Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
132-Q1PH
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),
October
31,
2022
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
Common
Stocks
98.6%
Copper
0.9%
a,b
Imperial
Metals
Corp.
..................................
Canada
2,065,330
$
3,683,758
a
SolGold
plc,
(CAD
Traded)
..............................
Australia
12,150,000
2,229,522
a
SolGold
plc,
(GBP
Traded)
..............................
Australia
10,650,000
1,954,147
a
Vizsla
Copper
Corp.
...................................
Canada
1,850,000
101,842
7,969,269
Diversified
Metals
&
Mining
9.7%
a,b
Aclara
Resources,
Inc.
.................................
United
Kingdom
444,972
89,817
a
Adventus
Mining
Corp.
.................................
Canada
3,350,000
725,374
a,c
Adventus
Mining
Corp.,
144A
............................
Canada
4,500,000
974,384
a
Arizona
Metals
Corp.
...................................
Canada
150,000
385,349
a,c
Arizona
Metals
Corp.,
144A
..............................
Canada
1,244,000
3,195,831
a
Aston
Minerals
Ltd.
....................................
Australia
25,000,000
1,187,376
a
Azimut
Exploration,
Inc.
.................................
Canada
1,950,000
715,649
a
Bluestone
Resources,
Inc.
...............................
Canada
550,000
246,257
a,c
Bluestone
Resources,
Inc.,
144A
..........................
Canada
6,800,000
3,044,627
a
Bravo
Mining
Corp.
....................................
Canada
2,880,000
3,635,936
a
Chalice
Mining
Ltd.
....................................
Australia
4,734,965
12,928,980
a,d
Clean
Air
Metals,
Inc.
..................................
Canada
10,315,600
757,164
a,c,d
Euro
Sun
Mining,
Inc.,
144A
.............................
Canada
10,000,000
477,099
a,c,d
G
Mining
Ventures
Corp.,
144A
...........................
Canada
18,750,000
8,945,611
a
Ivanhoe
Electric,
Inc.
...................................
United
States
306,000
3,200,760
a,c
Ivanhoe
Mines
Ltd.,
144A
...............................
Canada
2,035,000
14,115,348
a
Ivanhoe
Mines
Ltd.,
A
..................................
Canada
420,000
2,913,241
a
Leo
Lithium
Ltd.
......................................
Australia
5,172,756
2,039,650
a
Matador
Mining
Ltd.
...................................
Australia
10,813,044
614,706
a,d
Max
Resource
Corp.
...................................
Canada
6,000,000
1,629,477
a,b
OreCorp
Ltd.
.........................................
Australia
4,200,000
898,257
a
Prime
Mining
Corp.
....................................
Canada
3,500,000
3,031,415
a
Sunrise
Energy
Metals
Ltd.
..............................
Australia
1,359,999
1,753,750
a,d,e,f
Talisker
Resources
Ltd.
.................................
Canada
4,500,000
340,876
a,d
Talisker
Resources
Ltd.
.................................
Canada
21,900,000
1,848,576
a
Vizsla
Silver
Corp.
.....................................
Canada
5,550,000
6,395,699
a
Western
Copper
&
Gold
Corp.
............................
Canada
930,000
1,208,236
a,b
Western
Copper
&
Gold
Corp.
............................
Canada
2,430,000
3,157,002
80,456,447
Environmental
&
Facilities
Services
0.0%
†
a,b
Clean
TeQ
Water
Ltd.
..................................
Australia
679,999
169,635
a
Gold
77.8%
Agnico
Eagle
Mines
Ltd.,
(CAD
Traded)
.....................
Canada
405,859
17,853,149
Agnico
Eagle
Mines
Ltd.,
(USD
Traded)
.....................
Canada
40,000
1,758,400
Alamos
Gold,
Inc.,
(CAD
Traded),
A
........................
Canada
2,373,316
18,726,620
Alamos
Gold,
Inc.,
(USD
Traded),
A
........................
Canada
1,744,500
13,764,105
AngloGold
Ashanti
Ltd.,
ADR
.............................
Tanzania
1,564,823
20,420,940
a
Artemis
Gold,
Inc.
.....................................
Canada
3,720,000
10,211,979
a,b,c,d
Ascot
Resources
Ltd.,
144A
.............................
Canada
6,500,000
2,051,527
a,c,d
Ascot
Resources
Ltd.,
144A
.............................
Canada
22,220,000
7,013,065
a,b
Auteco
Minerals
Ltd.
...................................
Australia
93,057,775
2,683,066
B2Gold
Corp.
........................................
Canada
7,183,694
21,934,943
a,d
Banyan
Gold
Corp.
....................................
Canada
18,417,629
4,934,259
Barrick
Gold
Corp.
....................................
Canada
2,962,383
44,524,616
a
Bellevue
Gold
Ltd.
.....................................
Australia
14,944,000
7,054,411
a,b
Belo
Sun
Mining
Corp.
.................................
