Franklin Gold and Precious Metals Fund Advisor Class (FGADX) NPORT-P Franklin Gold And Precious Metals Fund (Oct 2021 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

132-Q1PH

1

Statement

of

Investments

(unaudited)

Franklin

Gold

and

Precious

Metals

Fund

2

Notes

to

Statement

of

Investments

7

Franklin

Gold

and

Precious

Metals

Fund

Statement

of

Investments

(unaudited),

October

31,

2021

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

2

a

a

Country

Shares

a

Value

a

Common

Stocks

99.0%

Copper

0.5%

a,b

Imperial

Metals

Corp.

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

Canada

2,065,330

$

6,673,657

a

Vizsla

Copper

Corp.

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

Canada

1,850,000

627,676

7,301,333

Diversified

Metals

&

Mining

10.5%

a,c

Adventus

Mining

Corp.,

144A

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

Canada

6,350,000

4,975,766

a

Arizona

Metals

Corp.

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

Canada

150,000

521,044

a,d,e

Azimut

Exploration,

Inc.

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

Canada

1,200,000

1,747,877

a

Azimut

Exploration,

Inc.

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

Canada

750,000

1,139,026

a

Bluestone

Resources,

Inc.

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

Canada

550,000

733,096

a,c

Bluestone

Resources,

Inc.,

144A

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

Canada

6,800,000

9,063,737

a

Clean

Air

Metals,

Inc.

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

Canada

6,715,600

1,301,999

a,b,c,f

Euro

Sun

Mining,

Inc.,

144A

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

Canada

10,000,000

2,665,805

a,d,e,f

G

Mining

Ventures

Corp.

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

Canada

7,500,000

4,879,393

a,c,f

G

Mining

Ventures

Corp.,

144A

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

Canada

8,250,000

5,598,190

a,c

Ivanhoe

Mines

Ltd.,

144A

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

Canada

2,035,000

15,962,396

a

Ivanhoe

Mines

Ltd.,

A

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

Canada

2,160,000

16,942,887

a

Los

Cerros

Ltd.

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

Australia

23,500,000

2,456,248

a

Matador

Mining

Ltd.

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

Australia

8,000,000

2,281,919

a,b,c

Mawson

Gold

Ltd.,

144A

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

Canada

7,700,000

1,088,537

a,b

OreCorp

Ltd.

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

Australia

4,200,000

2,081,629

a

Orla

Mining

Ltd.

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

Canada

4,080,713

14,372,654

a,c

Orla

Mining

Ltd.,

144A

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

Canada

2,000,000

7,044,188

a,c

Osisko

Development

Corp.,

144A

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

Canada

1,475,000

6,160,231

a

Prime

Mining

Corp.

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

Canada

3,500,000

12,327,329

a

Sunrise

Energy

Metals

Ltd.

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

Australia

1,359,999

1,948,928

a,b,f

Talisker

Resources

Ltd.

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

Canada

15,300,000

3,337,103

a

Vizsla

Silver

Corp.

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

Canada

5,550,000

11,612,004

a,d,e

Western

Copper

&

Gold

Corp.

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

Canada

930,000

1,489,291

a,b

Western

Copper

&

Gold

Corp.

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

Canada

2,430,000

4,063,414

135,794,691

Environmental

&

Facilities

Services

0.0%

†

a,b

Clean

TeQ

Water

Ltd.

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

Australia

679,999

368,301

a

Gold

77.6%

Agnico

Eagle

Mines

Ltd.

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

Canada

75,000

3,978,750

Alamos

Gold,

Inc.,

(CAD

Traded),

A

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

Canada

2,638,316

19,565,184

Alamos

Gold,

Inc.,

(USD

Traded),

A

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

Canada

2,209,500

16,438,680

b

AngloGold

Ashanti

Ltd.,

ADR

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

Tanzania

1,734,823

32,059,529

a,c

Argonaut

Gold,

Inc.,

144A

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

United

States

2,350,000

5,960,902

a

Artemis

Gold,

Inc.

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

Canada

2,495,000

12,234,147

a,c,f

Ascot

Resources

Ltd.,

144A

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

Canada

25,620,000

24,835,609

B2Gold

Corp.

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

Canada

7,863,694

32,461,004

a,d,e

Banyan

Gold

Corp.

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

Canada

12,071,429

2,650,175

Barrick

Gold

Corp.

