Franklin Gold and Precious Metals Fund Advisor Class (FGADX) NPORT-P Franklin Gold And Precious Metals Fund (Oct 2020 report)

Franklin

Gold

and

Precious

Metals

Fund

Statement

of

Investments

(unaudited),

October

31,

2020

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

1

a

a

Country

Shares

a

Value

a

Common

Stocks

98.7%

Copper

0.4%

a

Imperial

Metals

Corp.

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

Canada

1,950,300

$

4,435,827

a

Diversified

Metals

&

Mining

7.1%

a,b

Adventus

Mining

Corp.,

144A

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

Canada

6,350,000

4,623,555

a,b

Bluestone

Resources,

Inc.,

144A

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

Canada

6,500,000

9,465,546

a

Clean

Air

Metals,

Inc.

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

Canada

3,800,000

869,990

a,b,c

Euro

Sun

Mining,

Inc.,

144A

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

Canada

10,000,000

2,552,169

a,c

Geopacific

Resources

Ltd.

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

Australia

13,001,094

4,956,276

a,b

INV

Metals,

Inc.,

144A

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

Canada

6,565,000

2,020,454

a,b

Ivanhoe

Mines

Ltd.,

144A

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

Canada

5,735,000

22,557,724

a,b

Ivanhoe

Mines

Ltd.,

A,

144A

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

Canada

841,800

3,311,088

a

Mawson

Gold

Ltd.

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

Canada

7,700,000

2,051,869

a,d

Orla

Mining

Ltd.

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

Canada

3,490,713

14,070,807

a,b

Orla

Mining

Ltd.,

144A

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

Canada

2,000,000

8,061,853

b,e,f

Osisko

Development

Corp.,

144A

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

Canada

1,015,000

5,714,232

a,b,c

Talisker

Resources

Ltd.,

144A

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

Canada

4,000,000

1,095,932

b,c,e,f

Talisker

Resources

Ltd.,

144A

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

Canada

11,300,000

2,893,214

a,b,e,f

Vizsla

Resources

Corp.,

144A

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

Canada

3,350,000

3,388,995

87,633,704

Environmental

&

Facilities

Services

0.2%

a

Clean

TeQ

Holdings

Ltd.

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

Australia

13,600,000

2,587,463

a

Gold

79.7%

Agnico

Eagle

Mines

Ltd.

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

Canada

122,000

9,673,380

Alamos

Gold,

Inc.,

(CAD

Traded),

A

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

Canada

2,828,316

25,837,416

Alamos

Gold,

Inc.,

(USD

Traded),

A

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

Canada

2,364,500

21,635,175

AngloGold

Ashanti

Ltd.,

ADR

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

Tanzania

1,794,823

41,532,204

a,b

Argonaut

Gold,

Inc.,

144A

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

United

States

2,350,000

4,374,719

b,e,f

Artemis

Gold,

Inc.,

144A

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

Canada

1,725,000

6,290,551

a,b,c

Ascot

Resources

Ltd.,

144A

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

Canada

16,220,000

13,027,624

B2Gold

Corp.

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

Canada

8,593,694

55,282,959

Barrick

Gold

Corp.

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

Canada

3,084,383

82,445,558

a,b,c

Battle

North

Gold

Corp.,

144A

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

Canada

9,608,900

13,127,307

a,d

Belo

Sun

Mining

Corp.

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

Canada

3,500,000

3,205,224

a,b

Belo

Sun

Mining

Corp.,

144A

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

Canada

3,800,000

3,479,958

a

Breaker

Resources

NL

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

Australia

16,000,000

2,029,278

Centamin

plc

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

Egypt

12,915,200

20,768,473

Centerra

Gold,

Inc.

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

Kyrgyzstan

325,700

2,845,780

a,b

Centerra

Gold,

Inc.,

144A

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

Kyrgyzstan

2,893,400

25,280,871

a,c

Chalice

Gold

Mines

Ltd.

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

Australia

19,693,759

37,578,022

a

Corvus

Gold,

Inc.