Canada
3,500,000
655,094
a,c
Belo
Sun
Mining
Corp.,
144A
.............................
Canada
3,800,000
711,245
a,d
Black
Cat
Syndicate
Ltd.
................................
Australia
11,522,800
2,207,587
a
Bonterra
Resources,
Inc.
................................
Canada
3,500,000
976,218
a,b
Breaker
Resources
NL
.................................
Australia
16,000,000
2,853,474
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)
Centamin
plc
.........................................
Egypt
13,615,200
$
13,841,151
Centerra
Gold,
Inc.
....................................
Kyrgyzstan
3,200
14,868
a,c
Centerra
Gold,
Inc.,
144A
...............................
Kyrgyzstan
2,825,900
13,129,732
a
Cerrado
Gold,
Inc.
.....................................
Canada
2,800,000
1,541,397
a
De
Grey
Mining
Ltd.
...................................
Australia
5,000,000
3,382,439
Dundee
Precious
Metals,
Inc.
............................
Canada
3,207,415
14,549,196
a
Eldorado
Gold
Corp.
...................................
Turkey
1,848,724
10,326,475
a
Emerald
Resources
NL
.................................
Australia
17,220,000
12,474,448
Endeavour
Mining
plc
..................................
Burkina
Faso
2,532,114
45,033,120
a,b,d
Falcon
Metals
Ltd.
.....................................
Australia
9,225,414
1,121,692
a,e
Firefinch
Ltd.
.........................................
Australia
18,028,500
691,916
a
First
Mining
Gold
Corp.
.................................
Canada
7,500,000
1,128,523
a,b
Galiano
Gold,
Inc.
.....................................
Canada
9,264,362
4,556,021
a
Gascoyne
Resources
Ltd.
...............................
Australia
3,690,800
540,958
a
Genesis
Minerals
Ltd.
..................................
Australia
6,298,509
4,629,200
a,d
Geopacific
Resources
Ltd.
..............................
Australia
38,375,694
1,448,274
Gold
Fields
Ltd.
.......................................
South
Africa
999,800
8,010,551
a,d
Gold
Mountain
Mining
Corp.
.............................
Canada
3,900,000
386,451
a,d
Gold
Mountain
Mining
Corp.
.............................
Canada
2,050,000
203,134
a,d
HighGold
Mining,
Inc.
..................................
Canada
4,803,000
2,256,254
Hochschild
Mining
plc
..................................
Peru
2,038,520
1,245,567
a,b
i-80
Gold
Corp.
.......................................
Canada
2,015,000
3,372,137
a,c
i-80
Gold
Corp.,
144A
..................................
Canada
675,000
1,129,624
a,d
Integra
Resources
Corp.,
(CAD
Traded)
....................
Canada
2,260,000
1,227,540
a,d
Integra
Resources
Corp.,
(USD
Traded)
....................
Canada
1,850,000
1,091,500
a,b
K92
Mining,
Inc.
......................................
Canada
1,300,000
5,906,489
a,d
Liberty
Gold
Corp.
.....................................
Canada
16,329,800
4,015,328
a,c,d
Liberty
Gold
Corp.,
144A
................................
Canada
2,600,000
639,313
a
Lion
One
Metals
Ltd.
...................................
Canada
4,312,400
2,184,055
a,c
Lion
One
Metals
Ltd.,
144A
..............................
Canada
4,024,000
2,037,992
a,e,f
Lydian
International
Ltd.
................................
Jersey
6,375,000
—
a,e,f
Lydian
International
Ltd.,
144A
...........................
Jersey
25,250,000
—
a
Marathon
Gold
Corp.
...................................
Canada
6,450,000
3,976,806
a,b
Marathon
Gold
Corp.
...................................
Canada
3,459,000
2,132,677
a,d
Mawson
Gold
Ltd.
.....................................
Canada
18,100,000
1,859,953
c
Mineros
SA,
144A
.....................................
Colombia
4,115,000
2,416,324
a,d
Monarch
Mining
Corp.
..................................
Canada
6,000,000
242,220
a,d,e,f
Moneta
Gold,
Inc.,
144A
................................
Canada
2,000,000
1,998,538
a,b,d
Newcore
Gold
Ltd.
....................................
Canada
9,200,000
1,418,086
Newcrest
Mining
Ltd.,
(AUD
Traded)
.......................
Australia
2,501,914
27,709,401
Newcrest
Mining
Ltd.,
(CAD
Traded)
.......................
Australia
301,129
3,322,056
Newmont
Corp.
.......................................
United
States
634,614
26,856,864
a,d
Nighthawk
Gold
Corp.
..................................
Canada
5,761,000
1,268,570
Northern
Star
Resources
Ltd.
............................
Australia
1,042,254
5,816,922
a,d
O3
Mining,
Inc.
.......................................
Canada
4,150,000
3,655,314
a,d,e,f
O3
Mining,
Inc.
.......................................
Canada
950,000
791,773
a
OceanaGold
Corp.
