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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: January 31, 2026

 

 

 

ITEM 1. REPORT TO STOCKHOLDERS

 

(a) The Report to Shareholders is filed herewith

Franklin Gold and Precious Metals Fund
image
Class A   [FKRCX]
Semi-Annual Shareholder Report | January 31, 2026
image
This semi-annual shareholder report contains important information about Franklin Gold and Precious Metals Fund for the period August 1, 2025, to January 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.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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
$64
0.83%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of January 31, 2026)
Total Net Assets
$3,512,584,643
Total Number of Portfolio Holdings
285
Portfolio Turnover Rate
9.73%
WHAT DID THE FUND INVEST IN? (as of January 31, 2026)
Portfolio Composition*,† (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
† Certain categories may represent less than 0.1%.
image
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
Franklin Gold and Precious Metals Fund  PAGE 1  132-STSR-0326
55.926.07.12.81.80.80.70.40.30.04.2
 
Franklin Gold and Precious Metals Fund
image
Class C   [FRGOX]
Semi-Annual Shareholder Report | January 31, 2026
image
This semi-annual shareholder report contains important information about Franklin Gold and Precious Metals Fund for the period August 1, 2025, to January 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.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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
$122
1.58%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of January 31, 2026)
Total Net Assets
$3,512,584,643
Total Number of Portfolio Holdings
285
Portfolio Turnover Rate
9.73%
WHAT DID THE FUND INVEST IN? (as of January 31, 2026)
Portfolio Composition*,† (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
† Certain categories may represent less than 0.1%.
image
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
Franklin Gold and Precious Metals Fund  PAGE 1  232-STSR-0326
55.926.07.12.81.80.80.70.40.30.04.2
 
Franklin Gold and Precious Metals Fund
image
Class R6   [FGPMX]
Semi-Annual Shareholder Report | January 31, 2026
image
This semi-annual shareholder report contains important information about Franklin Gold and Precious Metals Fund for the period August 1, 2025, to January 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.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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
$41
0.53%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of January 31, 2026)
Total Net Assets
$3,512,584,643
Total Number of Portfolio Holdings
285
Portfolio Turnover Rate
9.73%
WHAT DID THE FUND INVEST IN? (as of January 31, 2026)
Portfolio Composition*,† (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
† Certain categories may represent less than 0.1%.
image
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
Franklin Gold and Precious Metals Fund  PAGE 1  364-STSR-0326
55.926.07.12.81.80.80.70.40.30.04.2
 
Franklin Gold and Precious Metals Fund
image
Advisor Class   [FGADX]
Semi-Annual Shareholder Report | January 31, 2026
image
This semi-annual shareholder report contains important information about Franklin Gold and Precious Metals Fund for the period August 1, 2025, to January 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.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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
$45
0.58%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of January 31, 2026)
Total Net Assets
$3,512,584,643
Total Number of Portfolio Holdings
285
Portfolio Turnover Rate
9.73%
WHAT DID THE FUND INVEST IN? (as of January 31, 2026)
Portfolio Composition*,† (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
† Certain categories may represent less than 0.1%.
image
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
Franklin Gold and Precious Metals Fund  PAGE 1  632-STSR-0326
55.926.07.12.81.80.80.70.40.30.04.2
 

