Franklin Gold and Precious Metals Fund Advisor Class (FGADX) NPORT-P Franklin Gold And Precious Metals Fund (Apr 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

132-Q3PH

1

Schedule

of

Investments

(unaudited)

Franklin

Gold

and

Precious

Metals

Fund

2

Notes

to

Schedule

of

Investments

7

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited),

April

30,

2022

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

a

Common

Stocks

98.9%

Copper

0.5%

a

Imperial

Metals

Corp.

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

Canada

2,065,330

$

5,948,485

a

Vizsla

Copper

Corp.

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

Canada

1,850,000

244,814

6,193,299

Diversified

Metals

&

Mining

11.6%

a,b

Aclara

Resources,

Inc.

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

United

Kingdom

444,972

204,362

a

Adventus

Mining

Corp.

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

Canada

2,000,000

902,970

a,c

Adventus

Mining

Corp.,

144A

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

Canada

5,850,000

2,641,186

a

Arizona

Metals

Corp.

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

Canada

150,000

704,083

a,c

Arizona

Metals

Corp.,

144A

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

Canada

1,244,000

5,839,194

a

Aston

Minerals

Ltd.

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

Australia

25,000,000

2,584,620

a

Azimut

Exploration,

Inc.

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

Canada

1,950,000

1,973,300

a

Bluestone

Resources,

Inc.

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

Canada

550,000

860,545

a,c

Bluestone

Resources,

Inc.,

144A

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

Canada

6,800,000

10,639,474

a

Chalice

Mining

Ltd.

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

Australia

5,159,965

24,769,799

a

Clean

Air

Metals,

Inc.

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

Canada

6,715,600

1,359,168

a,d,e

Clean

Air

Metals,

Inc.

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

Canada

3,600,000

673,894

a,b,c,f

Euro

Sun

Mining,

Inc.,

144A

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

Canada

10,000,000

1,517,923

a,f

G

Mining

Ventures

Corp.

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

Canada

7,500,000

4,670,533

a,c,f

G

Mining

Ventures

Corp.,

144A

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

Canada

8,250,000

5,137,586

a,c

Ivanhoe

Mines

Ltd.,

144A

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

Canada

2,035,000

16,316,117

a

Ivanhoe

Mines

Ltd.,

A

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

Canada

1,465,000

11,746,001

a,b

Los

Cerros

Ltd.

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

Australia

23,500,000

1,527,453

a

Matador

Mining

Ltd.

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

Australia

8,000,000

1,421,632

a

OreCorp

Ltd.

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

Australia

4,200,000

2,077,110

a

Orla

Mining

Ltd.

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

Canada

4,080,713

17,312,020

a,c

Orla

Mining

Ltd.,

144A

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

Canada

2,000,000

8,484,801

a

Prime

Mining

Corp.

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

Canada

3,500,000

8,255,167

a

Sunrise

Energy

Metals

Ltd.

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

Australia

1,359,999

3,189,986

a,f

Talisker

Resources

Ltd.

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

Canada

15,300,000

2,858,366

a,d,e,f

Talisker

Resources

Ltd.,

144A

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

Canada

6,600,000

1,184,357

a

Vizsla

Silver

Corp.

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

Canada

5,550,000

8,899,700

a

Western

Copper

&

Gold

Corp.

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

Canada

930,000

1,773,635

a

Western

Copper

&

Gold

Corp.

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

Canada

2,430,000

4,634,336

154,159,318

Environmental

&

Facilities

Services

0.0%

†

a

Clean

TeQ

Water

Ltd.

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

Australia

679,999

288,252

a

Gold

77.1%

Agnico

Eagle

Mines

Ltd.,

(CAD

Traded)

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

Canada

419,859

24,440,163

Agnico

Eagle

Mines

Ltd.,

(USD

Traded)

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

Canada

40,000

2,329,200

Alamos

Gold,

Inc.,

(CAD

Traded),

A

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

Canada

2,528,316

19,641,610

Alamos

Gold,

Inc.,

(USD

Traded),

A

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

Canada

1,969,500

15,283,320

AngloGold

Ashanti

Ltd.,

ADR

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

Tanzania

1,614,823

32,974,686

a,d,e

Argonaut

Gold,

Inc.,

144A

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

United

States

5,200,000

8,243,327

a,b

Artemis

Gold,

Inc.

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

Canada

1,725,000

9,533,725

a

Artemis

Gold,

Inc.

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

Canada

770,000

4,255,634

a,d,e,f

Ascot

Resources

Ltd.