....................................
Australia
9,063,488
13,172,127
a,b
Ora
Banda
Mining
Ltd.
.................................
Australia
26,707,692
1,293,210
a
Orla
Mining
Ltd.
......................................
Canada
4,640,653
14,646,806
a,c
Orla
Mining
Ltd.,
144A
..................................
Canada
2,000,000
6,312,390
a,c
Osisko
Development
Corp.,
144A
.........................
Canada
960,849
3,949,467
a
Osisko
Mining,
Inc.
....................................
Canada
7,900,000
16,467,998
a,d
Pantoro
Ltd.
.........................................
Australia
87,025,525
7,753,171
a,c
Perpetua
Resources
Corp.,
144A
.........................
United
States
403,000
946,565
Perseus
Mining
Ltd.
...................................
Australia
29,558,141
34,426,377
a
Predictive
Discovery
Ltd.
................................
Australia
61,751,010
5,924,855
a,d
Probe
Metals,
Inc.
.....................................
Canada
705,000
595,090
a,c,d
Probe
Metals,
Inc.,
144A
................................
Canada
5,200,000
4,389,313
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,c,d
Pure
Gold
Mining,
Inc.,
144A
.............................
Canada
26,000,000
$
286,259
a,d
Red
5
Ltd.
...........................................
Australia
187,628,277
19,125,957
a,e,f
Reunion
Gold
Corp.
...................................
Canada
13,000,000
3,729,952
a,d
RTG
Mining,
Inc.
......................................
Australia
1,769,918
58,460
a,c,d
RTG
Mining,
Inc.,
144A
.................................
Australia
2,397,790
79,199
a,d
RTG
Mining,
Inc.,
CDI
..................................
Australia
64,487,582
2,058,321
a,d
Saturn
Metals
Ltd.
.....................................
Australia
7,783,333
1,394,010
a
Skeena
Resources
Ltd.
.................................
Canada
2,193,550
9,885,788
a
Solstice
Minerals
Ltd.
..................................
Australia
417,327
40,041
SSR
Mining,
Inc.
......................................
Canada
2,401,555
33,068,975
a
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded)
............
United
States
5,137,336
245,102
a,c
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded),
144A
.......
United
States
16,383,333
781,648
a,c
St.
Augustine
Gold
and
Copper
Ltd.,
(USD
Traded),
144A
.......
United
States
10,000,000
477,099
a
St.
Barbara
Ltd.
.......................................
Australia
9,008,021
2,932,677
a
Superior
Gold,
Inc.
....................................
Canada
500,000
73,400
a,c
Superior
Gold,
Inc.,
144A
...............................
Canada
5,350,000
785,379
a
Thesis
Gold,
Inc.
......................................
Canada
2,975,000
1,812,427
a
Torex
Gold
Resources,
Inc.
..............................
Canada
191,100
1,301,679
a,c
Torex
Gold
Resources,
Inc.,
144A
.........................
Canada
1,430,000
9,740,458
a
Troilus
Gold
Corp.
.....................................
Canada
8,900,000
2,351,732
a,d
Tulla
Resources
plc,
CDI
................................
Australia
14,135,802
3,344,361
a
Victoria
Gold
Corp.
....................................
Canada
1,210,000
6,101,512
a
West
African
Resources
Ltd.
.............................
Australia
12,764,984
8,452,173
a
Westhaven
Gold
Corp.
.................................
Canada
3,202,375
893,205
a,d,e
Wiluna
Mining
Corp.
Ltd.
................................
Australia
19,510,000
586,066
645,398,796
Precious
Metals
&
Minerals
7.9%
Anglo
American
Platinum
Ltd.
............................
South
Africa
92,556
7,371,117
a
Aurion
Resources
Ltd.
..................................
Canada
4,500,000
1,552,408
a,d
Benchmark
Metals,
Inc.
.................................
Canada
1,500,000
423,884
a,d
Benchmark
Metals,
Inc.
.................................
Canada
9,790,300
2,766,637
a,d,e,f
Benchmark
Metals,
Inc.
.................................
Canada
2,000,000
510,571
a,b
Eastern
Platinum
Ltd.
..................................
Canada
2,484,204
319,095
Impala
Platinum
Holdings
Ltd.
............................
South
Africa
1,470,000
15,053,380
b
Impala
Platinum
Holdings
Ltd.,
ADR
.......................
South
Africa
1,206,100
12,290,159
a,d
Millennial
Precious
Metals
Corp.
..........................
Canada
10,168,700
1,642,039
a
Northam
Platinum
Holdings
Ltd.
..........................
South
Africa
1,064,019
9,986,883
a,b,d
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..................
South
Africa
2,042,787
3,103,765
a,d
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..................
South
Africa
1,779,911
2,704,357
a,c,d
Platinum
Group
Metals
Ltd.,
(CAD
Traded),
144A
.............
South
Africa
97,760
148,534
a,b,d
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..................