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

Canada

3,259,383

59,874,866

a

Bellevue

Gold

Ltd.

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

Australia

14,944,000

9,620,956

a

Belo

Sun

Mining

Corp.

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

Canada

3,500,000

1,696,421

a,c

Belo

Sun

Mining

Corp.,

144A

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

Canada

3,800,000

1,841,829

a

Black

Cat

Syndicate

Ltd.

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

Australia

7,022,800

2,891,209

a

Breaker

Resources

NL

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

Australia

16,000,000

4,329,798

Centamin

plc

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

Egypt

12,915,200

16,500,114

Centerra

Gold,

Inc.

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

Kyrgyzstan

535,700

4,015,911

a,c

Centerra

Gold,

Inc.,

144A

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

Kyrgyzstan

2,893,400

21,690,566

a

Cerrado

Gold,

Inc.

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

Canada

2,800,000

3,822,603

a

Chalice

Mining

Ltd.

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

Australia

6,004,965

30,302,324

a

Dacian

Gold

Ltd.

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

Australia

39,755,556

6,870,202

Dundee

Precious

Metals,

Inc.

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

Canada

2,907,415

19,118,150

a

Eldorado

Gold

Corp.

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

Turkey

1,848,724

16,532,333

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)

Gold

(continued)

a

Emerald

Resources

NL

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

Australia

17,070,000

$

12,351,638

Endeavour

Mining

plc

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

Burkina

Faso

2,866,114

72,793,137

a,b

Equinox

Gold

Corp.

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

Canada

480,108

3,560,378

a

Firefinch

Ltd.

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

Australia

13,125,000

5,936,138

b

First

Mining

Gold

Corp.

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

Canada

7,500,000

1,817,594

a,b

Galiano

Gold,

Inc.

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

Canada

9,264,362

7,034,898

a

Gascoyne

Resources

Ltd.

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

Australia

7,550,800

2,418,577

a,b,f

Geopacific

Resources

Ltd.

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

Australia

38,375,694

8,916,344

Gold

Fields

Ltd.

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

South

Africa

1,074,800

9,989,708

a

Gold

Standard

Ventures

Corp.

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

Canada

6,370,000

2,984,571

a

Golden

Star

Resources

Ltd.

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

United

States

3,554,508

11,196,700

a,b

Great

Bear

Resources

Ltd.

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

Canada

950,000

13,314,888

a,f

HighGold

Mining,

Inc.

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

Canada

4,803,000

6,130,334

Hochschild

Mining

plc

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

Peru

3,238,520

6,319,910

a

i-80

Gold

Corp.

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

Canada

1,047,500

2,530,111

a

Integra

Resources

Corp.,

(CAD

Traded)

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

Canada

2,260,000

5,385,734

a

Integra

Resources

Corp.,

(USD

Traded)

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

Canada

750,000

1,792,500

a

K92

Mining,

Inc.

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

Canada

1,000,000

5,832,458

Kirkland

Lake

Gold

Ltd.

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

Canada

529,123

22,299,335

a,b,f

Liberty

Gold

Corp.

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

Canada

16,329,800

14,774,518

a,f

Lion

One

Metals

Ltd.

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

Canada

4,312,400

3,866,842

a,c,f

Lion

One

Metals

Ltd.,

144A

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

Canada

4,024,000

3,608,240

a,d,e

Lydian

International

Ltd.

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

Jersey

6,375,000

—

a,d,e

Lydian

International

Ltd.,

144A

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

Jersey

25,250,000

—

a,d

Marathon

Gold

Corp.

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

Canada

3,459,000

7,823,895

a,f

Newcore

Gold

Ltd.

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

Canada

7,000,000

3,053,558

Newcrest

Mining

Ltd.

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

Australia

2,426,914

45,470,280

Newmont

Corp.

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

United

States

821,614

44,367,156

a,b

Nighthawk

Gold

Corp.

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

Canada

3,261,000

2,318,184

Northern

Star

Resources

Ltd.

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

Australia

1,172,254

8,115,320

a,f

O3

Mining,

Inc.

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

Canada

4,150,000

6,671,379

a

OceanaGold

Corp.

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

Australia

9,363,488

17,472,863

a

Ora

Banda

Mining

Ltd.

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

Australia

20,423,529

1,305,906

Osisko

Gold

Royalties

Ltd.

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

Canada

275,000

3,472,211

a

Osisko

Mining,

Inc.