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

Canada

3,300,000

2,135,060

a,c,f

Ascot

Resources

Ltd.,

144A

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

Canada

25,420,000

17,610,867

a

Auteco

Minerals

Ltd.

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

Australia

93,057,775

4,930,898

B2Gold

Corp.

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

Canada

7,863,694

33,360,941

a,f

Banyan

Gold

Corp.

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

Canada

14,667,629

4,909,571

Barrick

Gold

Corp.

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

Canada

3,022,383

67,429,365

a

Bellevue

Gold

Ltd.

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

Australia

14,944,000

10,057,710

a,b

Belo

Sun

Mining

Corp.

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

Canada

3,500,000

1,185,148

a,c

Belo

Sun

Mining

Corp.,

144A

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

Canada

3,800,000

1,286,732

a,f

Black

Cat

Syndicate

Ltd.

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

Australia

9,640,725

3,593,572

a,d,e,f

Bonterra

Resources,

Inc.,

144A

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

Canada

3,500,000

2,875,716

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Gold

(continued)

a,b

Breaker

Resources

NL

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

Australia

16,000,000

$

2,896,284

Centamin

plc

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

Egypt

12,915,200

14,802,950

Centerra

Gold,

Inc.

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

Kyrgyzstan

100,700

932,023

a,c

Centerra

Gold,

Inc.,

144A

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

Kyrgyzstan

2,728,400

25,252,540

a

Cerrado

Gold,

Inc.

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

Canada

2,800,000

3,705,289

a

Dacian

Gold

Ltd.

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

Australia

35,755,556

5,801,642

Dundee

Precious

Metals,

Inc.

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

Canada

3,057,415

17,706,899

a

Eldorado

Gold

Corp.

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

Turkey

1,848,724

17,959,814

a

Emerald

Resources

NL

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

Australia

17,220,000

14,599,115

Endeavour

Mining

plc

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

Burkina

Faso

2,791,114

68,308,585

a,f

Falcon

Metals

Ltd.

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

Australia

9,225,414

2,216,037

a

Firefinch

Ltd.

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

Australia

18,028,500

13,886,178

First

Mining

Gold

Corp.

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

Canada

7,500,000

1,488,732

a,b

Galiano

Gold,

Inc.

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

Canada

9,264,362

4,182,719

a

Gascoyne

Resources

Ltd.

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

Australia

7,550,800

1,493,699

a,d,f

Geopacific

Resources

Ltd.

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

Australia

38,375,694

2,914,586

Gold

Fields

Ltd.

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

South

Africa

1,074,800

14,574,619

a

Gold

Mountain

Mining

Corp.

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

Canada

2,900,000

2,054,256

a

Gold

Mountain

Mining

Corp.

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

Canada

2,050,000

1,452,147

a

Gold

Standard

Ventures

Corp.

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

Canada

6,370,000

2,628,031

a,d

Great

Bear

Resources

Ltd.

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

Canada

660,000

51,376

a,f

HighGold

Mining,

Inc.

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

Canada

4,803,000

3,327,498

Hochschild

Mining

plc

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

Peru

3,238,520

4,757,476

a

i-80

Gold

Corp.

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

Canada

2,015,000

5,285,914

a

Integra

Resources

Corp.,

(CAD

Traded)

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

Canada

2,260,000

2,427,743

a

Integra

Resources

Corp.,

(USD

Traded)

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

Canada

750,000

817,500

a

K92

Mining,

Inc.

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

Canada

1,300,000

9,259,331

Kinross

Gold

Corp.

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

Canada

280,993

1,419,565

a,f

Liberty

Gold

Corp.

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

Canada

16,329,800

8,770,920

a,c,f

Liberty

Gold

Corp.,

144A

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

Canada

2,600,000

1,396,489

a,f

Lion

One

Metals

Ltd.

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

Canada

4,312,400

4,028,241

a,c,f

Lion

One

Metals

Ltd.,

144A

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

Canada

4,024,000

3,758,845

a,d,e

Lydian

International

Ltd.

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

Jersey

6,375,000

—

a,d,e

Lydian

International

Ltd.,

144A

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

Jersey

25,250,000

—

a

Marathon

Gold

Corp.

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

Canada

3,459,000

6,139,042

a,b,c,f

Mawson

Gold

Ltd.,

144A

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

Canada

18,100,000

1,690,733

c,f

Mineros

SA,

144A

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

Colombia

4,115,000

3,427,432

a,d,e

Monarch

Mining

Corp.

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

Canada

6,000,000

2,468,634

a,f

Newcore

Gold

Ltd.