South
Africa
4,041,856
6,224,458
a,c,d
Platinum
Group
Metals
Ltd.,
(USD
Traded),
144A
.............
South
Africa
36,628
55,652
a
Sable
Resources
Ltd.
..................................
Canada
12,000,000
616,559
a,d
TDG
Gold
Corp.
......................................
Canada
2,080,000
244,275
a,c,d
TDG
Gold
Corp.,
144A
.................................
Canada
4,750,000
557,839
65,571,612
Silver
2.3%
a
Gatos
Silver,
Inc.
......................................
United
States
607,157
2,003,618
a
GoGold
Resources,
Inc.
................................
Canada
9,262,858
10,266,380
Pan
American
Silver
Corp.
..............................
Canada
123,021
1,963,966
a,d
Silver
Mountain
Resources,
Inc.
..........................
Canada
7,300,000
1,875,367
a,c,d
Silver
Tiger
Metals,
Inc.,
144A
............................
Canada
17,500,000
2,761,670
18,871,001
Total
Common
Stocks
(Cost
$985,601,873)
.....................................
818,436,760
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Rights
a
Value
a
a
a
Rights
0.2%
Gold
0.0%
†
a,d,e
Kinross
Gold
Corp.,
CVR
,
2/24/32
.........................
Canada
660,000
$
48,444
Silver
0.2%
a
Pan
American
Silver
Corp.,
CVR
,
2/22/29
...................
Canada
1,850,600
1,110,360
Total
Rights
(Cost
$856,772)
..................................................
1,158,804
Warrants
a
a
a
Warrants
0.3%
Diversified
Metals
&
Mining
0.1%
a,e,f
Adventus
Mining
Corp.,
144A,
7/26/23
......................
Canada
1,000,000
9,134
a,d,e,f
Clean
Air
Metals,
Inc.,
144A,
2/23/23
.......................
Canada
1,379,500
8
a,d,e,f
Clean
Air
Metals,
Inc.,
144A,
2/23/24
.......................
Canada
3,600,000
28,580
a,d,e,f
Euro
Sun
Mining,
Inc.,
144A,
6/05/23
.......................
Canada
5,000,000
741
a,d,e,f
G
Mining
Ventures
Corp.,
144A,
8/20/24
....................
Canada
3,750,000
77,243
a,d,e,f
Max
Resource
Corp.,
144A,
10/05/23
......................
Canada
6,000,000
205,711
a,e,f
Prime
Mining
Corp.,
144A,
4/27/24
........................
Canada
650,000
49,665
a,d,e,f
Talisker
Resources
Ltd.,
144A,
1/11/25
.....................
Canada
4,500,000
148,149
a,c
Vizsla
Silver
Corp.,
144A,
12/03/22
........................
Canada
850,000
18,717
537,948
Gold
0.2%
a,d,e,f
Ascot
Resources
Ltd.,
144A,
3/08/24
.......................
Canada
1,650,000
64,188
a,d,f
Gold
Mountain
Mining
Corp.,
144A,
4/21/24
..................
Canada
1,025,000
2,212
a,e
Marathon
Gold
Corp.,
9/19/24
............................
Canada
3,225,000
368,454
a,d,e,f
Monarch
Mining
Corp.,
144A,
4/06/27
......................
Canada
6,000,000
135,097
a,b,c,d,e
Nighthawk
Gold
Corp.,
144A,
6/08/23
......................
Canada
1,630,500
17
a,d
Nighthawk
Gold
Corp.,
5/03/24
...........................
Canada
1,250,000
36,700
a
Osisko
Development
Corp.,
12/01/23
......................
Canada
737,500
75,785
a,e,f
Osisko
Development
Corp.,
144A,
3/27/27
..................
Canada
1,825,000
686,667
a,d,e,f
Probe
Metals,
Inc.,
144A,
11/24/22
........................
Canada
1,700,000
—
a,d,e,f
Probe
Metals,
Inc.,
144A,
3/08/24
.........................
Canada
900,000
9,776
a,d,f
Pure
Gold
Mining,
Inc.,
144A,
11/13/22
.....................
Canada
26,000,000
—
a,e,f
Reunion
Gold
Corp.,
144A,
7/08/24
........................
Canada
6,500,000
520,902
a
Troilus
Gold
Corp.,
6/30/23
..............................
Canada
1,000,000
75,235
a
Westhaven
Gold
Corp.,
3/03/23
...........................
Canada
2,100,000
88,630
a,d,e
Wiluna
Mining
Corp.
Ltd.,
12/31/24
........................
Australia
9,755,000
—
2,063,663
Precious
Metals
&
Minerals
0.0%
†
a,d,e,f
Benchmark
Metals,
Inc.,
144A,
12/09/23
....................
Canada
750,000
3,984
a,d,e,f
Benchmark
Metals,
Inc.,
9/29/24
..........................
Canada
1,000,000
54,578
a,d,e,f
Millennial
Precious
Metals
Corp.,
5/18/24
...................