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

Canada

2,000,000

4,593,905

a,c

Dacian

Gold

Ltd.

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

Australia

32,555,556

8,163,274

b

Dundee

Precious

Metals,

Inc.,

144A

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

Canada

2,310,000

15,328,329

a

Eldorado

Gold

Corp.

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

Turkey

1,848,724

23,174,967

a

Emerald

Resources

NL

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

Australia

17,070,000

7,327,810

a

Endeavour

Mining

Corp.

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

Ivory

Coast

1,212,222

29,736,838

a,b

First

Mining

Gold

Corp.,

144A

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

Canada

7,500,000

2,420,808

a

Galiano

Gold,

Inc.

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

Canada

9,572,375

12,933,700

a

Gascoyne

Resources

Ltd.

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

Australia

8,368,370

2,764,600

Gold

Fields

Ltd.

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

South

Africa

749,800

8,108,703

a

Gold

Standard

Ventures

Corp.

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

Canada

4,070,000

2,719,036

a

Golden

Star

Resources

Ltd.

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

United

States

3,689,533

14,979,504

a

Great

Panther

Mining

Ltd.

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

Canada

5,171,889

4,137,511

a,b,c

HighGold

Mining,

Inc.,

144A

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

Canada

3,840,000

6,629,635

a,b,c,e,f

HighGold

Mining,

Inc.,

144A

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

Canada

463,000

781,474

a,d

Integra

Resources

Corp.,

(CAD

Traded)

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

Canada

2,260,000

7,040,234

a

Integra

Resources

Corp.,

(USD

Traded)

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

Canada

300,000

933,000

Kirkland

Lake

Gold

Ltd.

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

Canada

531,123

24,199,945

Franklin

Gold

and

Precious

Metals

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

2

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Gold

(continued)

a,d

Liberty

Gold

Corp.

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

Canada

10,688,100

$

14,280,752

a,b,c,d

Lion

One

Metals

Ltd.,

144A

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

Canada

5,778,000

6,982,870

a,b,c

Lion

One

Metals

Ltd.,

144A

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

Canada

2,935,000

3,547,027

a,e,f

Lydian

International

Ltd.

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

Jersey

6,375,000

—

a,b,e,f

Lydian

International

Ltd.,

144A

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

Jersey

25,250,000

—

a

Marathon

Gold

Corp.

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

Canada

2,306,000

4,015,853

a

Midas

Gold

Corp.

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

Canada

3,620,900

3,098,503

a,b

Midas

Gold

Corp.,

144A

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

Canada

4,030,000

3,448,581

Newcrest

Mining

Ltd.

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

Australia

2,396,914

49,705,978

Newmont

Corp.

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

United

States

935,614

58,793,984

Northern

Star

Resources

Ltd.

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

Australia

973,054

10,279,251

a

O3

Mining,

Inc.

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

Canada

1,850,000

4,027,173

a

OceanaGold

Corp.

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

Australia

5,762,689

7,526,707

a

OceanaGold

Corp.

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

Australia

3,325,799

4,343,860

Osisko

Gold

Royalties

Ltd.

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

Canada

275,000

3,075,739

a

Pantoro

Ltd.

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

Australia

38,400,000

5,286,258

a

Perseus

Mining

Ltd.

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

Australia

41,558,141

35,942,971

a,b

Premier

Gold

Mines

Ltd.,

144A

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

Canada

2,868,750

5,900,296

a

Pretium

Resources,

Inc.

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

Canada

2,109,000

25,725,304

a,c

Red

5

Ltd.

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

Australia

162,268,146

31,543,159

a,c

RTG

Mining,

Inc.

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

Australia

1,769,918

239,142

a,b,c

RTG

Mining,

Inc.,

144A

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

Australia

2,397,790

323,977

a,c

RTG

Mining,

Inc.,

CDI

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

Australia

50,687,582

7,303,802

a

Saturn

Metals

Ltd.

