
-
-
(4,980,521)
10,224,043
38,178,660
-
Galantas
Gold
Corp.,
5/28/28
...........
-
-
-
-
670,145
670,145
19,089,330
-
Heliostar
Metals
Ltd.
....
14,523,383
497,836
a
(5,685,328)
a
4,884,500
4,142,011
18,362,402
16,088,333
-
Heliostar
Metals
Ltd.,
144A,
12/08/25
.....
881,778
-
-
-
(881,778)
-
b
-
-
Helius
Minerals
Ltd.
....
-
4,742,868
a
-
-
1,307,475
6,050,343
2,152,709
-
Helius
Minerals
Ltd.,
144A,
1/29/29
...........
-
-
-
-
42,821
42,821
67,274
-
Helius
Minerals
Ltd.,
144A,
6/30/29
...........
-
-
-
-
695,317
695,317
1,009,080
-
Liberty
Gold
Corp.
.....
4,007,024
-
(3,349,150)
(207,610)
-
c
-
c
-
c
-
Liberty
Gold
Corp.,
144A
.
2,794,669
638,020
-
-
-
c
-
c
-
c
-
Liberty
Gold
Corp.,
144A,
5/17/26
...........
25,034
-
-
-
(25,034)
-
b
-
-
Liberty
Gold
Corp.,
144A,
4/22/27
...........
66,369
-
-
-
-
c
-
c
-
c
-
Maple
Gold
Mines
Ltd.,
144A
............
-
3,287,147
-
-
3,714,982
7,002,129
3,849,386
-
Monarch
Mining
Corp.,
144A
............
-
-
-
-
11
11
15,500,000
-
Monarch
Mining
Corp.,
144A,
4/06/27
......
-
-
-
-
4
4
6,000,000
-
Nevgold
Corp.
........
-
3,450,153
-
-
784,430
4,234,583
3,957,500
-
Nevgold
Corp.,
144A
...
-
7,643,367
-
-
(2,181,529)
5,461,838
5,503,828
-
Newcore
Gold
Ltd.
.....
6,138,135
511,677
(540,572)
27,351
-
c
-
c
-
c
-
Newcore
Gold
Ltd.,
144A,
2/27/26
...........
116,241
-
-
-
(116,241)
-
b
-
-
Onyx
Gold
Corp.
......
1,632,506
2,177,514
-
-
(941,615)
2,868,405
3,323,201
-
Onyx
Gold
Corp.
.
.....
1,759,025
-
-
-
(549,975)
1,209,050
1,400,750
-
Onyx
Gold
Corp..
.
.....
816,253
-
-
-
(245,935)
570,318
650,000
-
8.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
26
franklintempleton.com
Annual
Report
9.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
29,
2027.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
may,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
year
ended
July
31,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares/Warrants
Held
at
End
of
Year
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Q-Gold
Resources
Ltd.
..
$
-
$
1,584,351
a
$
-
$
-
$
(43,775)
$
1,540,576
13,088,830
$
-
RTG
Mining,
Inc.
......
75,197
-
-
-
-
c
-
c
-
c
-
RTG
Mining,
Inc.,
CDI
...
1,378,277
-
-
-
-
c
-
c
-
c
-
Saturn
Metals
Ltd.
.....
7,181,760
3,254,312
a
(459,404)
a
(341,654)
781,725
10,416,739
34,976,957
-
Sierra
Madre
Gold
and
Silver
Ltd.
.........
3,460,595
6,940,436
a
(2,799,718)
1,194,121
2,479,116
11,274,550
13,171,023
-
Silver
Tiger
Metals,
Inc.
..
992,945
-
(1,314,505)
842,699
(515,646)
5,493
10,000
-
Silver
Tiger
Metals,
Inc.,
144A
............
9,728,403
2,824,267
(242,947)
20,189
3,894,588
16,224,500
29,538,073
-
Talisker
Resources
Ltd.
..
2,164,261
6,424,655
a
(165,506)
a
(181,428)
711,918
8,953,900
11,107,987
-
Talisker
Resources
Ltd.,
144A,
3/10/28
......