Canada
2,650,000
49,689
108,251
Silver
0.0%
†
a,c,d
Silver
Mountain
Resources,
Inc.,
144A,
1/31/24
...............
Canada
3,650,000
107,164
Total
Warrants
(Cost
$–)
......................................................
2,817,026
Total
Long
Term
Investments
(Cost
$986,458,645)
...............................
822,412,590
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
15
.
Short
Term
Investments
1.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.2%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.86%
.....
United
States
9,719,343
$
9,719,343
Total
Money
Market
Funds
(Cost
$9,719,343)
...................................
9,719,343
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.3%
Money
Market
Funds
0.3%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.86%
.....
United
States
2,275,000
2,275,000
Principal
Amount
*
Repurchase
Agreements
0.0%
†
i
Joint
Repurchase
Agreement,
J.P.
Morgan
Securities
LLC,
3%,
11/01/22
(Maturity
Value
$578,919)
Collateralized
by
U.S.
Treasury
Bill,
Discount
Note,
1/05/23;
and
U.S.
Treasury
Notes,
0.625%
-
2.125%,
5/31/23
-
10/31/24
(valued
at
$590,449)
.......................................
578,871
578,871
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$2,853,871)
.................................................................
2,853,871
Total
Short
Term
Investments
(Cost
$12,573,214
)
................................
12,573,214
a
Total
Investments
(Cost
$999,031,859)
100.6%
..................................
$834,985,804
Other
Assets,
less
Liabilities
(0.6)%
...........................................
(5,134,441)
Net
Assets
100.0%
...........................................................
$829,851,363
*
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,
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
October
31,
2022,
the
aggregate
value
of
these
securities
was
$91,279,092,
representing
11.0%
of
net
assets.
d
See
Note
4
regarding
holdings
of
5%
voting
securities.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
f
See
Note
3
regarding
restricted
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
October
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
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
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's
administrator
in
performing
this
responsibility,
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
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m
Eastern
time.
At
October
31,
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
October
31,
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
a
nd
Precious
Metals
Fund
1,000,000
a
Adventus
Mining
Corp.,
144A,
7/26/23
............
1/27/22
$
—
$
9,134
1,650,000
b
Ascot
Resources
Ltd.,
144A,
3/08/24
.............
3/09/22
—
64,188
2,000,000
c
Benchmark
Metals
,
Inc...
......................
9/26/22
611,621
510,571
750,000
c
Benchmark
Metals,
Inc.,
144A,
12/09/23
...........
12/10/21
—
3,984
1,000,000
c
Benchmark
Metals,
Inc.,
9/29/24
................
9/30/22
—
54,578
1,379,500
d
Clean
Air
Metals,
Inc.,
144A,
2/23/23
.............
2/24/21
—
8
3,600,000
d
Clean
Air
Metals,
Inc.,
144A,
2/23/24
.............
2/24/22
—
28,580
5,000,000
e
Euro
Sun
Mining,
Inc.,
144A,
6/05/23
.............
6/09/20
—
741
3,750,000
f
G
Mining
Ventures
Corp.,
144A,
8/20/24
...........
9/16/21
—
77,243
1,025,000
g
Gold
Mountain
Mining
Corp.,
144A,
4/21/24
........
4/22/22
—
2,212
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
—
6,000,000
h
Max
Resources
Ltd.,
144A,
10/05/23
.............
5/20/22
—
205,711
2,650,000
i
Millennial
Precious
Metals
Corp.,
5/18/24
..........
6/17/22
—
49,689
6,000,000
j
Monarch
Mining
Corp.,
144A,
4/06/27
.............
4/07/22
—
135,097
2,000,000
Moneta
Gold,
Inc.,
144A
.......................
8/18/22
2,543,782
1,998,538
950,000
k
O3
Mining,
Inc.
..............................
8/19/22
1,177,036
791,773
1,825,000
l
Osisko
Development
Corp.,
144A,
3/27/27
.........
3/03/22
—
686,667
650,000
m
Prime
Mining
Corp.,
144A,
4/27/24
...............
4/28/21
—
49,665
1,700,000
n
Probe
Metals,
Inc.,
144A,
11/24/22
...............
11/23/20
-
11/24/20
—
—
900,000
n
Probe
Metals,
Inc.,
144A,
3/08/24
................
3/09/22
—
9,776
26,000,000
o
Pure
Gold
Mining,
Inc.,
144A,
11/13/22
............
5/27/22
—
—
13,000,000
Reunion
Gold
Corp.
..........................
7/07/22
2,604,508
3,729,952
6,500,000
Reunion
Gold
Corp.,
144A,
7/08/24
..............
7/11/22
—
520,902
4,500,000
p
Talisker
Resources
Ltd
........................
8/10/22
563,512
340,876
4,500,000
p
Talisker
Resources
Ltd.,
144A,
1/11/25
............
8/12/22
—
148,149
Total
Restricted
Securities
(Value
is
1.1%
of
Net
Assets)
..............