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

Canada

7,000,000

2,642,743

Newcrest

Mining

Ltd.,

(AUD

Traded)

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

Australia

2,611,914

49,046,585

Newcrest

Mining

Ltd.,

(CAD

Traded)

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

Australia

301,129

5,691,365

Newmont

Corp.

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

United

States

634,614

46,231,630

a

Nighthawk

Gold

Corp.

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

Canada

2,500,000

1,226,015

a,b

Nighthawk

Gold

Corp.

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

Canada

3,261,000

1,599,214

Northern

Star

Resources

Ltd.

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

Australia

1,172,254

8,057,257

a,f

O3

Mining,

Inc.

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

Canada

4,150,000

7,333,126

a

OceanaGold

Corp.

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

Australia

9,363,488

23,323,988

a

Ora

Banda

Mining

Ltd.

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

Australia

26,707,692

718,496

a,d,e

Osisko

Development

Corp.

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

Canada

1,825,000

5,605,967

a,c

Osisko

Development

Corp.,

144A

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

Canada

1,475,000

4,753,435

Osisko

Gold

Royalties

Ltd.

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

Canada

275,000

3,384,385

a

Osisko

Mining,

Inc.

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

Canada

8,700,000

27,427,704

a

Pantoro

Ltd.

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

Australia

58,613,794

11,486,004

a

Perpetua

Resources

Corp.

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

United

States

192,090

675,863

a,c

Perpetua

Resources

Corp.,

144A

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

United

States

403,000

1,417,943

Perseus

Mining

Ltd.

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

Australia

36,003,908

50,096,872

a

Predictive

Discovery

Ltd.

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

Australia

51,650,000

8,888,196

a,d,e

Probe

Metals,

Inc.

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

Canada

1,800,000

2,705,348

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Gold

(continued)

a

Probe

Metals,

Inc.

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

Canada

4,105,000

$

6,550,617

a,f

Red

5

Ltd.

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

Australia

172,656,665

49,579,154

a,f

RTG

Mining,

Inc.

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

Australia

1,769,918

110,219

a,c,f

RTG

Mining,

Inc.,

144A

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

Australia

2,397,790

149,319

a,f

RTG

Mining,

Inc.,

CDI

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

Australia

64,487,582

3,644,838

a,f

Saturn

Metals

Ltd.

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

Australia

7,783,333

2,089,591

a

Skeena

Resources

Ltd.

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

Canada

1,973,550

18,219,984

a

SolGold

plc,

(CAD

Traded)

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

Australia

13,650,000

4,940,840

a,b

SolGold

plc,

(GBP

Traded)

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

Australia

9,000,000

3,248,122

a,d

Solstice

Minerals

Ltd.

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

Australia

422,535

59,704

SSR

Mining,

Inc.

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

Canada

2,401,555

52,829,910

a

St.

Augustine

Gold

and

Copper

Ltd.,

(CAD

Traded)

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

United

States

5,309,336

351,297

a,c

St.

Augustine

Gold

and

Copper

Ltd.,

(CAD

Traded),

144A

.......

United

States

16,383,333

1,084,018

a,c

St.

Augustine

Gold

and

Copper

Ltd.,

(USD

Traded),

144A

.......

United

States

10,000,000

661,659

St.

Barbara

Ltd.

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

Australia

9,008,021

8,419,790

a

Superior

Gold,

Inc.

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

Canada

6,150,000

4,452,185

a,f

Thesis

Gold,

Inc.

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

Canada

2,300,000

3,831,394

a,d,e,f

Thesis

Gold,

Inc.,

144A

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

Canada

675,000

1,085,954

a

Torex

Gold

Resources,

Inc.

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

Canada

191,100

2,139,118

a,c

Torex

Gold

Resources,

Inc.,

144A

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

Canada

1,450,000

16,230,880

a,f

Troilus

Gold

Corp.

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

Canada

8,900,000

5,057,409

a

Tulla

Resources

plc,

CDI

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

Australia

10,300,000

4,475,324

a

Victoria

Gold

Corp.

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

Canada

1,100,000

11,987,701

a

West

African

Resources

Ltd.

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

Australia

13,264,984

12,653,803

a,b

Westhaven

Gold

Corp.

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

Canada

4,200,000

2,027,011

a

Wiluna

Mining

Corp.

Ltd.

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

Australia

9,755,000

5,076,561

1,027,228,667

Precious

Metals

&

Minerals

7.2%

Anglo

American

Platinum

Ltd.

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

South

Africa

92,556

10,291,899

a

Aurion

Resources

Ltd.

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

Canada

4,500,000

3,082,552

a,f

Benchmark

Metals,

Inc.