-
-
-
-
41,355
41,355
783,199
-
Talisker
Resources
Ltd.,
5/05/28
...........
35,183
-
a
-
a
-
124,249
159,432
300,000
-
TDG
Gold
Corp.
......
2,138,258
2,073,194
-
-
(1,947,344)
2,264,108
7,557,000
-
TDG
Gold
Corp.,
144A
..
2,364,102
1,470,789
a
-
-
(1,195,319)
2,639,572
8,810,200
-
Tectonic
Metals,
Inc.
....
-
6,680,180
a
-
a
-
2,407,636
9,087,816
6,306,809
-
Thesis
Gold
&
Silver,
Inc.
-
19,138,317
a
(3,571,567)
(59,646)
14,889,150
30,396,254
15,164,053
-
Thesis
Gold,
Inc.
......
10,479,986
762,100
a
(19,138,316)
a
-
7,896,230
-
b
-
-
Thesis
Gold,
Inc.,
144A
..
646,956
-
(762,100)
a
-
115,144
-
b
-
-
Wiluna
Mining
Corp.
Ltd.
.
257,031
-
-
-
9,009,512
9,266,543
19,510,000
-
Total
Affiliated
Securities
(Value
at
End
of
Year
is
7.0%
of
Net
Assets)
..
$94,315,451
$151,016,322
$(92,587,946)
$8,541,458
$48,800,015
$193,641,756
$-
a
May
include
accretion,
amortization,
and/or
other
cost
basis
adjustments.
b
As
of
July
31,
2026,
no
longer
held
by
the
fund.
c
As
of
July
31,
2026,
no
longer
an
affiliate.
8.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
27
franklintempleton.com
Annual
Report
10.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
-
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
-
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
July
31,
2026,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
year
.
At
July
31,
2026
,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Gold
and
Precious
Metals
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Copper
..............................
$
22,533,778
$
9,916,057
$
2,247,378
$
34,697,213
Diversified
Metals
&
Mining
...............
159,152,799
62,341,144
11,931,811
233,425,754
Environmental
&
Facilities
Services
.........
239,241
-
-
239,241
Gold
................................
1,548,472,903
668,095,673
20,256,032
2,236,824,608
Precious
Metals
&
Minerals
...............
68,592,255
35,086,280
770,018
104,448,553
Silver
...............................
106,458,738
6,567,760
-
113,026,498
Rights
................................
962,312
-
-
962,312
Warrants
:
Copper
..............................
-
-
2,738,124
2,738,124
Diversified
Metals
&
Mining
...............
-
-
3,267,315
3,267,315
Gold
................................
2,154,404
-
5,572,047
7,726,451
Precious
Metals
&
Minerals
...............
-
-
-
-
Silver
...............................
287,478
-
809,383
1,096,861
Short
Term
Investments
...................
32,125,483
-
-
32,125,483
Total
Investments
in
Securities
...........
$1,940,979,391
$782,006,914
b
$47,592,108
$2,770,578,413
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$758,261,064,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
28
franklintempleton.com
Annual
Report
Level
3
financial
instruments
include
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
11.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund's
investment
manager serve
as
the
Chief
Operating
Decision
Maker
("CODM")
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund's
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights.
12.
New
Accounting
Pronouncements
In
September
2026,
the
FASB
issued
Accounting
Standards
Update
(ASU)
No.
2026-03,
Fair
Value
Measurement
(Topic
820)-Investment
Companies
with
Equity
Securities
Subject
to
Contractual
Sale
Restrictions.
The
amendments
in
the
ASU
require
contractual
sale
restrictions
to
be
considered
in
measuring
the
fair
value
of
equity
securities
and
require
disclosure
of
Balance
at
Beginning
of
Year
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Year
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Year
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Gold
and
Precious
Metals
Fund
Assets:
Investments
in
Securities:
Common
Stocks
Copper
..........
$
-
$
2,392,716
$
-
$
-
$
-
$
-
$
-
$
(145,338)
$
2,247,378
$
(145,338)
Diversified
Metals
&
Mining
.........
50,146
13,653,980
-
-
-
-
-
(1,772,315)
11,931,811
(1,772,315)
Gold
............