$24,348,629
$9,418,034
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
October
31,
2022,
investments
in
“affiliated
companies”
were
as
follows:
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,699,758
as
of
October
31,
2022.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$9,064,592
as
of
October
31,
2022.
c
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,190,521
as
of
October
31,
2022.
d
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$757,164
as
of
October
31,
2022.
e
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$477,099
as
of
October
31,
2022.
f
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$8,945,611
as
of
October
31,
2022.
g
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$589,585
as
of
October
31,
2022.
h
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,629,477
as
of
October
31,
2022.
i
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,642,039
as
of
October
31,
2022.
j
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$242,220
as
of
October
31,
2022.
k
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,655,314
as
of
October
31,
2022.
l
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,025,253
as
of
October
31,
2022.
m
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,031,415
as
of
October
31,
2022.
n
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,984,403
as
of
October
31,
2022.
o
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$286,260
as
of
October
31,
2022.
p
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,848,576
as
of
October
31,
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
Held
at
End
of
Period
Investment
Income
Franklin
Gold
a
nd
Precious
Metals
Fund
Non-Controlled
Affiliates
Dividends
Ascot
Resources
Ltd.,
144A
...........
$
1,928,934
$
—
$
—
$
—
$
122,593
$
2,051,527
6,500,000
$
—
Ascot
Resources
Ltd.,
144A
...........
6,593,987
—
—
—
419,078
7,013,065
22,220,000
—
Ascot
Resources
Ltd.,
144A,
3/08/24
.....
90,648
—
—
—
(26,460)
64,188
1,650,000
—
Banyan
Gold
Corp.
...
6,878,581
—
—
—
(1,944,322)
4,934,259
18,417,629
—
Benchmark
Metals,
Inc.
702,851
—
—
—
(278,967)
423,884
1,500,000
—
Benchmark
Metals,
Inc.
4,587,411
—
—
—
(1,820,774)
2,766,637
9,790,300
—
Benchmark
Metals,
Inc.
—
611,621
a
—
—
(101,050)
510,571
2,000,000
—
Benchmark
Metals,
Inc.,
144A,
12/09/23
....
30,232
—
—
—
(26,248)
3,984
750,000
—
Benchmark
Metals,
Inc.,
9/29/24
..........
—
—
a
—
—
54,578
54,578
1,000,000
—
Black
Cat
Syndicate
Ltd
3,048,844
—
—
—
(841,257)
2,207,587
11,522,800
—
Clean
Air
Metals,
Inc.
..
1,450,065
—
—
—
(692,901)
757,164
10,315,600
—
Clean
Air
Metals,
Inc.,
144A,
2/23/23
.....
878
—
—
—
(870)
8
1,379,500
—
Clean
Air
Metals,
Inc.,
144A,
2/23/24
.....
87,884
—
—
—
(59,304)
28,580
3,600,000
—
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
Held
at
End
of
Period
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Euro
Sun
Mining,
Inc.,
144A
...........
$
859,039
$
—
$
—
$
—
$
(381,940)
$
477,099
10,000,000
$
—
Euro
Sun
Mining,
Inc.,
144A,
6/05/23
.....
11,761
—
—
—
(11,020)
741
5,000,000
—
Falcon
Metals
Ltd.
....
1,460,861
—
—
—
(339,169)
1,121,692
9,225,414
—
G
Mining
Ventures
Corp.,
144A
...........
—
10,711,519
a
—
—
(1,765,908)
8,945,611
18,750,000
—
G
Mining
Ventures
Corp.,
144A,
8/20/24
.....
526,066
—
—
—
(448,823)
77,243
3,750,000
—
Geopacific
Resources
Ltd.
1,902,429
—
—
—
(454,155)
1,448,274
38,375,694
—
Gold
Mountain
Mining
Corp
.
...........
1,172,589
—
—
—
(786,138)
386,451
3,900,000
—
Gold
Mountain
Mining
Corp.
...........
616,361
—
—
—
(413,227)
203,134
2,050,000
—
Gold
Mountain
Mining
Corp.,
144A,
4/21/24
.
41,792
—
—
—
(39,580)
2,212
1,025,000
—
HighGold
Mining,
Inc.
..
3,338,282
—
—
—
(1,082,028)
2,256,254
4,803,000
—
Integra
Resources
Corp.,
(CAD
Traded)
.....
1,535,494
—
—
—
(307,954)
1,227,540
2,260,000
—
Integra
Resources
Corp.,
(USD
Traded)
.....
1,258,185
—
—
—
(166,685)
1,091,500
1,850,000
—
Kinross
Gold
Corp.,
CVR,
2/24/32
..........
51,542
—
—
—
(3,098)
48,444
660,000
—
Liberty
Gold
Corp
....
6,185,047
—
—
—
(2,169,719)
4,015,328
16,329,800
—
Liberty
Gold
Corp.,
144A
984,772
—
—
—
(345,459)
639,313
2,600,000
—
Lion
One
Metals
Ltd.