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

Canada

9,790,300

7,316,147

a,f

Benchmark

Metals,

Inc.

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

Canada

1,500,000

1,120,928

a

Eastern

Platinum

Ltd.

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

Canada

5,184,204

1,089,585

Impala

Platinum

Holdings

Ltd.

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

South

Africa

1,470,000

19,030,126

Impala

Platinum

Holdings

Ltd.,

ADR

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

South

Africa

1,206,100

15,866,245

a

Millennial

Precious

Metals

Corp.

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

Canada

4,868,700

2,046,548

a

Northam

Platinum

Holdings

Ltd.

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

South

Africa

1,089,019

13,040,623

a,d,e,f

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

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

South

Africa

1,769,911

2,780,823

a,f

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

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

South

Africa

10,000

16,580

a,b,f

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

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

South

Africa

2,042,787

3,387,021

a,c,f

Platinum

Group

Metals

Ltd.,

(CAD

Traded),

144A

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

South

Africa

97,760

162,090

a,f

Platinum

Group

Metals

Ltd.,

(USD

Traded)

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

South

Africa

4,041,856

6,628,644

a,c,f

Platinum

Group

Metals

Ltd.,

(USD

Traded),

144A

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

South

Africa

36,628

60,730

Royal

Bafokeng

Platinum

Ltd.

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

South

Africa

428,527

4,290,701

a,b,f

Sable

Resources

Ltd.

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

Canada

12,000,000

2,849,025

a

TDG

Gold

Corp.

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

Canada

2,080,000

777,177

a,d,e

TDG

Gold

Corp.,

144A

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

Canada

4,750,000

1,539,316

95,376,760

Silver

2.5%

a

Gatos

Silver,

Inc.

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

United

States

1,002,157

3,387,291

a

GoGold

Resources,

Inc.

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

Canada

9,262,858

18,242,347

Pan

American

Silver

Corp.

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

Canada

133,021

3,297,956

a

Silver

Mountain

Resources,

Inc.

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

Canada

7,300,000

1,477,445

a,f

Silver

Tiger

Metals,

Inc.

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

Canada

7,500,000

2,831,510

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Silver

(continued)

a,c,f

Silver

Tiger

Metals,

Inc.,

144A

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

Canada

10,000,000

$

3,775,347

33,011,896

Total

Common

Stocks

(Cost

$987,972,804)

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

1,316,258,192

Rights

a

a

Rights

0.1%

Silver

0.1%

a

Pan

American

Silver

Corp.,

CVR

,

2/22/29

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

Canada

1,850,600

1,517,492

Total

Rights

(Cost

$856,771)