(b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

Not applicable

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

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
Semi-annual
|
January
31,
2026
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
accessibility@franklintempleton.com
.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
12
Notes
to
Financial
Statements
16
Changes
In
and
Disagreements
with
Accountants
29
Results
of
Meeting(s)
of
Shareholders
29
Remuneration
Paid
to
Directors,
Officers
and
Others
29
Board
Approval
of
Management
and
Subadvisory
Agreements
29
Franklin
Gold
and
Precious
Metals
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$27.34
$20.02
$17.42
$16.40
$24.23
$28.04
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.05)
(0.04)
0.09
0.10
0.13
0.04
Net
realized
and
unrealized
gains
(losses)
28.72
9.68
3.03
0.92
(5.90)
(1.20)
Total
from
investment
operations
........
28.67
9.64
3.12
1.02
(5.77)
(1.16)
Less
distributions
from:
Net
investment
income
..............
(4.96)
(2.32)
(0.52)
—
(2.06)
(2.65)
Net
asset
value,
end
of
period
..........
$51.05
$27.34
$20.02
$17.42
$16.40
$24.23
Total
return
c
.......................
106.21%
54.78%
18.56%
6.22%
(25.63)%
(3.80)%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.83%
0.87%
0.92%
f
0.92%
f
0.88%
0.90%
f
Net
investment
income
(loss)
..........
(0.22)%
(0.17)%
0.55%
0.58%
0.58%
0.17%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$2,275,975
$952,566
$690,180
$679,841
$656,071
$921,127
Portfolio
turnover
rate
................
9.73%
22.76%
14.50%
12.92%
17.60%
18.91%
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,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
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.
Semiannual
Report
3
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$23.48
$17.50
$15.29
$14.50
$21.71
$25.42
Income
from
investment
operations
a
:
Net
investment
(loss)
b
..............
(0.17)
(0.18)
(0.03)
(0.02)
(0.03)
(0.13)
Net
realized
and
unrealized
gains
(losses)
24.56
8.34
2.64
0.81
(5.23)
(1.09)
Total
from
investment
operations
........
24.39
8.16
2.61
0.79
(5.26)
(1.22)
Less
distributions
from:
Net
investment
income
..............
(4.78)
(2.18)
(0.40)
—
(1.95)
(2.49)
Net
asset
value,
end
of
period
..........
$43.09
$23.48
$17.50
$15.29
$14.50
$21.71
Total
return
c
.......................
105.43%
53.71%
17.62%
5.45%
(26.18)%
(4.53)%
Ratios
to
average
net
assets
d
Expenses
e
........................
1.58%
1.62%
1.67%
f
1.67%
f
1.63%
1.65%
f
Net
investment
(loss)
................
(0.96)%
(0.92)%
(0.18)%
(0.15)%
(0.17)%
(0.59)%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$128,932
$61,727
$47,302
$51,872
$58,538
$93,615
Portfolio
turnover
rate
................
9.73%
22.76%
14.50%
12.92%
17.60%
18.91%
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,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Gold
and
Precious
Metals
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$30.56
$22.10
$19.17
$17.98
$26.32
$30.20
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.02
0.03
0.16
0.17
0.22
0.13
Net
realized
and
unrealized
gains
(losses)
32.15
10.82
3.35
1.02
(6.45)
(1.28)
Total
from
investment
operations
........
32.17
10.85
3.51
1.19
(6.23)
(1.15)
Less
distributions
from:
Net
investment
income
..............
(5.04)
(2.39)
(0.58)
—
(2.11)
(2.73)
Net
asset
value,
end
of
period
..........
$57.69
$30.56
$22.10
$19.17
$17.98
$26.32
Total
return
c
.......................
106.51%
55.33%
19.01%
6.62%
(25.36)%
(3.46)%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.56%
0.57%
0.63%
0.64%
0.64%
0.69%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.53%
0.54%
0.55%
e
0.53%
e
0.52%
0.56%
e
Net
investment
income
...............
0.07%
0.13%
0.87%
0.94%
0.94%
0.49%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$275,511
$93,299
$50,087
$40,916
$30,969
$25,458
Portfolio
turnover
rate
................
9.73%
22.76%
14.50%
12.92%
17.60%
18.91%
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
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
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.
Semiannual
Report
5
a
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
2024
2023
2022
2021
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$30.05
$21.76
$18.89
$17.74
$26.00
$29.88
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.01
0.02
0.14
0.15
0.20
0.11
Net
realized
and
unrealized
gains
(losses)
31.60
10.64
3.29
1.00
(6.36)
(1.28)
Total
from
investment
operations
........
31.61
10.66
3.43
1.15
(6.16)
(1.17)
Less
distributions
from:
Net
investment
income
..............
(5.02)
(2.37)
(0.56)
—
(2.10)
(2.71)
Net
asset
value,
end
of
period
..........
$56.64
$30.05
$21.76
$18.89
$17.74
$26.00
Total
return
c
.......................
106.49%
55.25%
18.81%
6.48%
(25.42)%
(3.59)%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.58%
0.62%
0.67%
f
0.67%
f
0.63%
0.65%
f
Net
investment
income
...............
0.04%
0.06%
0.79%
0.83%
0.84%
0.41%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$832,166
$369,940
$240,439
$236,987
$239,115
$307,110
Portfolio
turnover
rate
................
9.73%
22.76%
14.50%
12.92%
17.60%
18.91%
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
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited),
January
31,
2026
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Country
Shares
a
Value
a
Common
Stocks
96.2%
Copper
0.6%
a
Fuerte
Metals
Corp.
...................................
Canada
1,409,587
$
6,822,002
a,b,c
Fuerte
Metals
Corp.
,
144A
...............................
Canada
280,000
1,249,053
a
Imperial
Metals
Corp.
..................................
Canada
1,300,330
11,345,001
19,416,056
Diversified
Metals
&
Mining
8.0%
a,d
Aclara
Resources,
Inc.
.................................
United
Kingdom
444,972
1,189,511
a
Adyton
Resources
Corp.
................................
Canada
12,280,000
3,517,203
a,b,c
Americas
Gold
&
Silver
Corp.
,
144A
.......................
Canada
1,938,652
13,068,270
a
Andean
Silver
Ltd.
.....................................
Australia
4,732,891
6,717,514
a
Antipa
Minerals
Ltd.
...................................
Australia
13,000,000
6,688,011
a
Arizona
Metals
Corp.
...................................
Canada
150,000
73,807
a,c
Arizona
Metals
Corp.
,
144A
..............................
Canada
2,294,000
1,128,763
a
AuMega
Metals
Ltd.
,
(
AUD
Traded)
........................
Australia
10,813,044
293,657
a
AuMega
Metals
Ltd.
,
(
CAD
Traded)
........................
Australia
20,000,000
587,522
a
Awale
Resources
Ltd.
..................................
Canada
3,500,000
1,927,808
a
Azimut
Exploration,
Inc.
.................................
Canada
1,691,000
1,130,107
a
Blue
Moon
Metals,
Inc.
.................................
Canada
200,000
882,753
a,c
Blue
Moon
Metals,
Inc.
,
144A
............................
Canada
2,349,453
10,369,928
a,e
Boab
Metals
Ltd.
......................................
Australia
26,613,000
10,001,840
a
Bravo
Mining
Corp.
....................................
Canada
2,630,000
8,459,883
a,c
Bravo
Mining
Corp.
,
144A
...............................
Canada
744,579
2,395,077
a
Cerro
de
Pasco
Resources,
Inc.
,
(
CAD
Traded)
...............
Canada
4,917,529
2,528,014
a
Cerro
de
Pasco
Resources,
Inc.
,
(
USD
Traded)
...............
Canada
7,400,000
3,836,900
a
Chalice
Mining
Ltd.
....................................
Australia
2,222,810
3,341,304
a
Challenger
Gold
Ltd.
...................................
Australia
48,359,635
5,548,951
a
Collective
Mining
Ltd.
..................................
Canada
700,000
11,515,441
a
Contango
ORE,
Inc.
...................................
United
States
488,301
13,843,333
a
Great
Pacific
Gold
Corp.
................................
Canada
6,898,700
2,254,560
a,b,c
Investmin
Resources,
Inc.
,
144A
..........................
Canada
6,398,306
4,698,936
a
Ivanhoe
Electric,
Inc.
...................................
United
States
369,603
6,316,515
a
Kairos
Minerals
Ltd.
...................................
Australia
145,500,000
3,435,012
a
Magna
Mining,
Inc.
....................................
Canada
6,003,646
15,387,746
a
Max
Resource
Corp.
...................................
Canada
1,500,000
484,706
a
Meridian
Mining
plc
....................................
Brazil
11,660,500
13,915,700
a
Minera
Alamos,
Inc.
...................................
Canada
742,708
3,092,685
a,c
Minera
Alamos,
Inc.
,
144A