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

Canada

8,950,000

19,304,063

a,b

Pantoro

Ltd.

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

Australia

38,400,000

6,322,248

a,b

Perpetua

Resources

Corp.

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

United

States

192,090

920,182

a,c

Perpetua

Resources

Corp.,

144A

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

United

States

403,000

1,930,519

a

Perseus

Mining

Ltd.

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

Australia

37,908,141

44,952,309

a

Predictive

Discovery

Ltd.

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

Australia

51,650,000

7,382,205

a

Pretium

Resources,

Inc.

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

Canada

2,000,000

24,186,122

a

Probe

Metals,

Inc.

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

Canada

4,105,000

6,698,522

a,f

Red

5

Ltd.

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

Australia

193,176,364

37,782,399

a,f

RTG

Mining,

Inc.

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

Australia

1,769,918

164,424

a,c,f

RTG

Mining,

Inc.,

144A

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

Australia

2,397,790

222,753

a,f

RTG

Mining,

Inc.,

CDI

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

Australia

50,687,582

4,289,595

a,f

Saturn

Metals

Ltd.

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

Australia

6,200,000

2,042,893

c

Shandong

Gold

Mining

Co.

Ltd.,

H,

144A,

Reg

S

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

China

164,750

297,862

a

Skeena

Resources

Ltd.

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

Canada

1,973,550

20,709,601

a

SolGold

plc,

(CAD

Traded)

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

Australia

13,650,000

5,072,300

a,b

SolGold

plc,

(GBP

Traded)

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

Australia

10,000,000

3,790,664

SSR

Mining,

Inc.

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

Canada

2,426,555

38,263,473

a

St.

Augustine

Gold

and

Copper

Ltd.,

(CAD

Traded)

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

United

States

5,613,836

476,172

a,c

St.

Augustine

Gold

and

Copper

Ltd.,

(CAD

Traded),

144A

.......

United

States

16,383,333

1,389,652

a,c

St.

Augustine

Gold

and

Copper

Ltd.,

(USD

Traded),

144A

.......

United

States

10,000,000

848,211

St.

Barbara

Ltd.

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

Australia

9,008,021

9,905,222

a

Superior

Gold,

Inc.

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

Canada

6,150,000

3,328,621

a,f

Thesis

Gold,

Inc.

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

Canada

2,300,000

2,694,079

Franklin

Gold

and

Precious

Metals

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

4

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Gold

(continued)

a

Torex

Gold

Resources,

Inc.

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

Canada

191,100

$

2,221,447

a,c

Torex

Gold

Resources,

Inc.,

144A

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

Canada

1,450,000

16,855,562

a,b

Treasury

Metals,

Inc.

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

Canada

250,226

161,710

a,f

Troilus

Gold

Corp.

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

Canada

8,900,000

5,895,468

a

Tulla

Resources

plc,

CDI

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

Australia

10,300,000

3,910,247

a

West

African

Resources

Ltd.

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

Australia

2,559,600

2,406,824

a

West

African

Resources

Ltd.

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

Australia

10,705,384

10,401,779

a

Westhaven

Gold

Corp.

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

Canada

4,200,000

1,391,065

a,b

Wiluna

Mining

Corp.

Ltd.

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

Australia

7,155,000

5,543,819

1,005,978,579

Precious

Metals

&

Minerals

9.4%

Anglo

American

Platinum

Ltd.

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

South

Africa

125,556

12,689,367

a

Benchmark

Metals,

Inc.

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

Canada

7,390,300

5,970,030

a

Eastern

Platinum

Ltd.

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

Canada

5,184,204

1,298,250

a

GoGold

Resources,

Inc.

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

Canada

9,462,858

26,296,334

Impala

Platinum

Holdings

Ltd.

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

South

Africa

1,330,000

17,217,498

Impala

Platinum

Holdings

Ltd.,

ADR

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

South

Africa

1,206,100

15,896,398

a

Northam

Platinum

Holdings

Ltd.

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

South

Africa

1,089,019

16,312,501

a,f

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

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

South

Africa

10,000

23,023

a,b,f

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

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

South

Africa

2,042,787

4,703,080

a,c,f

Platinum

Group

Metals

Ltd.,

(CAD

Traded),

144A

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

South

Africa

97,760

225,071

a,f

Platinum

Group

Metals

Ltd.,

(USD

Traded)

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

South

Africa

4,041,856

9,296,269

a,c,f

Platinum

Group

Metals

Ltd.,

(USD

Traded),

144A

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

South

Africa

36,628

84,328

Royal

Bafokeng

Platinum

Ltd.