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

1,517,492

Warrants

a

a

a

Warrants

0.4%

Diversified

Metals

&

Mining

0.1%

a,c,d

Adventus

Mining

Corp.,

144A,

7/26/23

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

Canada

1,000,000

3,562

a,d,e

Clean

Air

Metals,

Inc.,

144A,

2/23/23

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

Canada

1,379,500

21,087

a,d,e

Clean

Air

Metals,

Inc.,

2/23/24

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

Canada

3,600,000

235,692

a,d,e,f

Euro

Sun

Mining,

Inc.,

144A,

6/05/23

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

Canada

5,000,000

54,501

a,d,e,f

G

Mining

Ventures

Corp.,

144A,

5/19/22

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

Canada

4,125,000

90,515

a,d,e,f

G

Mining

Ventures

Corp.,

144A,

8/20/24

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

Canada

3,750,000

45,827

a,d,e

Prime

Mining

Corp.,

144A,

4/27/24

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

Canada

650,000

191,523

a,d,e

Vizsla

Silver

Corp.,

144A,

7/30/22

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

Canada

3,350,000

358,461

a,c

Vizsla

Silver

Corp.,

144A,

12/03/22

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

Canada

850,000

165,415

1,166,583

Gold

0.3%

a,d,e,f

Ascot

Resources

Ltd.,

2/10/49

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

Canada

1,650,000

227,534

a,c,d

First

Mining

Gold

Corp.,

144A,

8/26/22

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

Canada

3,750,000

—

a

Gold

Mountain

Mining

Corp.,

4/21/24

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

Canada

1,025,000

—

a,d,e,f

Mawson

Gold

Ltd.,

144A,

5/20/22

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

Canada

3,850,000

—

a,d,e

Monarch

Mining

Corp.,

4/06/27

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

Canada

6,000,000

531,623

a,c,d

Nighthawk

Gold

Corp.,

144A,

6/08/23

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

Canada

1,630,500

51,070

a,d,e,f

O3

Mining,

Inc.,

144A,

6/18/22

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

Canada

850,000

256

a

Osisko

Development

Corp.,

12/01/23

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

Canada

737,500

376,026

a,d,e

Osisko

Development

Corp.,

3/27/27

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

Canada

1,825,000

1,196,177

a,d,e

Osisko

Mining,

Inc.,

144A,

12/23/21

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

Canada

2,125,000

81,655

a,d,e

Probe

Metals,

Inc.,

144A,

11/24/22

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

Canada

1,700,000

405,880

a,d,e

Probe

Metals,

Inc.,

3/08/24

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

Canada

900,000

315,330

a,c,f

Troilus

Gold

Corp.,

144A,

6/30/23

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

Canada

1,000,000

97,303

a

Westhaven

Gold

Corp.,

3/03/23

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

Canada

2,100,000

302,417

3,585,271

Precious

Metals

&

Minerals

0.0%

†

a,d,e,f

Benchmark

Metals,

Inc.,

144A,

12/09/23

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

Canada

750,000

44,236

Silver

0.0%

†

a

Silver

Mountain

Resources,

Inc.,

1/31/24

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

Canada

3,650,000

284,124

Total

Warrants

(Cost

$–)

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

5,080,214

Total

Long

Term

Investments

(Cost

$988,829,575)

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

1,322,855,898

a

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

See

Abbreviations

on

page

14

.

Short

Term

Investments

0.7%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.7%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.

024

%

....

United

States

8,638,815

$

8,638,815

Total

Money

Market

Funds

(Cost

$8,638,815)

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

8,638,815

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Money

Market

Funds

0.0%

†

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.0

2

4%

....

United

States

504,000

504,000

Principal

Amount

*

Repurchase

Agreements

0.0%

†

i

Joint

Repurchase

Agreement,

J.P.

Morgan

Securities

LLC,

0.28%,

5/02/22

(Maturity

Value

$60,495)

Collateralized

by

U.S.

Treasury

Bill,

Discount

Note,

5/17/22

-

8/11/22;

and

U.S.

Treasury

Note,

0.125%,

7/31/22

(valued

at

$61,704)

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

60,494

60,494

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$564,494)

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

564,494

Total

Short

Term

Investments

(Cost

$9,203,309

)

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

9,203,309

a

Total

Investments

(Cost

$998,032,884)

100.1%

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

$1,332,059,207

Other

Assets,

less

Liabilities

(0.1)%

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

(564,653)

Net

Assets

100.0%

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

$1,331,494,554

*

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

April

30,

2022.

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

April

30,

2022,

the

aggregate

value

of

these

securities

was

$133,612,690,

representing

10.0%

of

net

assets.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

e

See

Note

3

regarding

restricted

securities.

f

See

Note

4

regarding

holdings

of

5%

voting

securities.

g

See

Note

5

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

April

30,

2022,

all

repurchase

agreements

had

been

entered

into

on

April

29,

2022.

Franklin

Gold

and

Precious

Metals

Fund

7

Quarterly

Schedule

of

Investments

Notes

to

Schedule

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

Schedule

of

Investments

(unaudited)

8

Quarterly

Schedule

of

Investments

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m

Eastern

time.

At

April

30,

2022,

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.

Restricted

Securities

At

April

30,

2022,

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

5,200,000

Argonaut

Gold,

Inc.,

144A

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

7/20/20-3/02/22

$

9,051,973

$

8,243,327

1,650,000

a

Ascot

Resources

Ltd,

2/10/49

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

3/09/22

—

227,534

3,300,000

a

Ascot

Resources

Ltd.

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

3/07/22

2,628,148

2,135,060

750,000

b

Benchmark

Metals,

Inc.,

144A,

12/09/23

...........

12/10/21

—

44,236

3,500,000

Bonterra

Resources,

Inc.,

144A

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

3/07/22

3,306,656

2,875,716

3,600,000

c

Clean

Air

Metals,

Inc.,

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

2/16/22

567,599

673,894

1,379,500

c

Clean

Air

Metals,

Inc.,

144A,

2/23/23

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

2/24/21

—

21,087

3,600,000

c

Clean

Air

Metals,

Inc.,

2/23/24

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

2/24/22

—

235,692

5,000,000

d

Euro

Sun

Mining,

Inc.,

144A,

6/05/23

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

6/09/20

—

54,501

4,125,000

e

G

Mining

Ventures

Corp.,

144A,

5/19/22

...........

11/27/20

—

90,515

3,750,000

e

G

Mining

Ventures

Corp.,

144A,

8/20/24

...........