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

Australia

2,740,539

1,386,954

b

Shandong

Gold

Mining

Co.

Ltd.,

H,

144A,

Reg

S

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

China

2,100,000

4,974,225

a,d

Skeena

Resources

Ltd.

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

Canada

7,150,000

12,719,937

a

SolGold

plc,

(CAD

Traded)

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

Australia

14,650,000

6,598,108

a

SolGold

plc,

(GBP

Traded)

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

Australia

7,000,000

3,105,602

a

SSR

Mining,

Inc.

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

Canada

1,986,555

36,772,591

a

St.

Augustine

Gold

and

Copper

Ltd.,

(CAD

Traded)

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

United

States

6,136,836

322,458

a,b

St.

Augustine

Gold

and

Copper

Ltd.,

(CAD

Traded),

144A

.......

United

States

16,383,333

860,857

a,b

St.

Augustine

Gold

and

Copper

Ltd.,

(USD

Traded),

144A

.......

United

States

10,000,000

525,447

St.

Barbara

Ltd.

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

Australia

9,008,021

16,939,172

a,b,c

Superior

Gold,

Inc.,

144A

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

Canada

5,350,000

2,811,139

a

Teranga

Gold

Corp.

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

Canada

3,657,751

38,054,668

a

Torex

Gold

Resources,

Inc.

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

Canada

86,100

1,160,754

a,b

Torex

Gold

Resources,

Inc.,

144A

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

Canada

1,450,000

19,548,116

a

West

African

Resources

Ltd.

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

Australia

10,250,000

6,957,343

a

Wiluna

Mining

Corp.

Ltd.

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

Australia

4,524,000

5,479,532

987,995,862

Precious

Metals

&

Minerals

9.5%

Anglo

American

Platinum

Ltd.

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

South

Africa

206,656

13,682,838

a,c,d

Benchmark

Metals,

Inc.

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

Canada

6,890,300

5,120,400

a

Eastern

Platinum

Ltd.

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

Canada

2,592,102

729,649

Fresnillo

plc

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

Mexico

275,000

4,147,213

a,b

GoGold

Resources,

Inc.,

144A

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

Canada

8,787,858

9,696,856

Impala

Platinum

Holdings

Ltd.

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

South

Africa

2,480,000

22,071,380

Impala

Platinum

Holdings

Ltd.,

ADR

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

South

Africa

1,506,100

13,283,802

a

Northam

Platinum

Ltd.

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

South

Africa

1,149,019

11,038,982

a

Osisko

Mining,

Inc.

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

Canada

6,250,000

17,217,760

a,c,d

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

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

South

Africa

2,242,787

3,973,110

a,b,c

Platinum

Group

Metals

Ltd.,

(CAD

Traded),

144A

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

South

Africa

10,000

17,715

a,b,c

Platinum

Group

Metals

Ltd.,

(CAD

Traded),

144A

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

South

Africa

97,760

173,182

a,c

Platinum

Group

Metals

Ltd.,

(USD

Traded)

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

South

Africa

36,628

64,887

a,c,d

Platinum

Group

Metals

Ltd.,

(USD

Traded)

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

South

Africa

4,641,856

8,216,085

a

Royal

Bafokeng

Platinum

Ltd.

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

South

Africa

2,193,527

7,908,925

117,342,784

Franklin

Gold

and

Precious

Metals

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Precious

Metals

&

Minerals

(continued)

Silver

1.8%

a

Hochschild

Mining

plc

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

Peru

3,268,520

$

9,322,613

a,b

MAG

Silver

Corp.,

144A

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

Canada

432,000

7,299,444

Pan

American

Silver

Corp.

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

Canada

180,021

5,721,430

22,343,487

Total

Common

Stocks

(Cost

$842,232,806)

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

1,222,339,127

Rights

a

a

Rights

0.1%

Silver

0.1%

a

Pan

American

Silver

Corp.,

CVR

,

2/20/49

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

Canada

1,850,600

1,332,432

Total

Rights

(Cost

$856,771)

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

1,332,432

Warrants

a

a

a

Warrants

0.3%

Diversified

Metals

&

Mining

0.1%

a,e,f

Bluestone

Resources,

Inc.