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

South

Africa

1,348,527

9,672,893

a,b,f

Sable

Resources

Ltd.

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

Canada

12,000,000

2,132,644

121,817,686

Silver

1.0%

a

Gatos

Silver,

Inc.

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

United

States

482,157

5,834,100

Pan

American

Silver

Corp.

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

Canada

133,021

3,403,162

a

Silver

Tiger

Metals,

Inc.

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

Canada

7,500,000

3,332,256

12,569,518

Total

Common

Stocks

(Cost

$939,365,307)

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

1,283,830,108

Rights

a

a

Rights

0.1%

Silver

0.1%

a

Pan

American

Silver

Corp.,

CVR

,

2/22/29

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

Canada

1,850,600

1,369,074

Total

Rights

(Cost

$856,771)

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

1,369,074

Warrants

a

a

a

Warrants

0.4%

Diversified

Metals

&

Mining

0.3%

a,d,e

Clean

Air

Metals,

Inc.

,

144A,

2/23/23

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

Canada

1,379,500

51,966

a,d,e

Clean

Air

Metals,

Inc.

,

144A,

2/11/22

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

Canada

1,900,000

41,793

a,d,e,f

Euro

Sun

Mining,

Inc.

,

144A,

6/05/23

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

Canada

5,000,000

57,387

a,d,e,f

G

Mining

Ventures

Corp.

,

144A,

5/19/22

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

Canada

4,125,000

426,759

a,d,e,f

G

Mining

Ventures

Corp.

,

8/20/24

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

Canada

3,750,000

211,062

a,d,e

Mawson

Gold

Ltd.

,

144A,

5/20/22

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

Canada

3,850,000

50,098

a,d,e

Osisko

Development

Corp.

,

144A,

12/01/23

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

Canada

737,500

85,061

a,d,e

Prime

Mining

Corp.

,

144A,

4/27/24

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

Canada

650,000

568,411

a,d,e

Vizsla

Silver

Corp.

,

144A,

7/30/22

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

Canada

3,350,000

1,755,737

a,c

Vizsla

Silver

Corp.

,

144A,

12/03/22

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

Canada

850,000

391,388

3,639,662

Franklin

Gold

and

Precious

Metals

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Country

Warrants

a

Value

a

a

a

a

a

a

Gold

0.1%

a,c,d

First

Mining

Gold

Corp.

,

144A,

8/26/22

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

Canada

3,750,000

$

14,986

a,c,d

Nighthawk

Gold

Corp.

,

144A,

6/08/23

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

Canada

1,630,500

148,852

a,d,e,f

O3

Mining,

Inc.

,

144A,

6/18/22

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

Canada

850,000

22

a,d,e

Osisko

Mining,

Inc.

,

144A,

12/23/21

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

Canada

2,125,000

989

a,d,e

Probe

Metals,

Inc.

,

144A,

11/24/22

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

Canada

1,700,000

389,827

a

Treasury

Metals,

Inc.

,

8/07/23

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

Canada

125,112

25,267

a,f

Troilus

Gold

Corp.

,

6/30/23

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

Canada

1,000,000

149,447

a

Westhaven

Gold

Corp.

,

3/03/23

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

Canada

2,100,000

203,571

932,961

Total

Warrants

(Cost

$32,485)

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

4,572,623

Principal

Amount

*

Convertible

Bonds

0.2%

Precious

Metals

&

Minerals

0.2%

f

Platinum

Group

Metals

Ltd.,

Sub.

Note,

6.875%,

7/01/22

........

South

Africa

3,000,000

2,807,817

Total

Convertible

Bonds

(Cost

$3,000,000)

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

2,807,817

Total

Long

Term

Investments

(Cost

$943,254,563)

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

1,292,579,622

a

Short

Term

Investments

1.5%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.2%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

2,622,364

2,622,364

Total

Money

Market

Funds

(Cost

$2,622,364)

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

2,622,364

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

1.1%

Money

Market

Funds

1.1%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

14,088,000

14,088,000

Principal

Amount

*

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.2%

Repurchase

Agreements

0.2%

i

Joint

Repurchase

Agreement,

BofA

Securities,

Inc.,

0.05%,

11/01/21

(Maturity

Value

$2,460,014)

Collateralized

by

U.S.