...............................
Canada
2,892,920
12,046,309
a
Minerals
260
Ltd.
.....................................
Australia
91,500,000
26,166,380
a
Nevada
King
Gold
Corp.
................................
Canada
14,000,000
2,056,329
a
Nevgold
Corp.
........................................
Canada
1,770,000
1,325,891
a,c
NorthIsle
Copper
&
Gold,
Inc.
,
144A
.......................
Canada
9,110,000
17,662,689
a,b,f
Phoenix
Industrial
Minerals
Pty.
Ltd.
.......................
Australia
45,900,000
54,336
a
Sable
Resources
Ltd.
..................................
Canada
12,000,000
705,027
a,b,c
US
Gold
Corp.
,
144A
...................................
United
States
180,000
958,827
a,b,f
US
Gold
Corp.
,
144A
...................................
United
States
360,000
6,024,597
a
Vior
Gold
Corp.,
Inc.
...................................
Canada
17,700,000
1,754,856
a
Vizsla
Silver
Corp.
,
(
CAD
Traded)
.........................
Canada
2,137,000
10,813,300
a,c
Vizsla
Silver
Corp.
,
(
CAD
Traded)
,
144A
....................
Canada
5,249,000
26,560,137
a
Vizsla
Silver
Corp.
,
(
USD
Traded)
.........................
Canada
1,054,100
5,354,828
a
Western
Copper
&
Gold
Corp.
............................
Canada
3,160,000
10,071,898
280,186,861
Environmental
&
Facilities
Services
0.0%
†
a
Clean
TeQ
Water
Ltd.
..................................
Australia
679,999
182,304
a
Gold
79.5%
Agnico
Eagle
Mines
Ltd.
,
(
CAD
Traded)
.....................
Canada
28,359
5,390,845
Agnico
Eagle
Mines
Ltd.
,
(
USD
Traded)
.....................
Canada
431,000
82,105,500
Alamos
Gold,
Inc.
,
(
CAD
Traded)
,
A
........................
Canada
820,316
30,399,255
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
Alamos
Gold,
Inc.
,
(
USD
Traded)
,
A
........................
Canada
1,004,500
$
37,066,050
a
Alicanto
Minerals
Ltd.
..................................
Australia
16,169,523
2,026,737
a
Allied
Gold
Corp.
......................................
Canada
890,869
28,113,422
a
Amaroq
Ltd.
.........................................
Canada
2,800,000
5,134,049
Anglogold
Ashanti
plc
..................................
Australia
1,055,903
98,061,712
a
Artemis
Gold,
Inc.
.....................................
Canada
986,800
28,611,511
a
Asante
Gold
Corp.
....................................
Canada
9,105,500
12,571,762
a,b,c
Asante
Gold
Corp.
,
144A
................................
Canada
4,869,845
6,193,328
a,e
Asara
Resources
Ltd.
..................................
Australia
82,560,000
6,036,519
a,e
Ascot
Resources
Ltd.
..................................
Canada
4,686,564
5,851,106
a,d,e
Ascot
Resources
Ltd.
..................................
Canada
248,000
309,625
a,b,c,e
Ascot
Resources
Ltd.
,
144A
.............................
Canada
11,234,813
11,350,251
a,b,e,f
Ascot
Resources
Ltd.
,
144A
.............................
Canada
7,207,386
7,083,522
a
Astral
Resources
NL
...................................
Australia
35,760,000
5,935,933
a
Atex
Resources,
Inc.
...................................
Canada
8,660,800
24,806,022
a,b,f
Atex
Resources,
Inc.
,
144A
..............................
Canada
1,353,242
3,661,434
a
Aurum
Resources
Ltd.
.................................
Australia
9,000,000
3,940,546
a
Ausgold
Ltd.
.........................................
Australia
16,166,666
12,402,485
B2Gold
Corp.
........................................
Canada
5,618,694
27,357,942
a
Ballard
Mining
Ltd.
....................................
Australia
7,854,775
4,922,705
a,e
Banyan
Gold
Corp.
....................................
Canada
21,017,629
16,978,953
Barrick
Mining
Corp.
...................................
Canada
3,867,383
177,087,468
a
Barton
Gold
Holdings
Ltd.
...............................
Australia
5,850,000
4,754,541
a
Bellevue
Gold
Ltd.
.....................................
Australia
18,844,000
22,097,817
a
Belo
Sun
Mining
Corp.
.................................
Canada
3,500,000
1,542,247
a,c
Belo
Sun
Mining
Corp.
,
144A
.............................
Canada
3,800,000
1,674,439
a
Black
Cat
Syndicate
Ltd.
................................
Australia
30,426,504
28,259,669
a
Brightstar
Resources
Ltd.
...............................
Australia
16,922,000
7,423,690
a
Calibre
Mining
Corp.
...................................
Canada
2,883,535
41,252,342
a
Catalyst
Metals
Ltd.
...................................
Australia
7,188,915
40,771,711
a
Dakota
Gold
Corp.
....................................
United
States
1,916,300
11,478,637
a
Eldorado
Gold
Corp.
...................................
Turkiye
694,724
29,806,320
a
Emerald
Resources
NL
.................................
Australia
6,925,000
32,557,631
Endeavour
Mining
plc
..................................
Ivory
Coast
1,148,114
62,681,889
a
Equinox
Gold
Corp.
,
(
CAD
Traded)
........................
Canada
4,138,236
59,202,312
a
Equinox
Gold
Corp.
,
(
USD
Traded)
........................
Canada
4,360,000
62,348,000
a,e
Falcon
Metals
Ltd.
.....................................
Australia
12,145,414
7,080,370
a
Felix
Gold
Ltd.
.......................................
Australia
22,836,000
4,906,465
a,b,f
Firefinch
Ltd.
.........................................
Australia
18,028,500
551,378
a
FireFly
Metals
Ltd.
....................................
Australia
9,137,185
12,532,090
a
Founders
Metals,
Inc.
..................................
Canada
2,910,000
9,018,617
a
G
Mining
Ventures
Corp.
................................
Canada
5,127,312
162,557,235
a
Galiano
Gold,
Inc.
.....................................
Canada
7,707,219
20,263,536
a
Genesis
Minerals
Ltd.
..................................
Australia
7,146,549
35,289,607
a
Geopacific
Resources
Ltd.
..............................
Australia
138,886,772
4,913,259
Gold
Fields
Ltd.
.......................................
South
Africa
439,800
21,750,164
a
Gold
X2
Mining,
Inc.
...................................
Canada
16,243,960
14,076,945
a
Golden
Horse
Minerals
Ltd.
,
CDI
..........................
Australia
6,598,220
3,216,269
a
Gorilla
Gold
Mines
Ltd.
.................................
Australia
14,420,000
4,655,241
a
Greatland
Resources
Ltd.
...............................
Australia
8,483,750
73,135,058
a
Greenheart
Gold,
Inc.
..................................
Canada
3,775,000
2,217,898
a
Greenheart
Gold,
Inc.
..................................
Canada
137,500
80,784
a,e
Heliostar
Metals
Ltd.
...................................
Canada
16,088,333
33,791,821
a
Hemlo
Mining
Corp.
...................................
Canada
8,442,210
38,005,910
Hochschild
Mining
plc
..................................
Peru
2,588,520
23,360,236
a
Hycroft
Mining
Holding
Corp.
,
A
...........................
United
States
729,280
27,238,608
a
Integra
Resources
Corp.
,
(
CAD
Traded)
....................
Canada
7,093,320
26,098,875
a
Integra
Resources
Corp.
,
(
USD
Traded)
....................
Canada
740,000
2,738,000
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
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
International
Tower
Hill
Mines
Ltd.
.........................
Canada
2,854,296
$
7,449,713
a
K92
Mining,
Inc.
......................................
Canada
2,011,571
37,759,890
a
Kingsgate
Consolidated
Ltd.
.............................
Australia
2,800,000
12,217,677
a,e
Liberty
Gold
Corp.
.....................................
Canada
16,329,800
12,352,436
a,c,e
Liberty
Gold
Corp.
,
144A
................................
Canada
11,389,100
8,615,116
a,c,e
Maple
Gold
Mines
Ltd.
,
144A
.............................
Canada
3,849,386
6,926,153
a
Medallion
Metals
Ltd.
..................................
Australia
32,720,000
10,552,172
a
Meeka
Metals
Ltd.
.....................................
Australia
107,559,186
16,801,927
a,b,e,f
Monarch
Mining
Corp.
..................................
Canada
15,500,000
—
a
Montage
Gold
Corp.
...................................
Canada
4,270,000
38,383,432
a
New
Gold,
Inc.
.......................................
Canada
2,420,000
24,272,600
a
New
Murchison
Gold
Ltd.
...............................
Australia
281,502,000
13,329,626
a,e
Newcore
Gold
Ltd.
....................................
Canada
14,120,000
8,088,422
Newmont
Corp.
.......................................
United
States
702,614
78,938,683
Newmont
Corp.
,
CDI
...................................
United
States
886,265
100,072,815
Northern
Star
Resources
Ltd.
............................
Australia
1,525,782
28,048,907
OceanaGold
Corp.
....................................
Australia