,

3/19/21

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

Canada

550,000

130,995

a,e,f

Clean

Air

Metals,

Inc.

,

2/11/22

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

Canada

1,900,000

70,280

a,c,e,f

Euro

Sun

Mining,

Inc.

,

6/05/21

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

Canada

5,000,000

184,330

a,e,f

Mawson

Gold

Ltd.

,

5/20/22

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

Canada

3,850,000

234,159

a,e,f

Orla

Mining

Ltd.

,

2/15/21

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

Canada

460,000

1,042,786

a,b,c,e,f

Talisker

Resources

Ltd.

,

144A,

8/13/21

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

Canada

5,650,000

118,454

a,b,e,f

Vizsla

Resources

Corp.

,

144A,

7/30/22

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

Canada

3,350,000

185,354

1,966,358

Gold

0.1%

a,b,e

First

Mining

Gold

Corp.

,

144A,

8/26/22

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

Canada

3,750,000

86,924

a,e,f

Marathon

Gold

Corp.

,

5/26/21

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

Canada

1,153,000

481,410

a,e,f

O3

Mining,

Inc.

,

6/18/22

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

Canada

850,000

399,117

967,451

Precious

Metals

&

Minerals

0.1%

a,e,f

Osisko

Mining,

Inc.

,

12/23/21

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

Canada

2,125,000

909,441

Total

Warrants

(Cost

$172,099)

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

3,843,250

Principal

Amount

*

Convertible

Bonds

0.2%

Precious

Metals

&

Minerals

0.2%

c

Platinum

Group

Metals

Ltd.,

Sub.

Note,

6.875%,

7/01/22

........

South

Africa

3,000,000

2,317,500

Total

Convertible

Bonds

(Cost

$3,000,000)

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

2,317,500

Total

Long

Term

Inve

stments

(Cost

$846,261,676)

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

1,229,832,309

a

Short

Term

Investments

0.3%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.2%

Money

Market

Funds

0.2%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

3,184,000

3,184,000

Franklin

Gold

and

Precious

Metals

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

4

See

Abbreviations

on

page

11

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Repurchase

Agreements

0.1%

i

Joint

Repurchase

Agreement,

J.P.

Morgan

Securities

LLC,

0.07%,

11/02/20

(Maturity

Value

$796,647)

Collateralized

by

U.S.

Treasury

Notes,

0.155%

-

2.625%,

7/31/22

-

3/31/25

(valued

at

$812,578)

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

796,644

$

796,644

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$3,980,644)

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

3,980,644

Total

Short

Term

Investments

(Cost

$3,980,644

)

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

3,980,644

a

Total

Investments

(Cost

$850,242,320)

99.6%

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

$1,233,812,953

Other

Assets,

less

Liabilities

0.4%

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

4,975,658

Net

Assets

100.0%

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

$1,238,788,611

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

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

October

31,

2020,

the

aggregate

value

of

these

securities

was

$222,926,502,

representing

18.0%

of

net

assets.

c

See

Note

6

regarding

holdings

of

5%

voting

securities.

d

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2020.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

8

regarding

fair

value

measurements.

f

See

Note

5

regarding

restricted

securities.

g

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

i

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

October

31,

2020,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Gold

and

Precious

Metals

Fund

5

Quarterly

Statement

of

Investments

Notes

to

Statement

of

Investments

(unaudited)

1.

Organization

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

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

 Under

compliance

policies

and

procedures

approved

by

the

Fund’s

Board

of

Trustees

(the

Board),

the

Fund’s

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

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,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the Fund.

As

a

result,

differences

may

arise

between

the

value

of

the Fund’s

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences, an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the Fund's

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Statement

of

Investments

(unaudited)

6

Quarterly

Statement

of

Investments

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At October

31,

2020,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy.

See

the

Fair

Value

Measurements

note

for

more

information.