Treasury

Notes,

2

-

2.5%,

8/15/23

-

2/15/25

(valued

at

$2,509,206)

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

2,460,004

2,460,004

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$16,548,004)

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

16,548,004

Total

Short

Term

Investments

(Cost

$19,170,368

)

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

19,170,368

a

Total

Investments

(Cost

$962,424,931)

101.2%

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

$1,311,749,990

Other

Assets,

less

Liabilities

(1.2)%

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

(14,874,910)

Net

Assets

100.0%

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

$1,296,875,080

Franklin

Gold

and

Precious

Metals

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

6

See

Abbreviations

on

page

13

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2021.

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

October

31,

2021,

the

aggregate

value

of

these

securities

was

$132,905,180,

representing

10.2%

of

net

assets.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

8

regarding

fair

value

measurements.

e

See

Note

5

regarding

restricted

securities.

f

See

Note

6

regarding

holdings

of

5%

voting

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,

2021,

all

repurchase

agreements

had

been

entered

into

on

October

29,

2021.

Franklin

Gold

and

Precious

Metals

Fund

7

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)

8

Quarterly

Statement

of

Investments

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

October

31,

2021,

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

(referred

to

as

“market

level

fair

value”).

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.

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.

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,

2021,

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

1,200,000

a

Azimut

Exploration,

Inc.

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

7/09/21

$

1,831,472

$

1,747,877

12,071,429

Banyan

Gold

Corp.

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

7/27/21

2,683,818

2,650,175

1,900,000

b

Clean

Air

Metals,

Inc.,

144A,

2/11/22

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

5/15/20

—

41,793

1,379,500

b

Clean

Air

Metals,

Inc.,

144A,

2/23/23

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

2/24/21

—

51,966

5,000,000

c

Euro

Sun

Mining,

Inc.,

144A,

6/05/23

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

6/09/20

—

57,387

7,500,000

d

G

Mining

Ventures

Corp.

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

9/03/21

5,688,850

4,879,393

4,125,000

d

G

Mining

Ventures

Corp.,

144A,

5/19/22

...........

11/27/20

—

426,759

3,750,000

d

G

Mining

Ventures

Corp.,

8/20/24

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

9/16/21

—

211,062

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

—

3,850,000

e

Mawson

Gold

Ltd.,

144A,

5/20/22

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

5/22/20

—

50,098

850,000

f

O3

Mining,

Inc.,

144A,

6/18/22

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

6/23/20

—

22

737,500

g

Osisko

Development

Corp.,

144A,

12/01/23

........

11/27/20-12/31/20

—

85,061

2,125,000

h

Osisko

Mining,

Inc.,

144A,

12/23/21

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

6/24/20

—

989

650,000

i

Prime

Mining

Corp.,

144A,

4/27/24

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

4/28/21

—

568,411

2. Financial

Instrument

Valuation

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Statement

of

Investments

(unaudited)

9

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.

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

October

31,

2021,

investments

in

“affiliated

companies”

were

as

follows: 

Shares/

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Gold

And

Precious

Metals

Fund

(continued)

1,700,000

j

Probe

Metals,

Inc.,

144A,

11/24/22

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

11/23/20-11/24/20

$

—

$

389,827

3,350,000

k

Vizsla

Silver

Corp.,

144A,

7/30/22

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

8/03/20

—

1,755,737

930,000

l

Western

Copper

&

Gold

Corp.

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

7/26/21

1,646,280

1,489,291

Total

Restricted

Securities

(Value

is

1.1%

of

Net

Assets)

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

$28,698,590

$14,405,848

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,139,026

as

of

October

31,

2021.

b

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,301,999

as

of

October

31,

2021.

c

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$2,665,805

as

of

October

31,

2021.

d

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$5,598,190

as

of

October

31,

2021.

e

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,088,537

as

of

October

31,

2021.

f

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$6,671,379

as

of

October

31,

2021.

g

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$6,160,231

as

of

October

31,

2021.

h

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$19,304,063

as

of

October

31,

2021.

i

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$12,327,329

as

of

October

31,

2021.

j

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$6,698,522

as

of

October

31,

2021.

k

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$12,003,392

as

of

October

31,

2021.

l

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$4,063,414

as

of

October

31,

2021.

