Equity

FGADX Franklin Gold and Precious Metals Fund

Inflation hedge. Gold and other precious metals have performed well during recessionary and inflationary times.
Diversification. By adding investments from different sectors to your portfolio, you may take advantage of expanding and contracting economic cycles.
Experienced Portfolio Management Team. Tenured investment team with expertise across market cycles.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks capital appreciation by investing at least 80% of its net assets in the securities of companies around the world that mine, process or deal in gold or other precious metals such as silver, platinum, and palladium. The fund has a secondary goal of current income.

Benchmark: FTSE Gold Mines Index
Additional Benchmark: S&P 500 Index
Fund Inception Date: 05/19/1969
Dividend Frequency, if any: Annually
Portfolio Turnover: 23%

Sales Charges, Expenses & Fees

As of 12/01/2025

Gross Expense Ratio⁴: 0.62%
Net Expense Ratio^4,5: 0.62%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: —

Identifiers

Ticker: FGADX
Fund Number: 632
CUSIP Code: 353535305

Average Annual Total Returns As of 03/31/2026

View performance section for additional info As of 03/31/2026

Advisor Class

With Sales Charge (POP)

Without Sales Charge (NAV)

121.48%1 Year
51.19%3 Years
25.54%5 Years
18.33%10 Years
7.00%Since Inception
05/19/1969

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 04/30/2026 % of Total (Updated Monthly)

Top Sectors
Long Life Gold Mines56.56%
Gold Exploration & Development21.74%
Diversified Metals & Mining9.76%
Precious Metals & Minerals4.48%
Silver2.87%

Additional Fund Info

Share Class Inception Date: 12/31/1996
Investment Style: Sector
Lipper Classification: Precious Metals Equity Funds
Morningstar Category⁶: Equity Precious Metals

Manager and Commentary

About the Team

Franklin Equity

Franklin Equity understands innovation from every angle—our decades of experience investing in complex change fuels a differentiated perspective on how public and private companies accelerate growth and unlock value. Leveraging fundamental depth and quantitative precision, we identify catalysts for transformation that reshape companies and industries. Our expertise, spanning from growth to value, brings together diverse perspectives that help us spot opportunities ahead of the market.

Commentary Highlights

March 31, 2026

Precious Metals Markets: Precious metals saw volatile and uneven first quarter 2026 (1Q26) price movements, with spot gold (+8.1%, to $4,668 per troy ounce) and silver (+4.9%, to $75.17) diverging from platinum (-5.2%, to $1,954 per ounce) and palladium (-8.6%, to $1,480). After reaching a four-year low in January, the US dollar’s trade-weighted value switched to a headwind for precious metals prices as renewed geopolitical tensions revived the greenback’s perceived safe-haven status; it ultimately rose 1.7% in 1Q26, making gold and other metals commodities more expensive for users of other currencies. Strong January and February gains for all four primary precious metals were countered by double-digit-percentage losses in March. Significant investor speculation in late 2025 and early 2026 pushed gold to a record high of $5,417 on January 28 before running into selling pressure and the unwinding of levered activity on the back of US dollar strength and a shift to gold exchange-traded fund (ETF) outflows and liquidity selling. This bout of profit-taking and deleveraging included some of the worst weekly declines since the 1980s. Silver followed gold in 1Q26, but with greater volatility. While supported by industrial demand trends, including energy transition themes, inconsistent investor flows limited silver’s sustained upside. Platinum and palladium fared poorly as they faced muted near-term catalysts, with palladium pressured by structural changes in auto demand.
Contributors: Stock selection in the gold industry and, to a lesser extent, benchmark-topping gains for off-index allocations in the copper and precious metals/minerals industries.
Detractors: An overall decline in the silver industry, underperforming gains in diversified metals and mining, and weak results for several individual gold industry holdings.
Outlook: Assuming steady gold production over 1Q26, our analysis indicates the quarter’s gold industry revenue could increase by roughly 17% versus 4Q25, and by more than 70% from a year ago. At the same time, we estimate gold miners’ operating costs have likely increased by less than 10% over the past year, allowing cash flows and net profits to rise more than revenues. (There is no assurance that any projection, estimate or forecast will be realized.)

