# EDGAR Filing Document

**Accession Number:** 0000083293
**File Stem:** 0001133228-26-004186
**Filing Date:** 2026-3
**Character Count:** 134926
**Document Hash:** 92e6efa33142141d81359eb2ebda96a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-004186.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001133228-26-004186

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin Gold & Precious Metals Fund
- **CENTRAL INDEX KEY:** 0000083293

**ORGANIZATION NAME:**
- **EIN:** 941682682
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01700
- **FILM NUMBER:** 26806256

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN GOLD & PRECIOUS METALS FUND
- **DATE OF NAME CHANGE:** 20000411

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN GOLD FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RESEARCH CAPITAL FUND INC
- **DATE OF NAME CHANGE:** 19831025

## Series and Classes Contracts Data

### FRANKLIN GOLD & PRECIOUS METALS FUND (Series ID: S000006839)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018486 | Class A       | FKRCX           |
| C000018488 | Class C       | FRGOX           |
| C000018489 | Advisor Class | FGADX           |
| C000128741 | Class R6      | FGPMX           |

?xml version='1.0' encoding='ASCII'? 2026-02-1874200005300_FranklinGoldandPreciousMetalsFund_ClassA_TSRSemiAnnual

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin Gold and Precious Metals Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKRCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $3512584643 |
| **Total Number of Portfolio Holdings** | 285 |
| **Portfolio Turnover Rate** | 9.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts6536img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • 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](img2199_202405220716489.jpg) |
| Class C [FRGOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $3512584643 |
| **Total Number of Portfolio Holdings** | 285 |
| **Portfolio Turnover Rate** | 9.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts6537img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • 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](img2199_202405220716489.jpg) |
| Class R6 [FGPMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $3512584643 |
| **Total Number of Portfolio Holdings** | 285 |
| **Portfolio Turnover Rate** | 9.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts6538img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • 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](img2199_202405220716489.jpg) |
| Advisor Class [FGADX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $3512584643 |
| **Total Number of Portfolio Holdings** | 285 |
| **Portfolio Turnover Rate** | 9.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts6535img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • 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 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Gold

and

Precious

Metals

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

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.

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

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.

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

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

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.

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

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.

a

a

#### Country

#### Warrants
a

#### Value
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

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

#### Short

#### Term

#### Investments

#### 4.2%
a

a

#### Country

#### Shares
a

#### Value
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

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

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

regarding

holdings

of

5%

voting

securities.

f

See

Note

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.

#### Franklin

#### Gold

#### and

#### Precious

#### Metals

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$1,170,814,819

Cost

-

Non-controlled

affiliates

(Note

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

f

and

8)

...................................................

420,004,141

Cash

....................................................................................

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

.................................................................

Payable

upon

return

of

securities

loaned

(Note

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

#### 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

÷

.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.

#### 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

f

and

8)

.........................................................

916,824

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

.....................................................

23,961

Non-controlled

affiliates

(Note

f)

.............................................................

34,997

Total

investment

income

...................................................................

7,512,843

Expenses:

Management

fees

(Note

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

f

and

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

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

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

#### 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)

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

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

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

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

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

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

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

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

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

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)

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)

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)

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)

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

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)

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:

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### 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)

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)

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

—

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)

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)

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)

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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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)

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

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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)

franklintempleton.com

Semiannual

Report

Level

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fgpmf-efp23271_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fgpmf-efp23271_ex99906cert.htm)

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 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Gold and Precious Metals Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: March 27, 2026

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Gold and Precious Metals Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 27, 2026

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Gold and Precious Metals Fund (the "Registrant"), each certify to the best of** their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **January 31, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Gold and Precious Metals Fund | Franklin Gold and Precious Metals Fund |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: March 27, 2026 | Date: March 27, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.