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

Non-Controlled

Affiliates

Dividends

Ascot

Resources

Ltd.,

144A

...........

$

25,045,192

$

—

$

—

$

—

$

(209,583)

$

24,835,609

25,620,000

$

—

Euro

Sun

Mining,

Inc.,

144A

...........

3,044,872

—

—

—

(379,067)

2,665,805

10,000,000

—

Euro

Sun

Mining,

Inc.,

144A,

6/05/23

.....

273,474

—

—

—

(216,086)

57,388

5,000,000

—

G

Mining

Ventures

Corp.

—

5,688,850

—

—

(809,457)

4,879,393

7,500,000

—

G

Mining

Ventures

Corp.,

144A

...........

5,618,990

—

—

—

(20,800)

5,598,190

8,250,000

—

G

Mining

Ventures

Corp.,

144A,

5/19/22

.....

825,159

—

—

—

(398,400)

426,759

4,125,000

—

G

Mining

Ventures

Corp.,

8/20/24

..........

—

—

—

—

211,062

211,062

3,750,000

—

Geopacific

Resources

Ltd.

9,389,974

—

—

—

(473,630)

8,916,344

38,375,694

—

5.

Restricted

Securities

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Statement

of

Investments

(unaudited)

10

Quarterly

Statement

of

Investments

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

HighGold

Mining,

Inc.

..

$

5,620,104

$

646,857

$

—

$

—

$

(136,627)

$

6,130,334

4,803,000

$

—

Liberty

Gold

Corp

....

14,132,012

2,154,233

—

—

(1,511,727)

14,774,518

16,329,800

—

Lion

One

Metals

Ltd.

..

4,353,866

—

—

—

(487,024)

3,866,842

4,312,400

—

Lion

One

Metals

Ltd.,

144A

...........

4,062,692

—

—

—

(454,453)

3,608,239

4,024,000

—

Newcore

Gold

Ltd

....

3,421,474

—

—

—

(367,916)

3,053,558

7,000,000

—

O3

Mining,

Inc.

......

7,079,712

95,575

—

—

(503,908)

6,671,379

4,150,000

—

O3

Mining,

Inc.,

144A,

6/18/22

..........

73,046

—

—

—

(73,024)

22

850,000

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

..

6,382,062

—

—

—

(1,655,959)

4,726,103

2,052,787

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded),

144A

...........

303,933

—

—

—

(78,862)

225,071

97,760

—

Platinum

Group

Metals

Ltd.,

(USD

Traded)

..

12,610,591

—

—

—

(3,314,322)

9,296,269

4,041,856

—

Platinum

Group

Metals

Ltd.,

(USD

Traded),

144A

...........

113,875

—

—

—

(29,547)

84,328

36,628

—

Red

5

Ltd.

.........

27,605,650

—

—

—

10,176,749

37,782,399

193,176,364

—

RTG

Mining,

Inc.

.....

219,822

—

—

—

(55,398)

164,424

1,769,918

—

RTG

Mining,

Inc.,

144A

.

297,802

—

—

—

(75,049)

222,753

2,397,790

—

RTG

Mining,

Inc.,

CDI

..

5,579,182

—

—

—

(1,289,587)

4,289,595

50,687,582

—

Sable

Resources

Ltd

..

2,029,587

—

—

—

103,057

2,132,644

12,000,000

—

Saturn

Metals

Ltd.

....

2,215,282

—

—

—

(172,389)

2,042,893

6,200,000

—

Superior

Gold,

Inc.

....

3,400,240

—

—

—

—

a

—

a

—

a

—

Talisker

Resources

Ltd.

.

3,555,289

—

—

—

(218,186)

3,337,103

15,300,000

—

Thesis

Gold,

Inc.

.....

2,414,263

—

—

—

279,816

2,694,079

2,300,000

—

Troilus

Gold

Corp.

....

6,418,269

—

—

—

(522,801)

5,895,468

8,900,000

—

Troilus

Gold

Corp.,

6/30/23

136,218

—

—

—

13,229

149,447

1,000,000

—

Interest

Platinum

Group

Metals

Ltd.,

Sub.

Note,

6.875%,

7/01/22

..........

2,880,010

—

—

—

(72,193)

2,807,817

3,000,000

51,563

Total

Affiliated

Securities

(Value

is

12.4%

of

Net

Assets)

..........