..
4,647,491
—
—
—
—
b
—
b
—
b
—
Lion
One
Metals
Ltd.,
144A
...........
4,336,680
—
—
—
—
b
—
b
—
b
—
Mawson
Gold
Ltd
.....
1,554,861
—
a
—
—
305,092
1,859,953
18,100,000
—
Max
Resource
Corp
...
—
2,785,838
a
—
—
(1,156,361)
1,629,477
6,000,000
—
Max
Resources
Ltd.,
144A,
10/05/23
.........
403,169
—
—
—
(197,458)
205,711
6,000,000
—
Millennial
Precious
Metals
Corp
............
2,223,535
—
—
—
(581,496)
1,642,039
10,168,700
—
Millennial
Precious
Metals
Corp.,
5/18/24
.....
162,133
—
—
—
(112,444)
49,689
2,650,000
—
Monarch
Mining
Corp
..
2,188,325
—
a
—
—
(1,946,105)
242,220
6,000,000
—
Monarch
Mining
Corp.,
144A,
4/06/27
.....
697,256
—
—
—
(562,159)
135,097
6,000,000
—
Moneta
Gold,
Inc.,
144A
—
2,543,782
—
—
(545,244)
1,998,538
2,000,000
—
Newcore
Gold
Ltd
....
2,155,408
—
—
—
(737,322)
1,418,086
9,200,000
—
Nighthawk
Gold
Corp
..
1,889,590
—
—
—
(621,020)
1,268,570
5,761,000
—
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
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
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Nighthawk
Gold
Corp.,
144A,
6/08/23
.....
$
3,299
$
—
$
—
$
—
$
(3,282)
$
17
1,630,500
$
—
Nighthawk
Gold
Corp.,
5/03/24
..........
63,452
—
—
—
(26,752)
36,700
1,250,000
—
O3
Mining,
Inc.
......
—
1,177,037
—
—
(385,264)
791,773
950,000
—
O3
Mining,
Inc
.
......
5,801,250
—
—
—
(2,145,936)
3,655,314
4,150,000
—
Pantoro
Ltd
.........
9,269,140
1,624,258
a
—
—
(3,140,227)
7,753,171
87,025,525
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..
3,270,374
—
—
—
(166,609)
3,103,765
2,042,787
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..
2,849,525
—
—
—
(145,168)
2,704,357
1,779,911
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded),
144A
...........
156,508
—
—
—
(7,974)
148,534
97,760
—
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..
6,507,388
—
—
—
(282,930)
6,224,458
4,041,856
—
Platinum
Group
Metals
Ltd.,
(USD
Traded),
144A
...........
58,639
—
—
—
(2,987)
55,652
36,628
—
Probe
Metals
Inc
.....
820,344
—
—
—
(225,254)
595,090
705,000
—
Probe
Metals,
Inc.,
144A
6,050,761
—
—
—
(1,661,448)
4,389,313
5,200,000
—
Probe
Metals,
Inc.,
144A,
11/24/22
.........
77,040
—
—
—
(77,040)
—
1,700,000
—
Probe
Metals,
Inc.,
144A,
3/08/24
..........
157,862
—
—
—
(148,086)
9,776
900,000
—
Pure
Gold
Mining,
Inc.,
144A
...........
—
3,039,040
a
—
—
(2,752,781)
286,259
26,000,000
—
Pure
Gold
Mining,
Inc.,
144A,
11/13/22
.....
—
—
a
—
—
—
—
26,000,000
—
Red
5
Ltd.
.........
32,018,514
1,560,720
a
—
—
(14,453,277)
19,125,957
187,628,277
—
RTG
Mining,
Inc.
.....
89,844
—
—
—
(31,384)
58,460
1,769,918
—
RTG
Mining,
Inc.,
144A
.
121,715
—
—
—
(42,516)
79,199
2,397,790
—
RTG
Mining,
Inc.,
CDI
..
3,063,908
—
—
—
(1,005,587)
2,058,321
64,487,582
—
Sable
Resources
Ltd.
..
2,202,265
—
—
—
—
b
—
b
—
b
—
Saturn
Metals
Ltd.
....
1,658,655
—
—
—
(264,645)
1,394,010
7,783,333
—
Silver
Mountain
Resources
Inc.
............
1,282,702
—
—
—
592,665
1,875,367
7,300,000
—
Silver
Mountain
Resources,
Inc.,
144A,
1/31/24
..........
178,153
—
—
—
(70,989)
107,164
3,650,000
—
Silver
Tiger
Metals,
Inc.,
144A
...........
4,099,961
—
—
—
(1,338,291)
2,761,670
17,500,000
—
Talisker
Resources
Ltd
.
—
563,513
a
—
—
(222,637)
340,876
4,500,000
—
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
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
October
31,
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
Held
at
End
of
Period
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Talisker
Resources
Ltd.
.