For complete information, please see the full commentary:

Franklin Equity

Managed Fund Since 1999

Managed Fund Since 2005

Managed Fund Since 2026

Latest Insights

April 16, 2026

Innovation Insights Quarterly: Q2 2026

April 2, 2026

Power, conflict and complacency: Why energy markets may be structurally underpricing geopolitical risk

March 2, 2026

Five catalysts for international value stocks in 2026 and beyond

February 18, 2026

Quick Thoughts: At the knee of the curve of disruption

Performance

Average Annual Total Returns

^8,9

As of 03/31/2026

Month End

Quarter End

As of

Advisor Class - With Sales Charge (POP) (%)

Month End

As of 03/31/2026

Advisor Class - Without Sales Charge (NAV) (%)

Month End

As of 03/31/2026

FTSE Gold Mines Index (%)

Month End

As of 03/31/2026

S&P 500 Index (%)

Month End

As of 03/31/2026

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 4 out of 5 stars
As of 04/30/2026

3 Years: 3 Years: 5 out of 5 stars
62 Funds in category

5 Years: 5 Years: 4 out of 5 stars
62 Funds in category

10 Years: 10 Years: 4 out of 5 stars
56 Funds in category

Rating Category: Equity Precious Metals

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

The number of funds in the category for the Overall Morningstar Rating are listed in the funds in category for the 3-year rating.

Morningstar Style Box

As of 04/30/2026

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of04/30/2026 (Updated Monthly)

Total Net Assets: $3.45 Billion

Positions

As of 04/30/2026 (Updated Monthly)

Number of Issuers

Fund: 169
Benchmark: 26

Portfolio Statistics

As of 04/30/2026 (Updated Monthly)

Price to Book

Fund: 3.46x
Benchmark: 3.18x

Price to Earnings (12-Month Forward)

Fund: 3.59x
Benchmark: 10.01x

Weighted Average Market Capitalization (USD)

Fund: $18.27 Billion
Benchmark: $60.28 Billion

Price to Cash Flow

Fund: 10.62x
Benchmark: 10.32x

Asset Allocation

As of 04/30/2026 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Equity	99.45%
Cash & Cash Equivalents	0.55%

Holdings
As of 03/31/2026 (Updated Monthly)

Barrick Mining Corp ORD USD NPV

Alamos Gold Inc ORD USD NPV CL A

G Mining Ventures Corp ORD CAD 0.000001 144A

Anglogold Ashanti Plc ORD USD 1

Newmont Corp IDR

Agnico Eagle Mines Ltd ORD USD NPV

NEWMONT CORP COM USD1.6

Equinox Gold Corp ORD USD 1

Perseus Mining Ltd ORD AUD NPV

Endeavour Mining PLC ORD CAD 0.01

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 94-1682682

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Dec 19	5.032962	—	—	—	—	—	0.009962	—	—
	5.032962	—	—	—	—	—	0.009962	—	—

Dec 19

Supplemental Tax Information

Foreign Source Income: 2.40%
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 05/08/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 05/08/2026

Share Prices

As of 05/08/2026

NAV ¹(Net Asset Value): $58.48
NAV Change ¹: $1.80
NAV Change (%) ¹: 3.18%
POP ⁷(Public Offering Price): $58.48

52-Week Range

Highest NAV As of 03/02/2026: $68.90
Lowest NAV As of 05/14/2025: $27.32

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Franklin Gold and Precious Metals Fund	Download Document
Checkbox	Product Commentary - Franklin Gold And Precious Metals Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin Gold And Precious Metals Fund - Advisor Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Gold and Precious Metals Fund	Download Document
Checkbox	Semi-Annual Report - Franklin Gold and Precious Metals Fund - Advisor Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Gold and Precious Metals Fund	Download Document
Checkbox	Prospectus - Franklin Gold & Precious Metals Fund	Download Document
Checkbox	Summary Prospectus - Franklin Gold & Precious Metals Fund	Download Document
Checkbox	Statement of Additional Information - Franklin Gold & Precious Metals Fund	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Gold & Precious Metals Fund	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Gold & Precious Metals Fund	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the fund's performance and result in greater fluctuation in the value of the fund's shares. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

The FTSE Gold Mines Index is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold.
Source: FTSE.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Effective 12/31/96, the fund began offering Advisor Class shares. For periods prior to the fund's Advisor Class inception date, a restated figure is used based on the fund's oldest share class, Class A performance, excluding the effect of Class A's maximum initial sales charge but reflecting the effect of the Class A Rule 12b-1 fees; and for periods after the fund's Advisor Class inception date, actual Advisor Class performance is used, reflecting all charges and fees applicable to that class.
Performance quotations for this class reflect the following methods of calculation: a) For periods prior to the fund's Advisor Class inception date, a restated figure is used based on the fund's oldest share class, Class A performance, excluding the effect of Class A's maximum initial sales charge but reflecting the effect of the Class A Rule 12b-1 fees; and b) for periods after the fund's Advisor Class inception date, actual Advisor Class performance is used, reflecting all charges and fees applicable to that class.
Capitalization Rate is calculated without the deduction of fees and expenses.

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FGADX Franklin Gold and Precious Metals Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Advisor Class

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Asset Allocation

Distributions & Tax

Federal ID Number 94-1682682

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³