NAME OF REGISTRANT:
FRANKLIN GOLD AND PRECIOUS METALS FUND
File No. 811-01700

EXHIBIT ITEM: Terms of new or amended securities
GOF P10 06/18
SUPPLEMENT DATED JUNE 8, 2018
TO THE CURRENTLY EFFECTIVE PROSPECTUS
OF EACH OF THE FUNDS LISTED BELOW

Franklin Gold and Precious Metals Fund
Notice of Automatic Conversion of Class C Shares to Class A Shares
after 10-Year Holding Period

At Board meetings held on February 26 and 27, 2018, the Board of
Trustees approved an automatic conversion feature for the Fund's
Class C shares (which includes Class C1 shares as applicable) that
will automatically convert shareholders' Class C shares into Class
A shares of the same Fund after they have been held for 10 years.
After conversion, your new shares will be subject to Class A
shares' lower Rule 12b-1 fees.  The conversion feature will
become effective on or about October 5, 2018.  Later that month
Class C shares of the Fund that have been outstanding for 10 years
or more will automatically convert to Class A shares of such Fund
on the basis of the relative net asset values of the two classes.
Thereafter, Class C shares of the Fund will convert automatically
to Class A shares of such Fund on a monthly basis in the month of,
or the month following, the 10-year anniversary of the Class C
shares' purchase date. Class C shares of the Fund acquired through
automatic reinvestment of dividends or distributions will convert
to Class A shares of the Fund on the conversion date pro rata with
the converting Class C shares of the Fund that were not acquired
through reinvestment of dividends or distributions.
Shareholders will not pay a sales charge, including a contingent
deferred sales charge, upon the conversion of their Class C shares
to Class A shares pursuant to this conversion feature. The
automatic conversion of the Fund's Class C shares into Class A
shares after the 10-year holding period is not expected to be a
taxable event for federal income tax purposes. Shareholders should
consult with their tax advisor regarding the state and local tax
consequences of such conversions.
Class C shares held through a financial intermediary in an
omnibus account will be converted into Class A shares only
if the intermediary can document that the shareholder has met the
required holding period. In certain circumstances, when shares are
invested through retirement plans, omnibus accounts, and in certain
other instances, the Fund and its agents may not have transparency
into how long a shareholder has held Class C shares for purposes of
determining whether such Class C shares are eligible for automatic
conversion into Class A shares and the financial intermediary may
not have the ability to track purchases to credit individual
shareholders' holding periods.  This primarily occurs when shares
are invested through certain record keepers for group retirement
plans, where the intermediary cannot track share aging at the
participant level.  In these circumstances, the Fund will not be
able to automatically convert Class C shares into Class A shares
as described above. In order to determine eligibility for
conversion in these circumstances, it is the responsibility of
the shareholder or their financial intermediary to notify the
Fund that the shareholder is eligible for the conversion of
Class C shares to Class A shares, and the shareholder or their
financial intermediary may be required to maintain and provide the
Fund with records that substantiate the holding period of Class C
shares. It is the financial intermediary's (and not the Fund's)
responsibility to keep records and to ensure that the shareholder
is credited with the proper holding period. Please consult with
your financial intermediary about your shares' eligibility for this
conversion feature.
Also effective October 5, 2018, new accounts or plans may not be
eligible to purchase Class C shares of the Fund if it is determined
that the intermediary cannot track shareholder holding periods to
determine whether a shareholder's Class C shares are eligible for
conversion to Class A shares.  Accounts or plans (and their
successor, related and affiliated plans) that have Class C shares
of the Fund available to participants on or before October 5, 2018,
may continue to open accounts for new participants in such share
class and purchase additional shares in existing participant
accounts.  The Fund has no responsibility for overseeing,
monitoring or implementing a financial intermediary's process
for determining whether a shareholder meets the required holding
period for conversion.
A financial intermediary may sponsor and/or control accounts,
programs or platforms that impose a different conversion schedule
or different eligibility requirements for the conversion of Class C
shares into Class A shares. In these cases, Class C shareholders
may convert to Class A shares under the policies of the financial
intermediary and the conversion may be structured as an exchange of
Class C shares for Class A shares of the same Fund. Financial
intermediaries will be responsible for making such exchanges in
those circumstances. Please consult with your financial
intermediary if you have any questions regarding your shares'
conversion from Class C shares to Class A shares.