$159,102,642

$8,585,515

$—

$—

$(2,742,082)

$161,545,835

$51,563

*

In

U.S.

dollars

unless

otherwise

indicated.

a

As

of

October

31,

2021,

no

longer

an

affiliate.

6.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Statement

of

Investments

(unaudited)

11

Quarterly

Statement

of

Investments

7.

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.

During

the

period

ended

October

31,

2021,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

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.

    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      

a  

a  

a  

a  

a  

a  

a  

Franklin

Gold

and

Precious

Metals

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$16,845,034

$34,649,965

$(48,872,635)

$—

$—

$2,622,364

2,622,364

$238

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

6,641,000

20,818,000

(13,371,000)

—

—

14,088,000

14,088,000

133

Total

Affiliated

Securities

...

$23,486,034

$55,467,965

$(62,243,635)

$—

$—

$16,710,364

$371

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Statement

of

Investments

(unaudited)

12

Quarterly

Statement

of

Investments

A

summary

of

inputs

used

as

of

October

31,

2021,

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,

2021,

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

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

$

7,301,333

$

—

$

—

$

7,301,333

Diversified

Metals

&

Mining

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

120,858,334

6,819,796

8,116,561

135,794,691

Environmental

&

Facilities

Services

.........

368,301

—

—

368,301

Gold

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

750,168,677

245,335,832

10,474,070

b

1,005,978,579

Precious

Metals

&

Minerals

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

104,600,188

17,217,498

—

121,817,686

Silver

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

12,569,518

—

—

12,569,518

Rights

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

1,369,074

—

—

1,369,074

Warrants

:

Diversified

Metals

&

Mining

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

391,388

—

3,248,274

3,639,662

Gold

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

378,285

—

554,676

932,961

Convertible

Bonds

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

—

2,807,817

—

2,807,817

Short

Term

Investments

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

16,710,364

2,460,004

—

19,170,368

Total

Investments

in

Securities

...........

$1,014,715,462

$274,640,947

c

$22,393,581

$1,311,749,990

a

For

detailed

categories,

see

the

accompanying

Statement

of

Investments.

b

Includes

securities

determined

to

have

no

value

at

October

31,

2021.

c

Includes

foreign

securities

valued

at

$269,373,126,

which

were

categorized

as

Level

2

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

c

Transfer

Out

of

Level

3

d

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          

a

a

a

a

a

a

a

a

a

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

in

Securities:

Common

Stocks

Diversified

Metals

&

Mining

.........

$

7,662,175

$

5,688,850

$

(3,073,409)

$

—

$

—

$

—

$

—

$

(2,161,055)

$

8,116,561

$

(1,338,906)

Gold

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

2,853,423

e

—

—

9,146,393

—

—

—

(1,525,746)

10,474,070

e

(1,525,746)

Precious

Metals

&

Minerals

........

2,029,587

—

(2,971,401)

—

—

—

—

941,814

—

—

Warrants

Diversified

Metals

&

Mining

.........

3,400,416

e

—

e

—

e

—

(270,049)

—

—

117,907

3,248,274

128,019

Gold

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

832,974

—

—

—

—

—

—

(278,298)

554,676

(278,298)

Total

Investments

in

Securities

.

$16,778,575

$5,688,850

$(6,044,810)

$9,146,393

$(270,049)

$

—

$

—

$

(2,905,378)

$22,393,581

$

(3,014,931)

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

into

level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

as

a

result

of

the

unreliability

of

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

d

Transfers

out

of

Level

3

were

as

a

result

of

changes

in

the

levels

of

observable

liquidity

and

the

improved

reliability

of

a

significant

input.

e

Includes

securities

determined

to

have

no

value.

8. Fair

Value

Measurements 

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Statement

of

Investments

(unaudited)

13

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,

2021,

are

as

follows:

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

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

$8,116,561

Market

comparables

Discount

for

lack

of

marketability

0.9%

-

5.3%

(4.2%)

Decrease

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

2,650,175

Market

comparables

Discount

for

lack

of

marketability

2.9%

Decrease

Warrants:

Diversified

Metals

&

Mining....................................

1,755,737

Market

comparables

Discount

for

lack

of

marketability

13.3%

Decrease

c

All

Other

Investments……...…

9,871,108

d,e

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

$22,393,581

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

Represents

a

significant

impact

to

fair

value

but

not

net

assets.

d

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.

e

Includes

securities

determined

to

have

no

value

at

October

31,

2021.

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

8. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.