 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.

3.

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.

Current

political

and

financial

uncertainty

surrounding

the

European

Union

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

Europe.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities. 

4.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

5. Restricted

Securities 

At

October

31,

2020,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933

(1933

Act),

were

as

follows:

Shares

/

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Gold

And

Precious

Metals

Fund

1,725,000

Artemis

Gold,

Inc.,

144A

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

6/29/20

$

3,404,854

$

6,290,551

550,000

a

Bluestone

Resources,

Inc.,

3/19/21

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

2/20/19

76,682

130,995

1,900,000

b

Clean

Air

Metals,

Inc.,

2/11/22

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

2/04/20

—

70,280

5,000,000

c

Euro

Sun

Mining,

Inc.,

6/05/21

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

6/09/20

—

184,330

463,000

d

HighGold

Mining,

Inc.,

144A

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

7/23/20

597,575

781,474

6,375,000

Lydian

International

Ltd.

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

11/24/17

2,098,016

—

25,250,000

Lydian

International

Ltd.,

144A

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

3/06/12

14,750,154

—

1,153,000

e

Marathon

Gold

Corp.,

5/26/21

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

5/27/20

—

481,410

3,850,000

f

Mawson

Gold

Ltd.,

5/20/22

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

5/22/20

—

234,159

850,000

g

O3

Mining,

Inc.,

6/18/22

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

6/23/20

—

399,117

460,000

h

Orla

Mining

Ltd.,

2/15/21

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

2/12/18

95,417

1,042,786

1,015,000

Osisko

Development

Corp.,

144A

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

10/23/20

5,796,025

5,714,232

2,125,000

i

Osisko

Mining,

Inc.,

12/23/21

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

6/24/20

—

909,441

11,300,000

j

Talisker

Resources

Ltd.,

144A

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

8/12/20

3,920,356

2,893,214

5,650,000

j

Talisker

Resources

Ltd.,

144A,

8/13/21

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

8/17/20

—

118,454

2. Financial

Instrument

Valuation

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Statement

of

Investments

(unaudited)

7

Quarterly

Statement

of

Investments

6.

Holding

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.

During

the

period

ended

October

31,

2020,

investments

in

“affiliated

companies”

were

as

follows: 

Shares/

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Gold

And

Precious

Metals

Fund

(continued)

3,350,000

Vizsla

Resources

Corp.,

144A

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

8/03/20

$

4,673,605

$

3,388,995

3,350,000

Vizsla

Resources

Corp.,

144A,

7/30/22

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

7/23/20

—

185,354

Total

Restricted

Securities

(Value

is

1.83%

of

Net

Assets)

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

$35,412,684

$22,824,792

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$9,465,546

as

of

October

31,

2020.

b

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$869,990

as

of

October

31,

2020.

c

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$2,552,169

as

of

October

31,

2020.

d

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$6,629,635

as

of

October

31,

2020.

e

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$4,015,853

as

of

October

31,

2020.

f

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$2,051,869

as

of

October

31,

2020.

g

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$4,027,173

as

of

October

31,

2020.

h

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$22,132,660

as

of

October

31,

2020.

i

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$17,217,760

as

of

October

31,

2020.

j

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,095,932

as

of

October

31,

2020.

Value

at

Beginning

of

Period

Purchases

a

Sales

a

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares/Principal

Amount

Held

at

End

of

Period

Investment

Income

Franklin

Gold

And

Precious

Metals

Fund

Non-Controlled

Affiliates

Dividends

Ascot

Resources

Ltd.,

144A

..

$

13,441,989

$

—

$

—

$

—

$

(414,365)

$

13,027,624

16,220,000

$

—

Battle

North

Gold

Corp.,

144A

11,899,142

2,240,133

—

—

(1,011,968)

13,127,307

9,608,900

—

Benchmark

Metals

Inc

.....

—

6,561,194

—

—

(1,440,794)

5,120,400

6,890,300

—

Chalice

Gold

Mines

Ltd

.....