11,231,578
c
15,204,565
c
(9,783,646)
-
-
-
(28,448)
3,631,983
20,256,032
4,389,757
Precious
Metals
&
Minerals
........
2,424,380
-
c
(2,141,296)
c
-
-
-
-
486,934
770,018
770,018
Warrants
Copper
..........
-
-
c
-
-
-
-
-
2,738,124
2,738,124
2,738,124
Diversified
Metals
&
Mining
.........
1,229,871
-
c
(2,143)
-
-
-
-
2,039,587
3,267,315
2,701,157
Gold
............
2,867,214
c
-
c
-
c
-
-
-
-
2,704,833
5,572,047
4,231,752
Precious
Metals
&
Minerals
........
378,027
-
-
c
-
-
-
-
(378,027)
-
-
Silver
............
90,362
-
c
-
c
-
-
-
-
719,021
809,383
809,383
Total
Investments
in
Securities
.
$18,271,578
$31,251,261
$(11,927,085)
$-
$-
-
(28,448)
10,024,802
$47,592,108
13,722,538
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Includes
financial
instruments
determined
to
have
no
value.
10.
Fair
Value
Measurements
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
29
franklintempleton.com
Annual
Report
the
amount
of
the
discount
attributable
to
the
contractual
sale
restriction.
The
ASU
is
effective
for
interim
and
annual
reporting
periods
beginning
after
December
15,
2027,
with
early
adoption
permitted.
Management
is
currently
evaluating
the
impact
on
the
financial
statements.
13.
Subsequent
Events
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Cu
r
rency
AUD
Australian
Dollar
CAD
Canadian
Dollar
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
CDI
CREST
Depository
Interest
CVR
Contingent
Value
Right
12.
New
Accounting
Pronouncements
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Report
of
Independent
Registered
Public
Accounting
Firm
30
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
and
Shareholders
of
Franklin
Gold
and
Precious
Metals
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Franklin
Gold
and
Precious
Metals
Fund
(the
"Fund")
as
of
July
31,
2026,
the
related
statement
of
operations
for
the
year
ended
July
31,
2026,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2026,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2026
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
July
31,
2026,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2026
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2026
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2026
by
correspondence
with
the
custodian,
transfer
agent,
private
placement
agent
and
brokers;
when
replies
were
not
received
from
a
private
placement
agent
or
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
San
Francisco,
California
September
18,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Franklin
Gold
and
Precious
Metals
Fund
Tax
Information
(unaudited)
31
franklintempleton.com
Annual
Report
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
July
31,
2026:
Under
Section
853
of
the
Internal
Revenue
Code,
the
Fund
intends
to
elect
to
pass
through
to
its
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
Fund
during
the
fiscal
year
ended
July
31,
2026
:
Pursuant
to:
Amount
Reported
Income
Eligible
for
Dividends
Received
Deduction
(DRD)
§854(b)(1)(A)
$589,434
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$19,556,788
Section
163(j)
Interest
Earned
§163(j)
$1,535,183
Amount
Reported
Foreign
Taxes
Paid
$1,414,393
Foreign
Source
Income
Earned
$18,655,401
Franklin
Gold
and
Precious
Metals
Fund
32
franklintempleton.com
Annual
Report
FRANKLIN
GOLD
AND
PRECIOUS
METALS
FUND
(Fund)
(unaudited)
At
an
in-person
meeting
held
on
April
14,
2026
(Meeting),
the
Board
of
Trustees
(Board)
of
the
Fund,
including
a
majority
of
the
trustees
who
are
not
"interested
persons"
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Fund
(Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
to
consider
the
renewal
of
the
Management
Agreement.
In
considering
the
continuance
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters,
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
also
considered
prior
to
and
at
the
Meeting.
The
Board
further
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund's
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Franklin
Gold
and
Precious
Metals
Fund
33
franklintempleton.com
Annual
Report
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined,
through
the
exercise
of
its
business
judgment,
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board's
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
the
information
it
received
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-
party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management's
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
FT's
regular
updates
to
the
Board
on
strategic
initiatives,
ongoing
attention
to
the
service
level
quality
of
third-party
service
providers,
ongoing
efforts
to
modernize
its
mutual
fund
lineup,
mutual
fund
to
ETF
conversions,
integration
of
private
market
investments
into
existing
mutual
funds,
creation
of
additional
blockchain-compatible
money
market
funds,
and
sharpening
of
its
active,
income-oriented
offerings,
along
with
the
impact
on
FT
of
team
integrations
and
staff
reductions.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
the
Manager's
parent,
Franklin
Templeton,
Inc.