9/16/21

—

45,827

6,375,000

Lydian

International

Ltd.

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

11/24/17

2,098,016

—

25,250,000

Lydian

International

Ltd.,

144A

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

3/06/12-3/10/16

14,750,154

—

3,850,000

f

Mawson

Gold

Ltd.,

144A,

5/20/22

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

5/22/20

—

—

6,000,000

Monarch

Mining

Corp.

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

4/04/22

2,882,883

2,468,634

6,000,000

Monarch

Mining

Corp.,

4/06/27

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

4/07/22

—

531,623

850,000

g

O3

Mining,

Inc.,

144A,

6/18/22

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

6/23/20

—

256

1,825,000

h

Osisko

Development

Corp.

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

2/25/22

6,394,937

5,605,967

1,825,000

h

Osisko

Development

Corp.,

3/27/27

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

3/03/22

—

1,196,177

2,125,000

i

Osisko

Mining,

Inc.,

144A,

12/23/21

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

6/24/20

—

81,655

1,769,911

j

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

.........

6/28/17

3,000,000

2,780,823

650,000

k

Prime

Mining

Corp.,

144A,

4/27/24

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

4/28/21

—

191,523

1,800,000

l

Probe

Metals,

Inc.

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

3/07/22

2,459,497

2,705,348

1,700,000

l

Probe

Metals,

Inc.,

144A,

11/24/22

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

11/23/20-11/24/20

—

405,880

900,000

l

Probe

Metals,

Inc.,

3/08/24

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

3/09/22

—

315,330

6,600,000

m

Talisker

Resources

Ltd,

144A

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

2/23/22

1,294,778

1,184,357

4,750,000

n

TDG

Gold

Corp.,

144A

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

4/05/22

1,596,958

1,539,316

675,000

o

Thesis

Gold,

Inc.,

144A

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

2/16/22

1,011,037

1,085,954

2. Financial

Instrument

Valuation

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Schedule

of

Investments

(unaudited)

9

Quarterly

Schedule

of

Investments

4.

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

April

30,

2022,

investments

in

“affiliated

companies”

were

as

follows: 

Shares/

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Gold

And

Precious

Metals

Fund

(continued)

3,350,000

p

Vizsla

Silver

Corp.,

144A,

7/30/22

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

8/03/20

$

—

$

358,461

Total

Restricted

Securities

(Value

is

2.

6

%

of

Net

Assets)

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

$51,042,636

$35,098,693

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$17,610,867

as

of

April

30,

2022.

b

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$8,437,075

as

of

April

30,

2022.

c

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,359,169

as

of

April

30,

2022.

d

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,517,923

as

of

April

30,

2022.

e

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$9,808,119

as

of

April

30,

2022.

f

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,690,733

as

of

April

30,

2022.

g

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$7,333,126

as

of

April

30,

2022.

h

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$5,129,461

as

of

April

30,

2022.

i

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$27,427,704

as

of

April

30,

2022.

j

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$10,255,066

as

of

April

30,

2022.

k

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$8,255,167

as

of

April

30,

2022.

l

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$6,550,617

as

of

April

30,

2022.

m

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$2,858,366

as

of

April

30,

2022.

n

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$777,177

as

of

April

30,

2022.

o

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$3,831,394

as

of

April

30,

2022.

p

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$9,065,115

as

of

April

30,

2022.

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,

2/10/49

..........

$

—

$

—

$

—

$

—

$

227,534

$

227,534

1,650,000

$

—

Ascot

Resources

Ltd.

..

—

2,628,148

—

—

(493,088)

2,135,060

3,300,000

—

Ascot

Resources

Ltd.,

144A

...........

25,045,192

642,545

(1,069,059)

382,405

(7,390,216)

17,610,867

25,420,000

—

Banyan

Gold

Corp

....

2,853,423

577,514

—

—

1,478,634

4,909,571

14,667,629

—

Benchmark

Metals

Inc

.

—

1,175,917

a

—

—

(54,989)

1,120,928

1,500,000

—

Benchmark

Metals,

Inc.

7,106,058

2,119,226

—

—

(1,909,137)

7,316,147

9,790,300

—

Benchmark

Metals,

Inc.,

144A,

12/09/23

....

—

—

a

—

—

44,236

44,236

750,000

—

Black

Cat

Syndicate

Ltd

3,082,037

1,042,530

—

—

(530,995)

3,593,572

9,640,725

—

3.

Restricted

Securities

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Schedule

of

Investments

(unaudited)

10

Quarterly

Schedule

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

Bonterra

Resources,

Inc.,

144A

...........