726,496
23,539,826
a
Omai
Gold
Mines
Corp.
.................................
Canada
21,750,000
26,994,822
a,b,f
Omai
Gold
Mines
Corp.
,
144A
............................
Canada
2,474,678
2,970,480
a,e
Onyx
Gold
Corp.
......................................
Canada
1,400,750
1,707,667
a,e
Onyx
Gold
Corp.
......................................
Canada
3,973,201
4,843,766
a
Ora
Banda
Mining
Ltd.
.................................
Australia
32,257,692
27,038,077
Orla
Mining
Ltd.
......................................
Canada
2,331,364
35,167,787
a,c
Orla
Mining
Ltd.
,
144A
..................................
Canada
2,590,000
39,069,217
a
Osisko
Development
Corp.
,
(
CAD
Traded)
...................
Canada
985,000
3,320,347
a,c
Osisko
Development
Corp.
,
(
CAD
Traded)
,
144A
..............
Canada
804,049
2,710,377
a
Osisko
Development
Corp.
,
(
USD
Traded)
...................
Canada
4,717,334
15,803,069
Pan
American
Silver
Corp.
..............................
Canada
130,021
7,084,242
a
Pantoro
Gold
Ltd.
.....................................
Australia
9,855,330
32,695,342
Perseus
Mining
Ltd.
...................................
Australia
19,266,211
74,203,705
a
Predictive
Discovery
Ltd.
................................
Australia
37,857,421
20,917,261
a,b,e,f
Q-Gold
Resources
Ltd.
,
144A
............................
Canada
8,725,887
1,382,005
a
Radisson
Mining
Resources,
Inc.
,
A
........................
Canada
9,935,398
5,107,611
Ramelius
Resources
Ltd.
...............................
Australia
8,665,795
26,689,038
a
Resolute
Mining
Ltd.
...................................
Australia
17,382,892
15,571,979
a
Rio2
Ltd.
............................................
Canada
1,690,884
4,296,595
a
Rio2
Ltd.
............................................
Canada
4,730,000
11,289,612
a
Robex
Resources,
Inc.
.................................
Canada
7,550,000
32,547,644
a
Robex
Resources,
Inc.
,
CDI
.............................
Canada
1,275,000
5,657,871
a
Rox
Resources
Ltd.
...................................
Australia
32,305,203
12,099,995
a
RTG
Mining,
Inc.
......................................
Australia
4,167,708
107,127
a
RTG
Mining,
Inc.
,
CDI
..................................
Australia
82,487,582
1,952,968
a
Rua
Gold,
Inc.
........................................
Canada
4,466,490
3,936,245
a
Rupert
Resources
Ltd.
.................................
Canada
1,000,000
4,869,093
a
Santana
Minerals
Ltd.
..................................
Australia
11,820,000
8,697,457
a,e
Saturn
Metals
Ltd.
.....................................
Australia
29,776,957
10,016,427
a
Sitka
Gold
Corp.
......................................
Canada
13,011,843
8,409,225
a,b,f
Sitka
Gold
Corp.
,
144A
.................................
Canada
2,104,027
1,329,841
a
Skeena
Resources
Ltd.
.................................
Canada
1,541,863
43,991,758
a
Snowline
Gold
Corp.
...................................
Canada
1,545,450
19,340,115
a
Southern
Cross
Gold
Consolidated
Ltd.
.....................
Canada
2,206,090
15,634,538
a
Southern
Cross
Gold
Consolidated
Ltd.
,
CDI
.................
Canada
2,132,272
15,282,814
a
St.
Augustine
Gold
and
Copper
Ltd.
,
(
CAD
Traded)
............
United
States
337,336
94,141
a,c
St.
Augustine
Gold
and
Copper
Ltd.
,
(
CAD
Traded)
,
144A
.......
United
States
16,383,333
4,572,149
a,c
St.
Augustine
Gold
and
Copper
Ltd.
,
(
USD
Traded)
,
144A
.......
United
States
10,000,000
2,790,732
a
St.
Barbara
Ltd.
.......................................
Australia
10,708,021
5,247,269
a
STLLR
Gold,
Inc.
.....................................
Canada
325,000
365,182
a,c
STLLR
Gold,
Inc.
,
144A
.................................
Canada
4,370,010
4,910,304
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
a,e
Talisker
Resources
Ltd.
.................................
Canada
9,741,589
$
13,736,166
a
Tectonic
Metals,
Inc.
...................................
Canada
3,700,000
8,559,468
a
Tolu
Minerals
Ltd.
.....................................
Australia
9,518,700
9,445,394
Torex
Gold
Resources,
Inc.
..............................
Canada
1,259,000
60,599,170
c
Torex
Gold
Resources,
Inc.
,
144A
.........................
Canada
323,400
15,566,141
a
Torque
Metals
Ltd.
....................................
Australia
25,213,732
5,116,239
a
Toubani
Resources
Ltd.
,
CDI
.............................
Australia
17,865,000
6,406,751
a
Troilus
Mining
Corp.
...................................
Canada
26,352,561
35,029,659
a
Turaco
Gold
Ltd.
......................................
Australia
10,276,530
5,010,601
a
Vault
Minerals
Ltd.
....................................
Australia
5,966,754
22,833,410
a,b
Walhalla
Gold
Corp.
...................................
Australia
6,898,700
—
a
West
African
Resources
Ltd.
.............................
Australia
3,189,984
7,729,018
Westgold
Resources
Ltd.
...............................
Australia
4,600,000
21,949,813
a
WIA
Gold
Ltd.
........................................
Australia
26,908,929
8,244,734
a,b,e,f
Wiluna
Mining
Corp.
Ltd.
................................
Australia
19,510,000
8,321,295
2,793,341,441
Investment
Banking
&
Brokerage
0.2%
a
Tiernan
Gold
Corp.
....................................
Canada
1,286,127
7,556,285
a
Precious
Metals
&
Minerals
4.6%
a
Aurion
Resources
Ltd.
..................................
Canada
7,475,000
7,960,012
a,c
Helius
Minerals
Ltd.
,
144A
...............................
Canada
2,152,709
4,742,869
Impala
Platinum
Holdings
Ltd.
............................
South
Africa
1,080,000
20,130,389
Impala
Platinum
Holdings
Ltd.
,
ADR
.......................
South
Africa
864,100
15,821,671
Northam
Platinum
Holdings
Ltd.
..........................
South
Africa
564,019
13,438,014
a
Platinum
Group
Metals
Ltd.
,
(
CAD
Traded)
..................
South
Africa
1,225,458
3,257,928
a
Platinum
Group
Metals
Ltd.
,
(
USD
Traded)
..................
South
Africa
2,104,871
5,620,006
a,b,f
Scottie
Resources
Corp.
,
144A
...........................
Canada
3,757,033
4,924,021
a,d,e
Sierra
Madre
Gold
and
Silver
Ltd.
.........................
Canada
6,350,000
10,959,130
a,b,e,f
Sierra
Madre
Gold
and
Silver
Ltd.
,
144A
....................
Canada
5,196,023
7,184,509
a,b
SUA
Holdings
Ltd.
.....................................
Canada
13,426,000
503,388
a,e
TDG
Gold
Corp.
......................................
Canada
7,557,000
4,328,910
a,c,e
TDG
Gold
Corp.
,
144A
.................................
Canada
8,500,200
4,869,207
a,e
Thesis
Gold,
Inc.
......................................
Canada
16,614,053
34,285,968
Valterra
Platinum
Ltd.
..................................
South
Africa
218,314
19,615,110
a
Vizsla
Royalties
Corp.
..................................
Canada
1,487,266
4,456,391
a,c
Vizsla
Royalties
Corp.
,
144A
.............................
Canada
308,334
923,881
163,021,404
Silver
3.3%
a
Aya
Gold
&
Silver,
Inc.
..................................
Morocco
670,000
10,874,307
a
Discovery
Silver
Corp.
..................................
Canada
5,886,700
41,416,360
a
GoGold
Resources,
Inc.
................................
Canada
10,813,217
25,332,620
a
Silver
Mines
Ltd.
......................................
Australia
69,200,000
11,493,116
a
Silver
Mountain
Resources,
Inc.
..........................
Canada
1,558,133
4,680,178
a,e
Silver
Tiger
Metals,
Inc.
.................................
Canada
880,000
659,200
a,c,e
Silver
Tiger
Metals,
Inc.
,
144A
............................
Canada
29,968,073
22,448,819
116,904,600
Total
Common
Stocks
(Cost
$
1,332,865,884
)
....................................
3,380,608,951
Rights
a
a
Rights
0.0%
†
Gold
0.0%
†
a
Pan
American
Silver
Corp.,
CVR
,
2/22/29
...................
Canada
1,850,600
1,054,842
Total
Rights
(Cost
$
856,772
)
..................................................
1,054,842
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
1.0%
Copper
0.1%
a,b,f
Fuerte
Metals
Corp.
,
144A,
10/17/30
.......................
Canada
576,080
$
1,730,377
Diversified
Metals
&
Mining
0.2%
a,b,f
Adyton
Resources
Corp.
,
144A,
8/13/27
....................
Canada
5,140,000
337,915
a,b,f
Awale
Resources
Ltd.
,
144A,
5/08/26
......................
Canada
1,750,000
121,263
a,b,f
Cerro
de
Pasco
Resources
Sucursal
del
Peru
,
144A,
11/14/26
....
Canada
3,700,000
713,841
a,b,f
Cerro
de
Pasco
Resources,
Inc.
,
144A,
11/06/27
..............
Canada
2,458,764
454,786
a,b,f
Contango
ORE,
Inc.
,
6/11/27
.............................
United
States
25,000
210,372
a,b,f
Great
