This report details the most recent portfolio holdings for Gold & Precious Metal Managed Funds and summarizes changes in portfolio holdings.

A Copy of the Full Report is Available at the Link Below:

https://mailchi.mp/mineralfunds/portfolio-holdings-monthly-update-june-2023

Gold & Precious Metal Managed Funds included in this report:

A portfolio holding ‘attribution analysis‘ is undertaken on the portfolios of gold funds that report asset allocations monthly, and on any fund with assets that exceed $1 Billion USD and that reports during the period.

The attribution analysis includes a list of companies which are new to a portfolio in the period ‘New Company Holdings’, and companies which have been eliminated from a portfolio during the period ‘Companies Divested’.

FUNDS REPORTING MONTHLY

Fidelity Select Gold Fund

Franklin Gold & Precious Metals Fund (USA)                                 Franklin Gold & Precious Metals Fund (Lux)

VanEck International Investors Gold Fund                                       VanEck VIP Global Gold Fund

ATTRIBUTION ANALYSIS FOR FUNDS REPORTING MONTHLY

Fidelity Select Gold Fund

AUM for Fidelity Select Gold Fund increased over the month from $1,810 M USD (Mar.2023) to $1,882 M USD (Apr.2023) (+4.0%).

The Fund reported 3 new positions: Aya Gold & Silver, Inc. (TSX: AYA), Dundee Precious Metals, Inc. (TSX: DPM) and Solaris Resources, Inc. (TSX: SLS). On April 19^th B2Gold Corp. (TSX: BTO) completed the acquisition of Sabina Gold & Silver Corp.

Aya Gold & Silver Corp. is a TSX-listed pure play silver producer with assets in Morocco. The company is expanding the Zgounder Mine to a production capacity of +7M oz. per annum by 2024 and holds an extensive portfolio of exploration assets in country. Morocco has an extensive mining history dating back to Roman times. Aya’s chairman and founder, Benoit La Salle, is a successful mining entrepreneur and formerly founded SEMAFO Inc. which under his watch became a +250,000 oz. West African gold producer.

Dundee Precious Metals, Inc. is a TSX-listed mining development company with operations in Namibia and Bulgaria, and exploration projects in Bulgaria and Serbia. The company has generated free cash flow from production of 68,581 oz. Au and 7.2 M lbs. Cu in the first quarter of 2023 and has demonstrated a commitment to dividend growth and rigorous ESG standards.

Solaris Resources, Inc. is exploring the world class Warintza copper-gold porphyry project in Southeastern Ecuador. In April 2023 the company began reporting on a new copper-gold porphyry discovery found Southwest of the main Warintza deposit. The Warintza Project is shaping up into a cluster of world class copper-gold porphyry deposits.

Franklin Gold & Precious Metals Fund (USA)

AUM for Franklin Gold & Precious Metals Fund (USA) decreased slightly over the month from $1,010 M USD (Apr.2023) to $1,006 M USD (May.2023) (-0.4%).

The Fund reported a new position in Ramelius Resources Limited (ASX: RMS).

Ramelius Resources owns and operates the Mt. Magnet, Edna May, Vivien, Marda, Tampia and Penny gold mines in West Australia and recently acquired the Rebecca Gold Project also located in West Australia. In May, the company completed acquisition of Breaker Resources NL (ASX: BRB).

During the month, the Fund divested from: Breaker Resources NL (ASX: BRB) (Acquired by Ramelius), Eastern Platinum Ltd. (JSE: EPS), Euro Sun Mining, Inc. (TSX: ESM), Gatos Silver, Inc. (TSX: GATO) and Millenial Precious Metals Corp. (TSXV: MPM) (Acquired by Integra Resources Corp.).

Franklin Gold & Precious Metals Fund (Lux)

AUM for Franklin Gold & Precious Metals Fund (Lux) decreased over the month from $445 M USD (Apr.2023) to $410 M USD (May.2023) (-7.9%).

VanEck International Investors Gold Fund

AUM for VanEck International Investors Gold Fund decreased over the month from $791 M USD (Apr.2023) to $738 M USD (May.2023) (-6.7%).

There were no new names or divestitures of portfolio holdings during the month.

VanEck VIP Global Gold Fund

AUM for VanEck VIP Global Gold Fund decreased over the month from $60.5 M USD (Apr.2023) to $56 M USD (May.2023) (-7.4%).

There were no new names or divestitures of portfolio holdings during the month.

FUNDS WITH AUM > $1 BILLION USD

First Eagle Gold Fund

Fund Comparison: January 31^st, 2023 / October 31^st, 2022

BlackRock Gold & General Fund

Fund Comparison: February 28^th, 2023 / August 31^st, 2022

ATTRIBUTION ANALYSIS FOR FUNDS WITH ASSETS > $1B USD

First Eagle Gold Fund

AUM for First Eagle Gold Fund increased over the quarter from $1,782 M USD (Oct.2022) to $2,311 M USD (Jan.2023) (+29.6%).

The Fund reported a new position in Northern Star Resources Ltd. (ASX: NST).

Northern Star Resources Ltd. is a global-scale Australian gold producer with world class projects located in the highly prospective and low sovereign risk regions of Australia and North America.

BlackRock Gold & General Fund

AUM for BlackRock Gold & General Fund increased over the reporting period from £874.7 M GBP (Aug.2022) to £918.0 M GBP (Feb.2023) (+4.9%).

The Fund reported a new position in Pan American Silver Corp. (TSX: PAAS).

The Pan American Silver vision is to provide investors with the best public mining company vehicle to gain exposure to the silver price.

During the reporting period, the Fund divested from: Castile Resources Ltd. (ASX: CST) and Oklo Resources Ltd. (ASX: OKU) (Acquired by B2Gold Corp.).

‘Increasing Shareholding’ and ‘Decreasing Shareholding’ fields identify companies to which a fund is either increasing or, alternatively, decreasing exposure. This portfolio analysis information is available to Substack subscribers only.

A complete list of Gold and Precious Metal Managed Funds and their respective portfolio holdings can be found at: https://mineralfunds.com/gold-funds/