$

—

$

3,306,656

$

—

$

—

$

(430,940)

$

2,875,716

3,500,000

$

—

Euro

Sun

Mining,

Inc.,

144A

...........

3,044,872

—

—

—

(1,526,949)

1,517,923

10,000,000

—

Euro

Sun

Mining,

Inc.,

144A,

6/05/23

.....

273,474

—

—

—

(218,973)

54,501

5,000,000

—

Falcon

Metals

Ltd.

....

—

2,526,544

a

—

—

(310,507)

2,216,037

9,225,414

—

G

Mining

Ventures

Corp

5,618,990

5,688,850

a

—

—

(1,499,721)

9,808,119

15,750,000

—

G

Mining

Ventures

Corp.,

144A,

5/19/22

.....

825,159

—

—

—

(734,644)

90,515

4,125,000

—

G

Mining

Ventures

Corp.,

144A,

8/20/24

.....

—

—

a

—

—

45,827

45,827

3,750,000

—

Geopacific

Resources

Ltd.

9,389,974

—

—

—

(6,475,388)

2,914,586

38,375,694

—

HighGold

Mining,

Inc.

..

5,620,104

646,857

—

—

(2,939,463)

3,327,498

4,803,000

—

Liberty

Gold

Corp

....

14,132,012

4,425,426

—

—

(8,390,029)

10,167,409

18,929,800

—

Lion

One

Metals

Ltd.

..

4,353,866

—

—

—

(325,625)

4,028,241

4,312,400

—

Lion

One

Metals

Ltd.,

144A

...........

4,062,692

—

—

—

(303,847)

3,758,845

4,024,000

—

Mawson

Gold

Ltd.,

144A

1,449,920

1,218,274

—

—

(977,461)

1,690,733

18,100,000

—

Mawson

Gold

Ltd.,

144A,

5/20/22

..........

25,142

—

—

—

(25,142)

—

3,850,000

—

Mineros

SA,

144A

....

—

3,656,437

—

—

(229,005)

3,427,432

4,115,000

169,319

Newcore

Gold

Ltd

....

3,421,474

—

—

—

(778,731)

2,642,743

7,000,000

—

O3

Mining,

Inc.

......

7,079,712

95,575

—

—

157,839

7,333,126

4,150,000

—

O3

Mining,

Inc.,

144A,

6/18/22

..........

73,046

—

—

—

(72,790)

256

850,000

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

..

6,382,062

3,000,000

a

—

—

(3,197,638)

6,184,424

3,822,698

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded),

144A

...........

303,933

—

—

—

(141,843)

162,090

97,760

—

Platinum

Group

Metals

Ltd.,

(USD

Traded)

..

12,610,591

—

—

—

(5,981,947)

6,628,644

4,041,856

—

Platinum

Group

Metals

Ltd.,

(USD

Traded),

144A

...........

113,875

—

—

—

(53,145)

60,730

36,628

—

Red

5

Ltd.

.........

27,605,650

—

(4,489,223)

2,272,350

24,190,377

49,579,154

172,656,665

—

RTG

Mining,

Inc.

.....

219,822

—

—

—

(109,603)

110,219

1,769,918

—

RTG

Mining,

Inc.,

144A

.

297,802

—

—

—

(148,483)

149,319

2,397,790

—

RTG

Mining,

Inc.,

CDI

..

5,579,182

882,938

—

—

(2,817,282)

3,644,838

64,487,582

—

Sable

Resources

Ltd

..

2,029,587

—

—

—

819,438

2,849,025

12,000,000

—

Saturn

Metals

Ltd.

....

2,215,282

541,993

—

—

(667,684)

2,089,591

7,783,333

—

4.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Schedule

of

Investments

(unaudited)

11

Quarterly

Schedule

of

Investments

5.

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

April

30,

2022,

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

Silver

Tiger

Metals

Inc

.

$

3,185,096

$

4,463,412

$

—

$

—

$

(1,041,650)

$

6,606,858

17,500,000

$

—

Superior

Gold,

Inc.

....

3,400,240

—

—

—

—

—

b

—

—

Talisker

Resources

Ltd,

144A

...........

—

1,294,777

—

—

(110,420)

1,184,357

6,600,000

—

Talisker

Resources

Ltd.

.

3,555,289

—

—

—

(696,923)

2,858,366

15,300,000

—

Thesis

Gold,

Inc.

.....

2,414,263

—

—

—

1,417,131

3,831,394

2,300,000

—

Thesis

Gold,

Inc.,

144A

.