Pacific
Gold
Corp.
,
144A,
7/03/28
....................
Canada
3,449,350
290,638
a,b
Ivanhoe
Electric,
Inc.
,
2/15/26
............................
United
States
214,300
2,162,287
a,b,f
Minera
Alamos,
Inc.
,
144A,
9/17/28
........................
Canada
28,929,200
3,132,062
a,b,f
Vior
Gold
Corp.,
Inc.
,
144A,
2/27/27
.......................
Canada
17,700,000
169,077
7,592,241
Gold
0.5%
a,b,e,f
Ascot
Resources
Ltd.
,
144A,
7/25/26
.......................
Canada
3,300,000
1,369
b,e,f
Ascot
Resources
Ltd.
,
144A,
12/30/26
......................
Canada
3,603,693
2,257,503
a,b,c,e
Ascot
Resources
Ltd.
,
144A,
12/31/26
......................
Canada
5,617,406
3,518,976
a,b,e,f
Ascot
Resources
Ltd.
,
144A,
3/13/27
.......................
Canada
61,744,100
407,289
a,b,f
Atex
Resources,
Inc.
,
144A,
11/06/29
......................
Canada
1,353,242
1,522,162
a
Integra
Resources
Corp.
,
3/13/27
.........................
Canada
500,000
1,788,272
a,b,e,f
Liberty
Gold
Corp.
,
144A,
5/17/26
.........................
Canada
1,950,000
830,610
a,b,e,f
Liberty
Gold
Corp.
,
144A,
4/22/27
.........................
Canada
2,444,550
1,041,265
a,b,e,f
Monarch
Mining
Corp.
,
144A,
4/06/27
......................
Canada
6,000,000
—
a,b,e,f
Newcore
Gold
Ltd.
,
144A,
2/27/26
.........................
Canada
1,400,000
287,886
a
Osisko
Development
Corp.
,
(
CAD
Traded),
3/27/27
............
Canada
608,333
64,780
a,b,f
Osisko
Development
Corp.
,
(
USD
Traded),
144A,
8/15/27
.......
Canada
800,000
887,195
a,c
Osisko
Development
Corp.
,
(
USD
Traded),
144A,
10/01/29
......
Canada
985,000
1,359,300
a,b,e,f
Q-Gold
Resources
Ltd.
,
144A,
9/30/27
.....................
Canada
4,362,943
218,844
a,b,f
STLLR
Gold,
Inc.
,
144A,
2/06/27
..........................
Canada
537,600
83,628
a,e
Talisker
Resources
Ltd.
,
5/05/28
..........................
Canada
300,000
273,198
a,b,f
Troilus
Mining
Corp.
,
10/18/26
............................
Canada
1,800,000
1,797,819
16,340,096
Investment
Banking
&
Brokerage
0.0%
†
a,b,c
Tiernan
Gold
Corp.
,
144A,
10/31/27
.......................
Canada
643,063
644,528
Precious
Metals
&
Minerals
0.1%
a,b,e,f
Sierra
Madre
Gold
and
Silver
Ltd.
,
144A,
7/24/26
.............
Canada
3,425,000
3,873,609
a,b,e,f
TDG
Gold
Corp.
,
144A,
7/07/26
...........................
Canada
310,000
81,959
3,955,568
Silver
0.1%
a,b,f
GoGold
Resources,
Inc.
,
144A,
11/27/28
....................
Canada
1,195,379
946,979
a,b,f
Silver
Mines
Ltd.
,
144A,
6/17/26
..........................
Australia
11,766,666
1,068,461
a,b,f
Silver
Mountain
Resources,
Inc.
,
144A,
2/27/26
...............
Canada
1,500,000
14
a,b,f
Silver
Mountain
Resources,
Inc.
,
A
,
5/18/26
..................
Canada
332,400
205,057
a,b,f
Silver
Mountain
Resources,
Inc.
,
B
,
11/18/27
.................
Canada
332,400
361,353
a,c
Silver
Mountain
Resources,
Inc.
,
144A,
4/24/28
...............
Canada
3,100,000
500,863
3,082,727
Total
Warrants
(Cost
$
2,143
)
..................................................
33,345,537
Total
Long
Term
Investments
(Cost
$
1,333,724,799
)
.............................
3,415,009,330
a
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
Short
Term
Investments
4.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
4.0%
g,h
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
United
States
141,144,430
$
141,144,430
Total
Money
Market
Funds
(Cost
$
141,144,430
)
.................................
141,144,430
i
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Money
Market
Funds
0.2%
g,h
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
United
States
6,858,000
6,858,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
6,858,000
)
.................................................................
6,858,000
Total
Short
Term
Investments
(Cost
$
148,002,430
)
...............................
148,002,430
a
Total
Investments
(Cost
$
1,481,727,229
)
101.4
%
................................
$3,563,011,760
Other
Assets,
less
Liabilities
(
1.4
)
%
...........................................
(50,427,117)
Net
Assets
100.0%
...........................................................
$3,512,584,643
See
Abbreviations
on
page
28
.
†
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
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
January
31,
2026,
the
aggregate
value
of
these
securities
was
$233,524,639,
representing
6.6%
of
net
assets.
d
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2026.
See
Note
1(c).
e
See
Note
8
regarding
holdings
of
5%
voting
securities.
f
See
Note
7
regarding
restricted
securities.
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.
i
See
Note
1(c)
regarding
securities
on
loan.
Franklin
Gold
and
Precious
Metals
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
January
31,
2026
(unaudited)
franklintempleton.com
Semiannual
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
...................................................................
$1,170,814,819
Cost
-
Non-controlled
affiliates
(Note
3
f
and
8
)
....................................................
310,912,410
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$
5,728,083
)
..................................
$3,143,007,619
Value
-
Non-controlled
affiliates
(Note
3
f
and
8
)
...................................................
420,004,141
Cash
....................................................................................
8
Receivables:
Capital
shares
sold
........................................................................
25,984,689
Dividends
...............................................................................
401,337
Total
assets
..........................................................................
3,589,397,794
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
40,198,381
Capital
shares
redeemed
...................................................................
27,552,357
Management
fees
.........................................................................
1,279,697
Distribution
fees
..........................................................................
574,226
Transfer
agent
fees
........................................................................
223,832
Trustees'
fees
and
expenses
.................................................................
203
Payable
upon
return
of
securities
loaned
(Note
1
c
)
..................................................
6,858,000
Accrued
expenses
and
other
liabilities
...........................................................
126,455
Total
liabilities
.........................................................................
76,813,151
Net
assets,
at
value
.................................................................
$3,512,584,643
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$2,416,135,354
Total
distributable
earnings
(losses)
.............................................................
1,096,449,289
Net
assets,
at
value
.................................................................
$3,512,584,643
Franklin
Gold
and
Precious
Metals
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
January
31,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
Franklin
Gold
and
Precious
Metals
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$2,275,975,417
Shares
outstanding
........................................................................
44,584,392
Net
asset
value
per
share
a
,b
..................................................................
$51.05
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94
.50
%
)
b
................................
$54.02
Class
C:
Net
assets,
at
value
.......................................................................
$128,932,196
Shares
outstanding
........................................................................
2,991,967
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$43.09
Class
R6:
Net
assets,
at
value
.......................................................................
$275,510,835
Shares
outstanding
........................................................................
4,775,985
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$57.69
Advisor
Class:
Net
assets,
at
value
.......................................................................
$832,166,195
Shares
outstanding
........................................................................
14,691,598
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$56.64
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