21,059,387

—

(10,784,900)

7,822,014

19,481,521

37,578,022

19,693,759

—

Dacian

Gold

Ltd

..........

7,673,415

—

—

—

489,859

8,163,274

32,555,556

—

Euro

Sun

Mining,

Inc.,

144A

.

4,106,316

—

—

—

(1,554,147)

2,552,169

10,000,000

—

Euro

Sun

Mining,

Inc.,

6/05/21

888,663

—

—

—

(704,333)

184,330

5,000,000

—

Geopacific

Resources

Ltd

...

5,744,253

—

—

—

(787,977)

4,956,276

13,001,094

—

HighGold

Mining,

Inc.,

144A

.

6,523,515

—

—

—

887,595

7,411,110

4,303,000

—

Lion

One

Metals

Ltd.,

144A

..

14,317,873

1,076,702

(635,627)

372,505

(4,601,556)

10,529,897

8,713,000

—

Lion

One

Metals

Ltd.,

6/06/21

922,513

—

(86,777)

620

(836,355)

—

—

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

.........

4,872,712

—

—

—

(899,602)

3,973,110

2,242,787

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded),

144A

.....

234,121

—

—

—

(43,224)

190,897

107,760

—

Platinum

Group

Metals

Ltd.,

(USD

Traded)

.........

10,375,614

—

(245,418)

(6,370,415)

4,521,191

8,280,972

4,678,484

—

Red

5

Ltd

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

29,322,847

—

—

—

2,220,312

31,543,159

162,268,146

—

5. Restricted

Securities 

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Statement

of

Investments

(unaudited)

8

Quarterly

Statement

of

Investments

7.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

October

31,

2020,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares/Principal

Amount

Held

at

End

of

Period

Investment

Income

Franklin

Gold

And

Precious

Metals

Fund

(continued)

Non-Controlled

Affiliates

RTG

Mining,

Inc

.........

$

171,785

$

—

$

—

$

—

$

67,357

$

239,142

1,769,918

$

—

RTG

Mining,

Inc.,

144A

.....

232,726

—

—

—

91,251

323,977

2,397,790

—

RTG

Mining,

Inc.,

CDI

......

4,527,352

—

—

—

2,776,451

7,303,803

50,687,582

—

Superior

Gold,

Inc.,

144A

...

—

2,837,874

—

—

(26,735)

2,811,139

5,350,000

—

Talisker

Resources

Ltd.,

144A

—

5,109,466

—

—

(1,120,320)

3,989,146

15,300,000

—

Talisker

Resources

Ltd.,

144A,

8/13/21

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

—

—

—

—

118,454

118,454

5,650,000

—

Interest

Platinum

Group

Metals

Ltd.,

Sub.

Note,

6.875%,

7/01/22

2,257,500

—

—

—

60,000

2,317,500

3,000,000

51,563

b

Total

Affiliated

Securities

(Value

is

13.2%

of

Net

Assets)

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

$138,571,723

$17,825,369

$(11,752,722)

1,824,724

17,272,615

$163,741,709

$51,563

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

b

Includes

non-cash

dividend/interest

received.

a

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a

a

a

a

a

a

a

a

a

Franklin

Gold

and

Precious

Metals

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$11,151,454

$79,170,982

$(90,322,436)

$—

$—

$—

$—

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$4,254,000

$45,196,000

$(46,266,000)

$

—

$

—

$3,184,000

3,184,000

$—

Total

Affiliated

Securities

....

$15,405,454

$124,366,982

$(136,588,436)

$—

$—

$3,184,000

$—

6.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Statement

of

Investments

(unaudited)

9

Quarterly

Statement

of

Investments

8. Fair

Value

Measurements 

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

•

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

•

Level 2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

•

Level 3

–

significant

unobservable

inputs

(including

the

Fund's own

assumptions

in

determining

the

fair

value

of

financial

instruments)

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

October

31,

2020,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At October

31,

2020,

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

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

$

4,435,827

$

—

$

—

$

4,435,827

Diversified

Metals

&

Mining

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

70,680,987

4,956,276

11,996,441

87,633,704

Environmental

&

Facilities

Services

.........