$
2,479,891
$
—
$
—
$
—
$
(631,315)
$
1,848,576
21,900,000
$
—
Talisker
Resources
Ltd.,
144A,
1/11/25
.....
—
—
a
—
—
148,149
148,149
4,500,000
—
TDG
Gold
Corp
......
259,898
—
—
—
(15,623)
244,275
2,080,000
—
TDG
Gold
Corp.,
144A
.
585,027
—
—
—
(27,188)
557,839
4,750,000
—
Thesis
Gold,
Inc.
.....
3,229,403
—
—
—
—
b
—
b
—
b
—
Troilus
Gold
Corp.
....
3,405,701
—
—
—
—
b
—
b
—
b
—
Troilus
Gold
Corp.,
6/30/23
29,285
—
—
—
—
b
—
b
—
b
—
Tulla
Resources
plc,
CDI
4,013,747
935,200
—
—
(1,604,586)
3,344,361
14,135,802
—
Wiluna
Mining
Corp
Ltd
.
2,898,345
—
—
—
(2,312,279)
586,066
19,510,000
—
Wiluna
Mining
Corp
Ltd.,
12/31/24
.........
272,633
—
—
—
(272,633)
—
9,755,000
—
Total
Affiliated
Securities
(Value
is
14.2%
of
Net
Assets)
..........
$162,578,212
$25,552,528
$—
$—
$(52,789,198)
$117,490,717
$—
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
b
As
of
October
31,
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,
2.86%
.
$
4,427,844
$
37,279,295
$
(31,987,796)
$
—
$
—
$
9,719,343
9,719,343
$
32,893
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.86%
.
$3,062,000
$8,827,000
$(9,614,000)
$—
$—
$2,275,000
2,275,000
$17,051
Total
Affiliated
Securities
...
$7,489,844
$46,106,295
$(41,601,796)
$—
$—
$11,994,343
$49,944
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
13
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
October
31,
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:
Common
Stocks
:
Copper
..............................
$
7,969,269
$
—
$
—
$
7,969,269
Diversified
Metals
&
Mining
...............
55,563,411
24,552,160
340,876
80,456,447
Environmental
&
Facilities
Services
.........
169,635
—
—
169,635
Gold
................................
463,177,826
174,422,725
7,798,245
a
645,398,796
Precious
Metals
&
Minerals
...............
41,654,821
23,406,220
510,571
65,571,612
Silver
...............................
16,995,634
1,875,367
—
18,871,001
Rights
:
Gold
................................
—
—
48,444
48,444
Silver
...............................
1,110,360
—
—
1,110,360
Warrants
:
Diversified
Metals
&
Mining
...............
18,717
—
519,231
537,948
Gold
................................
276,350
2,212
1,785,101
a
2,063,663
Precious
Metals
&
Minerals
...............
—
—
108,251
108,251
Silver
...............................
107,164
—
—
107,164
Short
Term
Investments
...................
11,994,343
578,871
—
12,573,214
Total
Investments
in
Securities
...........
$599,037,530
$224,837,555
b
$11,110,719
$834,985,804
a
Includes
financial
instruments
determined
to
have
no
value
at
October
31,
2022.
b
Includes
foreign
securities
valued
at
$213,896,825,
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)
14
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 October
31,
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
October
31,
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
.........
$
1,567,117
$
563,514
$
(2,785,839)
$
—
$
—
$
—
$
—
$
996,084
$
340,876
$
(222,637)
Gold
............
10,603,419
e
3,720,819
(7,225,414)
2,898,345
—
—
—
(2,198,924)
7,798,245
e
(3,817,034)
Precious
Metals
&
Minerals
........
585,027
611,621
—
—
(585,027)
—
—
(101,050)
510,571
(101,050)
Rights
Gold
............
51,542
—
—
—
—
—
—
(3,098)
48,444
(3,098)
Warrants
Diversified
Metals
&
Mining
.........
1,277,893
—
e
—
—
—
—
—
(758,662)
519,231
(758,662)
Gold
............
1,887,657
e
—
e
—
e
272,633
—
—
—
(375,189)
1,785,10
1
e
(375,189)
Precious
Metals
&
Minerals
........
192,365
—
e
—
—
—
—
—
(84,114)
108,251
(84,114)
Total
Investments
in
Securities
.
$16,165,020
$4,895,954
$(10,011,253)
$3,170,978
$(585,027)
$
—
$
—
$
(2,524,953)
$11,110,719
$
(5,361,784)
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
Transferred
out
of
Level
3
as
a
result
of
the
availability
of
a
quoted
price
in
an
active
market
for
identical
securities
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
e
Includes
financial
instruments
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.......................................
$5,728,490
Market
comparables
Discount
for
lack
of
marketability
2.3%
-
4.1%
(2.9%)
Decrease
All
Other
Investments……...…
5,382,229
c,d
Total.........................................
$11,110,719
6. Fair
Value
Measurements
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
15
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
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
d
Includes
financial
instruments
determined
to
have
no
value
at
October
31,
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.