six
months
ended
January
31,
2026
(unaudited)
franklintempleton.com
Semiannual
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
$370,611)
Unaffiliated
issuers
........................................................................
$6,537,061
Non-controlled
affiliates
(Note
3
f
and
8
)
.........................................................
916,824
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
23,961
Non-controlled
affiliates
(Note
3
f
)
.............................................................
34,997
Total
investment
income
...................................................................
7,512,843
Expenses:
Management
fees
(Note
3
a
)
...................................................................
5,889,941
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
1,995,024
Class
C
................................................................................
483,121
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
643,536
Class
C
................................................................................
39,099
Class
R6
...............................................................................
51,943
Advisor
Class
............................................................................
241,908
Custodian
fees
............................................................................
28,471
Reports
to
shareholders
fees
..................................................................
47,501
Registration
and
filing
fees
....................................................................
123,616
Professional
fees
...........................................................................
63,117
Trustees'
fees
and
expenses
..................................................................
11,833
Other
....................................................................................
23,974
Total
expenses
.........................................................................
9,643,084
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(62,750)
Net
expenses
.........................................................................
9,580,334
Net
investment
income
(loss)
............................................................
(2,067,491)
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
106,450,270
Non-controlled
affiliates
(Note
3
f
and
8
)
.......................................................
6,437,743
Foreign
currency
transactions
................................................................
(101,341)
Net
realized
gain
(loss)
..................................................................
112,786,672
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
1,365,324,233
Non-controlled
affiliates
(Note
3
f
and
8
)
.......................................................
142,798,038
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(10,500)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
1,508,111,771
Net
realized
and
unrealized
gain
(loss)
............................................................
1,620,898,443
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$1,618,830,952
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.
Semiannual
Report
15
Franklin
Gold
and
Precious
Metals
Fund
Six
Months
Ended
January
31,
2026
(unaudited)
Year
Ended
July
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
(loss)
............................................
$(2,067,491)
$(1,599,906)
Net
realized
gain
(loss)
.................................................
112,786,672
154,512,661
Net
change
in
unrealized
appreciation
(depreciation)
...........................
1,508,111,771
373,486,527
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
1,618,830,952
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
.............................................................
466,285,494
(9,395,811)
Class
C
.............................................................
15,541,035
(2,303,281)
Class
R6
............................................................
86,744,182
18,992,522
Advisor
Class
........................................................
128,501,332
29,388,896
Total
capital
share
transactions
............................................
697,072,043
36,682,326
Net
increase
(decrease)
in
net
assets
...................................
2,035,052,592
449,524,729
Net
assets:
Beginning
of
period
.....................................................
1,477,532,051
1,028,007,322
End
of
period
..........................................................
$3,512,584,643
$1,477,532,051
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
(unaudited)
16
franklintempleton.com
Semiannual
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
January
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
(unaudited)
17
franklintempleton.com
Semiannual
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.
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.
c.
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.
d.
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
(unaudited)
18
franklintempleton.com
Semiannual
Report
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
January
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.
e.
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.
f.
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.
g.
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.
2.
Shares
of
Beneficial
Interest
At
January
31,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
January
31,
2026
Year
Ended
July
31,
2025
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
20,464,101
$923,699,423
15,970,512
$382,584,828
Shares
issued
in
reinvestment
of
distributions
..........
3,522,435
167,350,902
3,803,983
66,151,266
Shares
redeemed
...............................
(14,238,932)
(624,764,831)
(19,419,636)
(458,131,905)
Net
increase
(decrease)
..........................
9,747,604
$466,285,494
354,859
$(9,395,811)
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Income
and
Deferred
Taxes
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
(unaudited)
19
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
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:
Six
Months
Ended
January
31,
2026
Year
Ended
July
31,
2025
Shares
Amount
Shares
Amount
Class
C
Shares:
Shares
sold
...................................
607,768
$23,305,682
668,525
$14,031,929
Shares
issued
in
reinvestment
of
distributions
..........
310,253
12,453,546
354,930
5,323,952
Shares
redeemed
a
..............................
(555,091)
(20,218,193)
(1,097,136)
(21,659,162)
Net
increase
(decrease)
..........................
362,930
$15,541,035
(73,681)
$(2,303,281)
Class
R6
Shares:
Shares
sold
...................................
2,694,223
$132,099,033
2,021,699
$54,232,114
Shares
issued
in
reinvestment
of
distributions
..........
369,747
19,844,335
266,525
5,167,923
Shares
redeemed
...............................
(1,341,157)
(65,199,186)
(1,501,745)
(40,407,515)
Net
increase
(decrease)
..........................
1,722,813
$86,744,182
786,479
$18,992,522
Advisor
Class
Shares:
Shares
sold
...................................
4,422,743
$219,939,164
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
...............................
(3,184,647)
(151,689,221)
(5,348,389)
(134,919,584)
Net
increase
(decrease)
..........................
2,381,386
$128,501,332
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
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
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
For
the
period
ended
January
31,
2026,
the
annualized
gross
effective
investment
management
fee
rate
was 0.477%
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
period:
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
period
ended
January
31,
2026,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$382,339
was
retained
by
Investor
Services.
Class
A
....................................................................................
0.25%
Class
C
....................................................................................
1.00%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$217,367
CDSC
retained
..............................................................................
$33,332
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
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
period
ended
January
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.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