—

1,011,037

—

—

74,917

1,085,954

675,000

—

Troilus

Gold

Corp.

....

6,418,269

—

—

—

(1,360,860)

5,057,409

8,900,000

—

Troilus

Gold

Corp.,

144A,

6/30/23

..........

136,218

—

—

—

(38,915)

97,303

1,000,000

—

Total

Affiliated

Securities

(Value

is

13.9%

of

Net

Assets)

..........

$173,924,308

$40,944,656

$(5,558,282)

$

2,654,755

$

(23,528,100)

$185,037,097

$169,319

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

b

As

of

April

30,

2022,

no

longer

an

affiliate.

    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,

0.0

2

4%

$

16,845,034

$

144,781,879

$

(152,988,098)

$

—

$

—

$

8,638,815

8,638,815

$

627

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.0

2

4%

$6,641,000

$50,988,000

$(57,125,000)

$—

$—

$504,000

504,000

$609

Total

Affiliated

Securities

...

$23,486,034

$195,769,879

$(210,113,098)

$—

$—

$9,142,815

$1,236

4.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Schedule

of

Investments

(unaudited)

12

Quarterly

Schedule

of

Investments

6. 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

April

30,

2022,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Copper

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

$

6,193,299

$

—

$

—

$

6,193,299

Diversified

Metals

&

Mining

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

115,009,217

37,291,850

1,858,251

154,159,318

Environmental

&

Facilities

Services

.........

288,252

—

—

288,252

Gold

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

722,011,684

277,071,311

28,145,672

b

1,027,228,667

Precious

Metals

&

Minerals

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

70,905,567

20,151,054

4,320,139

95,376,760

Silver

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

31,534,451

1,477,445

—

33,011,896

Rights

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

1,517,492

—

—

1,517,492

Warrants

:

Diversified

Metals

&

Mining

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

165,415

—

1,001,168

1,166,583

Gold

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

775,746

—

2,809,525

b

3,585,271

Precious

Metals

&

Minerals

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

—

—

44,236

44,236

Silver

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

284,124

—

—

284,124

Short

Term

Investments

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

9,142,815

60,494

—

9,203,309

Total

Investments

in

Securities

...........

$957,828,062

$336,052,154

c

$38,178,991

$1,332,059,207

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

securities

determined

to

have

no

value

at

April

30,

2022.

c

Includes

foreign

securities

valued

at

$322,199,326,

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.

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Schedule

of

Investments

(unaudited)

13

Quarterly

Schedule

of

Investments

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 April

30,

2022,

the

reconciliation

is

as

follows:

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

April

30,

2022,

are

as

follows:

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

$

1,862,378

$

(4,719,689)

$

—

$

(1,978,156)

$

—

$

—

$

(968,457)

$

1,858,251

$

(4,126)

Gold

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

2,853,423

e

27,735,131

e

(2,683,818)

9,389,974

—

—

—

(9,149,038)

28,145,672

e

(8,979,433)

Precious

Metals

&

Minerals

........

2,029,587

4,596,957

(2,971,400)

—

—

—

—

664,995

4,320,139

(276,819)

Warrants

Diversified

Metals

&

Mining

.........

3,375,274

e

—

e

—

e

—

(270,049)

—

—

(2,104,057)

1,001,168

(2,018,660)

Gold

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

858,116

e

—

e

—

—

—

—

—

1,951,409

2,809,525

e

1,951,409

Precious

Metals

&

Minerals

........

—

—

e

—

—

—

—

—

44,236

44,236

44,236

Total

Investments

in

Securities

.

$16,778,575

$34,194,466

$(10,374,907)

$9,389,974

$(2,248,205)

$

—

$

—

$(9,560,912)

$38,178,991

$

(9,283,393)

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.

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:

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

$24,034,052

Market

comparables

Discount

for

lack

of

marketability

4.7%

-

7.4%

(5.6%)

Decrease

c 

Precious

Metals

&

Minerals....................................

4,320,139

Market

comparables

Discount

for

lack

of

marketability

5.2%

-

13.3%

(8.1%)

Decrease

c

All

Other

Investments……...…

9,824,800

d,e

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

$38,178,991

6. Fair

Value

Measurements 

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Schedule

of

Investments

(unaudited)

14

Quarterly

Schedule

of

Investments

Abbreviations

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

April

30,

2022.

Currency

AUD

Australian

Dollar

CAD

Canadian

Dollar

GBP

British

Pound

USD

United

States

Dollar

Selected

Portfolio

ADR

American

Depositary

Receipt

CDI

CREST

Depository

Interest

CVR

Contingent

Value

Right

6. 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.