—

2,587,463

—

2,587,463

Gold

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

729,840,388

251,083,449

7,072,025

b

987,995,862

Precious

Metals

&

Minerals

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

66,402,371

50,940,413

—

117,342,784

Silver

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

13,020,874

9,322,613

—

22,343,487

Rights

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

1,332,432

—

—

1,332,432

Warrants

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

—

—

3,843,250

3,843,250

Convertible

Bonds

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

—

2,317,500

—

2,317,500

Short

Term

Investments

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

3,184,000

796,644

—

3,980,644

Total

Investments

in

Securities

...........

$888,896,879

$322,004,358

$22,911,716

$1,233,812,953

a

For

detailed

categories,

see

the

accompanying

Statement

of

Investments.

b

Includes

securities

determined

to

have

no

value

at

October

31,

2020.

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Cost

Basis

Adjust-

ments

a

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

in

Securities:

Common

Stocks

Diversified

Metals

&

Mining

.........

$

20,121,498

$

9,716,382

$

—

$

—

$

(11,755,011)

$

—

$

—

$

(6,086,428)

$

11,996,441

$

(4,784,874)

Gold

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

16,111,904

b

—

—

—

(13,147,032)

—

—

4,107,153

7,072,025

b

495,015

Warrants

Diversified

Metals

&

Mining

.........

2,839,658

—

b

—

—

—

—

—

(873,300)

1,966,358

(873,300)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Statement

of

Investments

(unaudited)

10

Quarterly

Statement

of

Investments

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

October

31,

2020,

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Cost

Basis

Adjust-

ments

a

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Gold

and

Precious

Metals

Fund

(continued)

Assets:

Investments

in

Securities:

Warrants

Gold

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

$

3,185,251

—

b

$

(86,835)

$

—

$

—

$

—

$

623

$

(2,131,588)

$

967,451

$

80,795

Precious

Metals

&

Minerals

........

422,912

$

—

b

—

—

—

—

—

486,529

909,441

486,529

Total

Investments

in

Securities

.

$42,681,223

$9,716,382

$(86,835)

$—

$(24,902,043)

—

623

(4,497,634)

$22,911,716

(4,595,835)

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

other

cost

basis

adjustments.

b

Includes

securities

determined

to

have

no

value.

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

/

Range

(Weighted

Average)

a

Impact

to

Fair

Value

if

Input

Increases

b

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

in

Securities:

Common

Stocks:

Diversified

Metals

&

Mining

$6,282,209

Market

comparables

Lockup

Discount

3.0%

-

6.6%

(4.7%)

Decrease

Gold..............

6,290,551

Market

comparables

Lockup

Discount

0.09%

Decrease

All

Other

Investments

10,338,956

c,d

Total....................

$22,911,716

a

Weighted

based

on

the

relative

fair

value

of

the

financial

instruments.

b

Represents

the

directional

change

in

the

fair

value

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

impacts,

if

any,

to

fair

value

and/or

net

assets

have

been

indicated.

c

Includes

financial

instruments

with

values

derived

using

private

transaction

prices

or

non-public

third

party

pricing

information

which

is

unobservable.

May

also

include

fair

value

of

immaterial

financial

instruments

developed

using

various

valuation

techniques

and

unobservable

inputs.

d

Includes

securities

determined

to

have

no

value

at

October

31,

2020.

8. Fair

Value

Measurements 

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Statement

of

Investments

(unaudited)

11

Quarterly

Statement

of

Investments

9.

Subsequent

Events 

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

Statement

of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure. 

Abbreviations

Currency

CAD

Canadian

Dollar

GBP

British

Pound

USD

United

States

Dollar

Selected

Portfolio

ADR

American

Depositary

Receipt

CDI

CREST

Depository

Interest

CVR

Contingent

Voting

Rights

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.