July
31,
2025,
the
capital
loss
carryforwards
were
as
follows:
At
January
31,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
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,
3.603%
............
$19,635,328
$376,559,320
$(255,050,218)
$—
$—
$141,144,430
141,144,430
$916,824
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$734,000
$28,160,000
$(22,036,000)
$—
$—
$6,858,000
6,858,000
$34,997
Total
Affiliated
Securities
...
$20,369,328
$404,719,320
$(277,086,218)
$—
$—
$148,002,430
$951,821
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
4,736,354
Long
term
................................................................................
654,926,124
Total
capital
loss
carryforwards
...............................................................
$659,662,478
3.
Transactions
with
Affiliates
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
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.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
January
31,
2026,
aggregated
$571,261,558 and
$232,406,462,
respectively. 
At
January
31,
2026,
in
connection
with
securities
lending
transactions,
the
Fund
loaned
equity
investments
and
received
$6,858,000
of
cash
collateral.
The
gross
amount
of
recognized
liability
for
such
transactions
is
included
in
payable
upon
return
of
securities
loaned
in
the
Statement
of
Assets
and
Liabilities.
The
agreements
can
be
terminated
at
any
time.
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.
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
January
31,
2026,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
Cost
of
investments
..........................................................................
$1,740,998,468
Unrealized
appreciation
........................................................................
$2,169,195,668
Unrealized
depreciation
........................................................................
(347,182,376)
Net
unrealized
appreciation
(depreciation)
..........................................................
$1,822,013,292
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
$
—
$
337,915
7,207,386
b
Ascot
Resources
Ltd.,
144A
.
...................
1/21/26
3,126,509
7,083,522
3,603,693
b
Ascot
Resources
Ltd.,
144A,
12/30/26
............
1/28/26
—
2,257,503
61,744,100
b
Ascot
Resources
Ltd.,
144A,
3/13/27
.............
3/18/25
—
407,289
3,300,000
b
Ascot
Resources
Ltd.,
144A,
7/25/26
.............
7/26/24
—
1,369
1,353,242
c
Atex
Resources,
Inc.,
144A
....................
10/30/25
2,515,230
3,661,434
1,353,242
c
Atex
Resources,
Inc.,
144A,
11/06/29
.............
11/07/25
—
1,522,162
1,750,000
d
Awale
Resources
Ltd.,
144A,
5/08/26
.............
5/10/24
—
121,263
4.
Income
Taxes
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Gold
and
Precious
Metals
Fund
(continued)
3,700,000
e
Cerro
de
Pasco
Resources
Sucursal
del
Peru,
144A,
11/14/26
.................................
11/29/24
$
—
$
713,841
2,458,764
e
Cerro
de
Pasco
Resources,
Inc.,
144A,
11/06/27
....
11/10/25
—
454,786
25,000
f
Contango
ORE,
Inc.,
6/11/27
...................
6/11/24
—
210,372
18,028,500
Firefinch
Ltd.
...............................
6/28/21
-
12/14/21
2,037,844
551,378
576,080
g
Fuerte
Metals
Corp.,
144A,
10/17/30
.............
10/21/25
—
1,730,377
1,195,379
h
GoGold
Resources,
Inc.,
144A,
11/27/28
..........
11/28/25
—
946,979
3,449,350
i
Great
Pacific
Gold
Corp.,
144A,
7/03/28
...........
7/07/25
—
290,638
2,444,550
j
Liberty
Gold
Corp.,
144A,
4/22/27
................
4/23/25
—
1,041,265
1,950,000
j
Liberty
Gold
Corp.,
144A,
5/17/26
................
5/21/24
—
830,610
28,929,200
k
Minera
Alamos,
Inc.,
144A,
9/17/28
..............
10/03/25
—
3,132,062
15,500,000
Monarch
Mining
Corp.
........................
4/04/22
-
1/18/23
3,340,290
—
6,000,000
Monarch
Mining
Corp.,
144A,
4/06/27
.............
4/07/22
—
—
1,400,000
l
Newcore
Gold
Ltd.,
144A,
2/27/26
...............
2/28/25
—
287,886
2,474,678
m
Omai
Gold
Mines
Corp.,
144A
..................
10/16/25
2,025,177
2,970,480
800,000
n
Osisko
Development
Corp.,
144A,
8/15/27
.........
8/18/25
—
887,195
45,900,000
Phoenix
Industrial
Minerals
Pty.
Ltd.
..............
3/09/21
-
12/16/21
—
54,336
8,725,887
Q-Gold
Resources
Ltd.,
144A
...................
9/19/25
949,395
1,382,005
4,362,943
Q-Gold
Resources
Ltd.,
144A,
9/30/27
............
10/24/25
—
218,844
3,757,033
Scottie
Resources
Corp.,
144A
..................
11/25/25
4,129,632
4,924,021
5,196,023
o
Sierra
Madre
Gold
and
Silver
Ltd.,
144A
...........
1/12/26
4,867,118
7,184,509
3,425,000
o
Sierra
Madre
Gold
and
Silver
Ltd.,
144A,
7/24/26
....
7/25/25
—
3,873,609
11,766,666
p
Silver
Mines
Ltd.,
144A,
6/17/26
.................
1/07/25
—
1,068,461
1,500,000
q
Silver
Mountain
Resources,
Inc.,
144A,
2/27/26
.....
2/10/23
—
14
332,400
q
Silver
Mountain
Resources,
Inc.,
A,
5/18/26
........
11/19/25
—
205,057
332,400
q
Silver
Mountain
Resources,
Inc.,
B,
11/18/27
.......
11/19/25
—
361,353
2,104,027
r
Sitka
Gold
Corp.,
144A
........................
10/27/25
1,653,755
1,329,841
537,600
s
STLLR
Gold,
Inc.,
144A,
2/06/27
................
2/09/24
—
83,628
310,000
t
TDG
Gold
Corp.,
144A,
7/07/26
.................
7/10/23
—
81,959
1,800,000
u
Troilus
Mining
Corp.,
10/18/26
..................
10/18/24
—
1,797,819
360,000
v
US
Gold
Corp.,
144A
.........................
12/18/25
5,850,000
6,024,597
17,700,000
w
Vior
Gold
Corp.,
Inc.,
144A,
2/27/27
..............
2/28/25
—
169,077
19,510,000
Wiluna
Mining
Corp.
Ltd.
......................
2/28/20
-
6/10/22
9,867,301
8,321,295
Total
Restricted
Securities
(Value
is
1.9%
of
Net
Assets)
...............
$40,362,251
$66,520,751
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,517,203
as
of
January
31,
2026.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$21,029,957
as
of
January
31,
2026.
c
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$24,806,022
as
of
January
31,
2026.
d
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,927,808
as
of
January
31,
2026.
e
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,364,914
as
of
January
31,
2026.
f
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$13,843,333
as
of
January
31,
2026.
g
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$8,071,055
as
of
January
31,
2026.
h
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$25,332,620
as
of
January
31,
2026.
i
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,254,560
as
of
January
31,
2026.
7.
Restricted
Securities
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
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
period
ended
January
31,
2026,
investments
in
“affiliated
companies”
were
as
follows:
j
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$20,967,552
as
of
January
31,
2026.
k
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$15,138,994
as
of
January
31,
2026.
l
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$8,088,422
as
of
January
31,
2026.
m
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$26,994,822
as
of
January
31,
2026.
n
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$23,257,873
as
of
January
31,
2026.
o
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$10,959,130
as
of
January
31,
2026.
p
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$11,493,116
as
of
January
31,
2026.
q
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$5,181,041
as
of
January
31,
2026.
r
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$8,409,225
as
of
January
31,
2026.
s
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$5,275,486
as
of
January
31,
2026.
t
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$9,198,117
as
of
January
31,
2026.
u
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$35,029,659
as
of
January
31,
2026.
v
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$958,827
as
of
January
31,
2026.
w
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,754,856
as
of
January
31,
2026.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
Non-Controlled
Affiliates
Dividends
Asara
Resources
Ltd.
...
$
—
$
2,738,994
a
$
—
$
—
$
3,297,525
$
6,036,519
82,560,000
$
—
Ascot
Resources
Ltd.
...
6,232,309
587,610
a
(2,755,089)
a
—
1,786,276
5,851,106
4,686,564
—
Ascot
Resources
Ltd.
.
..
—
2,769,321
a
—
—
(2,459,696)
309,625
248,000
—
Ascot
Resources
Ltd.,
144A
............
—
4,928,811
a
—
—
6,421,440
11,350,251
11,234,813
—
Ascot
Resources
Ltd.,
144A
.
...........
—
3,126,509
a
—
—
3,957,013