(FTI),
FTI's
continued
growth
of
its
global,
multi-asset
franchise,
and
its
commitment
to
the
mutual
fund
business.
The
Board
further
noted
FTI's
continued
reassessment
of
fund
offerings
in
response
to
FT
acquisitions
and
the
market
environment,
FTI's
focus
on
technology-driven
transformation,
expansion
of
its
private
market
investment
capabilities
and
global
alternatives
platform,
and
leveraging
of
artificial
intelligence
(AI),
blockchain
and
digital
wealth
platforms.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2025.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund's
performance
results
is
below.
This
year,
in
addition
to
providing
Class
A
performance
(and
expense)
data,
Broadridge
included
Advisor
Class
performance
data
for
the
Fund
to
align
with
the
performance
reporting
provided
at
Board
meetings
throughout
the
year.
Going
forward,
Broadridge
will
provide
the
Board
solely
with
the
Fund's
Advisor
Class
performance
information.
The
Performance
Universe
for
the
Fund
included
the
Fund,
the
Fund's
Advisor
Class
shares
and
all
retail
and
institutional
precious
metals
equity
funds.
The
Board
noted
that
the
Fund's
annualized
total
return
for
the
one-,
three-,
five-
and
10-
year
periods
was
above
the
median
of
its
Performance
Universe.
The
Board
concluded
that
the
Fund's
performance
was
satisfactory.
Franklin
Gold
and
Precious
Metals
Fund
34
franklintempleton.com
Annual
Report
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund's
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund's
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A
shares
for
the
Fund
and
for
each
of
the
other
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
nine
other
retail
precious
metals
equity
funds.
The
Board
noted
that
the
Management
Rate
and
actual
total
expense
ratio
for
the
Fund
were
below
the
medians
and
in
the
first
quintile
(least
expensive)
of
its
Expense
Group.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
that
addresses
the
overall
profitability
of
FT's
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2025,
being
the
most
recent
fiscal
year-end
for
FTI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund's
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
an
independent
registered
public
accounting
firm
has
been
engaged
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund's
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management's
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management's
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager,
but
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management's
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Franklin
Gold
and
Precious
Metals
Fund
35
franklintempleton.com
Annual
Report
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund's
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund's
shareholders
by
reducing
the
Fund's
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
further
noted
that
the
Fund
had
experienced
significant
asset
growth,
which
contributed
to
a
reduction
in
the
Fund's
net
expense
ratio
through
lower
transfer
agency
expenses
and
reduced
management
fees
under
the
Fund's
tiered
fee
structure,
as
operating
costs
were
spread
over
a
larger
asset
base.
The
Board
concluded
that
to
the
extent
additional
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund's
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuance
of
the
Management
Agreement
for
an
additional
one-year
period.
4301-AFSOI
09/26
©
2026
Franklin
Templeton.
All
rights
reserved.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| (a) | The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "Principal Executive Officer" and "Principal Financial Officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required designation. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's internal control over financial reporting. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Code of Ethics attached hereto.
Exhibit 99.CODE ETH
(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.CERT
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.906CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.
Franklin Gold and Precious Metals Fund
| By: | /s/ Christopher Kings | |
| Christopher Kings | ||
| Chief Executive Officer - Finance and Administration | ||
| Date: | September 24, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Christopher Kings | |
| Christopher Kings | ||
| Chief Executive Officer - Finance and Administration | ||
| Date: | September 24, 2026 | |
| By: | /s/ Jeffrey White | |
| Jeffrey White | ||
| Chief Financial Officer, Chief Accounting Officer and Treasurer | ||
| Date: | September 24, 2026 |
Franklin Gold and Precious Metals Fund published this content on September 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 24, 2026 at 15:54 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]