7,083,522
7,207,386
—
Ascot
Resources
Ltd.,
144A,
7/25/26
......
23,073
—
—
—
(21,704)
1,369
3,300,000
—
Ascot
Resources
Ltd.,
144A,
12/30/26
.....
—
—
—
—
2,257,503
2,257,503
3,603,693
—
Ascot
Resources
Ltd.,
144A,
12/31/26
.....
—
—
—
—
3,518,976
3,518,976
5,617,406
—
Ascot
Resources
Ltd.,
144A,
3/13/27
......
1,204,625
—
—
—
(797,336)
407,289
61,744,100
—
Aurion
Resources
Ltd.
..
4,261,872
—
—
—
—
b
—
b
—
b
—
Banyan
Gold
Corp.
....
5,484,772
—
(1,225,108)
866,532
11,852,757
16,978,953
21,017,629
—
Boab
Metals
Ltd.
......
—
7,100,186
a
—
—
2,901,654
10,001,840
26,613,000
—
Falcon
Metals
Ltd.
.....
2,697,018
1,331,615
a
(43,210)
(4,593)
3,099,540
7,080,370
12,145,414
—
Heliostar
Metals
Ltd.
....
14,523,383
497,836
a
(5,685,328)
4,884,500
19,571,430
33,791,821
16,088,333
—
7.
Restricted
Securities
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Heliostar
Metals
Ltd.,
144A,
12/08/25
.....
$
881,778
$
—
$
—
$
—
$
(881,778)
$
—
c
—
$
—
Liberty
Gold
Corp.
.....
4,007,024
—
—
—
8,345,412
12,352,436
16,329,800
—
Liberty
Gold
Corp.,
144A
.
2,794,669
—
—
—
5,820,447
8,615,116
11,389,100
—
Liberty
Gold
Corp.,
144A,
5/17/26
...........
25,034
—
—
—
805,576
830,610
1,950,000
—
Liberty
Gold
Corp.,
144A,
4/22/27
...........
66,369
—
—
—
974,896
1,041,265
2,444,550
—
Maple
Gold
Mines
Ltd.,
144A
............
—
3,287,147
—
—
3,639,006
6,926,153
3,849,386
—
Monarch
Mining
Corp.
..
—
—
—
—
—
—
15,500,000
—
Monarch
Mining
Corp.,
144A,
4/06/27
......
—
—
—
—
—
—
6,000,000
—
Newcore
Gold
Ltd.
.....
6,138,135
—
(540,572)
27,351
2,463,508
8,088,422
14,120,000
—
Newcore
Gold
Ltd.,
144A,
2/27/26
...........
116,241
—
—
—
171,645
287,886
1,400,000
—
Onyx
Gold
Corp.
......
1,759,025
—
—
—
(51,358)
1,707,667
1,400,750
—
Onyx
Gold
Corp.
.
.....
2,448,759
2,177,514
—
—
217,493
4,843,766
3,973,201
—
Q-Gold
Resources
Ltd.,
144A
............
—
949,394
a
—
—
432,611
1,382,005
8,725,887
—
Q-Gold
Resources
Ltd.,
144A,
9/30/27
......
—
—
—
—
218,844
218,844
4,362,943
—
RTG
Mining,
Inc.
......
75,197
—
—
—
—
b
—
b
—
b
—
RTG
Mining,
Inc.,
CDI
...
1,378,277
—
—
—
—
b
—
b
—
b
—
Saturn
Metals
Ltd.
.....
7,181,760
1,509,260
a
(136,604)
(130,414)
1,592,425
10,016,427
29,776,957
—
Sierra
Madre
Gold
and
Silver
Ltd.
.........
3,460,595
—
(523,406)
266,137
7,755,804
10,959,130
6,350,000
—
Sierra
Madre
Gold
and
Silver
Ltd.,
144A
.....
—
4,867,118
—
—
2,317,391
7,184,509
5,196,023
—
Sierra
Madre
Gold
and
Silver
Ltd.,
144A,
7/24/26
...........
327,681
—
—
—
3,545,928
3,873,609
3,425,000
—
Silver
Tiger
Metals,
Inc.
..
992,945
—
(835,287)
528,230
(26,688)
659,200
880,000
—
Silver
Tiger
Metals,
Inc.,
144A
............
9,728,403
2,824,267
—
—
9,896,149
22,448,819
29,968,073
—
Talisker
Resources
Ltd.
..
2,164,261
4,132,841
—
—
7,439,064
13,736,166
9,741,589
—
Talisker
Resources
Ltd.,
5/05/28
...........
35,183
—
—
—
238,015
273,198
300,000
—
TDG
Gold
Corp.
......
2,138,258
2,073,194
—
—
117,458
4,328,910
7,557,000
—
TDG
Gold
Corp.,
144A
..
2,364,102
1,379,196
a
—
—
1,125,909
4,869,207
8,500,200
—
TDG
Gold
Corp.,
144A,
7/07/26
...........
50,346
—
—
—
31,613
81,959
310,000
—
Thesis
Gold,
Inc.
......
10,479,986
762,100
a
—
—
23,043,882
34,285,968
16,614,053
—
8.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
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
period
ended
January
31,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
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)
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Thesis
Gold,
Inc.,
144A
..
$
646,956
$
—
$
(
762,100)
a
$
—
$
115,144
$
—
c
—
$
—
Wiluna
Mining
Corp.
Ltd.
.
257,031
—
—
—
8,064,264
8,321,295
19,510,000
—
Total
Affiliated
Securities
(Value
at
End
of
Period
is
7.8%
of
Net
Assets)
.
$93,945,067
$47,042,913
$(12,506,704)
$6,437,743
$142,798,038
$272,001,711
$—
a
May
include
accretion,
amortization,
and/or
other
cost
basis
adjustments.
b
As
of
January
31,
2026,
no
longer
an
affiliate.
c
As
of
January
31,
2026,
no
longer
held
by
the
fund.
8.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
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
January
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 
period
.
At
January
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
..............................
$
18,167,003
$
—
$
1,249,053
$
19,416,056
Diversified
Metals
&
Mining
...............
191,087,806
64,294,089
24,804,966
280,186,861
Environmental
&
Facilities
Services
.........
182,304
—
—
182,304
Gold
................................
1,981,432,269
769,065,638
42,843,534
b
2,793,341,441
Investment
Banking
&
Brokerage
..........
7,556,285
—
—
7,556,285
Precious
Metals
&
Minerals
...............
87,613,897
62,795,589
12,611,918
163,021,404
Silver
...............................
105,411,484
11,493,116
—
116,904,600
Rights
................................
1,054,842
—
—
1,054,842
Warrants
:
Copper
..............................
—
—
1,730,377
1,730,377
Diversified
Metals
&
Mining
...............
—
—
7,592,241
7,592,241
Gold
................................
3,485,550
—
12,854,546
b
16,340,096
Investment
Banking
&
Brokerage
..........
—
—
644,528
644,528
Precious
Metals
&
Minerals
...............
—
—
3,955,568
3,955,568
Silver
...............................
500,863
—
2,581,864
3,082,727
Short
Term
Investments
...................
148,002,430
—
—
148,002,430
Total
Investments
in
Securities
...........
$2,544,494,733
$907,648,432
c
$110,868,595
$3,563,011,760
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
c
Includes
foreign
securities
valued
at
$862,692,023,
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.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
c
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
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
..........
$
—
$
891,506
$
—
$
—
$
—
$
—
$
—
$
357,547
$
1,249,053
$
357,547
Diversified
Metals
&
Mining
.........
50,146
18,096,705
d
—
—
—
—
—
6,658,115
24,804,966
6,658,115
Gold
............
11,231,578
d
20,887,117
d
(2,164,424)
—
(7,988,081)
—
(28,448)
20,905,792
42,843,534
d
21,062,157
Precious
Metals
&
Minerals
........
2,424,380
8,996,751
(2,141,296)
—
—
—
—
3,332,083
12,611,918
3,120,480
Warrants
Copper
..........
—
—
d
—
—
—
—
—
1,730,377
1,730,377
1,730,377
Diversified
Metals
&
Mining
.........
1,377,755
—
d
—
—
—
—
—
6,214,486
7,592,241
6,214,486
Gold
............
2,719,330
d
—
d
—
d
—
—
—
—
10,135,216
12,854,546
d
11,408,156
10.
Fair
Value
Measurements
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
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.
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.
Abbreviations
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
c
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a          
a
a
a
a
a
a
a
a
a
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Warrants
(continued)
Investment
Banking
&
Brokerage
.......
$
—
$
—
d
$
—
$
—
$
—
$
—
$
—
$
644,528
$
644,528
$
644,528
Precious
Metals
&
Minerals
........
378,027
—
—
—
—
—
—
3,577,541
3,955,568
3,577,541
Silver
............
90,362
—
d
—
—
—
—
—
2,491,502
2,581,864
2,491,502
Total
Investments
in
Securities
.
$18,271,578
$48,872,079
$(4,305,720)
$—
$(7,988,081)
—
(28,448)
56,047,187
$110,868,595
57,264,889
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
Transferred
out
of
Level
3
as
a
result
of
the
availability
of
a
quoted
price
in
an
active
market
for
identical
securities
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Includes
financial
instruments
determined
to
have
no
value.
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
10.
Fair
Value
Measurements
(continued)
Franklin
Gold
and
Precious
Metals
Fund
29
franklintempleton.com
Semiannual
Report
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
Not
applicable.
4301-SFSOI
03/26
©
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 Registrant’s chief executive officer and chief financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

(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) Not applicable

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: March 27, 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: March 27, 2026  
     
By: /s/ Jeffrey White  
  Jeffrey White  
  Chief Financial Officer, Chief Accounting Officer and Treasurer  
     
Date: March 27, 2026  

 

 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

XBRL SCHEMA FILE

XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

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