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,
2023
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
Common
Stocks
99.2%
Copper
1.0%
a
Faraday
Copper
Corp.
.................................
Canada
4,400,000
$
3,313,155
a,b
Imperial
Metals
Corp.
..................................
Canada
2,065,330
2,698,682
a
SolGold
plc,
(CAD
Traded)
..............................
Australia
10,650,000
2,555,182
a,b
SolGold
plc,
(GBP
Traded)
..............................
Australia
10,650,000
2,550,005
a
Vizsla
Copper
Corp.
...................................
Canada
528,571
109,257
11,226,281
Diversified
Metals
&
Mining
10.2%
a
Aclara
Resources,
Inc.
.................................
United
Kingdom
444,972
151,105
a
Adventus
Mining
Corp.
.................................
Canada
500,000
138,417
a
Adventus
Mining
Corp.
.................................
Canada
3,350,000
927,396
a,c
Adventus
Mining
Corp.,
144A
............................
Canada
4,500,000
1,245,755
a
Arizona
Metals
Corp.
...................................
Canada
150,000
438,506
a,c
Arizona
Metals
Corp.,
144A
..............................
Canada
1,244,000
3,636,675
a
Aston
Minerals
Ltd.
....................................
Australia
25,000,000
1,588,080
a
Azimut
Exploration,
Inc.
.................................
Canada
1,700,000
1,606,378
a
Bluestone
Resources,
Inc.
...............................
Canada
550,000
215,193
a,c
Bluestone
Resources,
Inc.,
144A
..........................
Canada
6,800,000
2,660,564
a,b
Bravo
Mining
Corp.
....................................
Canada
2,880,000
6,633,397
a
Chalice
Mining
Ltd.
....................................
Australia
3,039,965
16,161,644
a,d
Clean
Air
Metals,
Inc.
..................................
Canada
10,315,600
609,219
a,c
G
Mining
Ventures
Corp.,
144A
...........................
Canada
18,750,000
14,533,811
a
Ivanhoe
Electric,
Inc.
...................................
United
States
300,900
3,583,719
a
Ivanhoe
Mines
Ltd.,
A
..................................
Canada
1,670,000
14,485,826
a,d,e,f
Magna
Mining,
Inc.
....................................
Canada
2,210,000
1,360,233
a
Matador
Mining
Ltd.
...................................
Australia
10,813,044
535,717
a,d
Max
Resource
Corp.
...................................
Canada
6,000,000
620,109
a,b
OreCorp
Ltd.
.........................................
Australia
8,684,200
2,259,749
a
Prime
Mining
Corp.
....................................
Canada
4,590,000
7,522,368
a,d
Silver
Mountain
Resources,
Inc.
..........................
Canada
10,300,000
1,520,744
a,b
Sunrise
Energy
Metals
Ltd.
..............................
Australia
1,359,999
1,193,098
a,d
Talisker
Resources
Ltd.
.................................
Canada
26,400,000
2,436,143
a
Troilus
Gold
Corp.
.....................................
Canada
8,900,000
4,796,250
a
Vizsla
Silver
Corp.
.....................................
Canada
3,000,000
4,318,618
a,b
Vizsla
Silver
Corp.
.....................................
Canada
5,550,000
7,989,443
a,e,f
Vizsla
Silver
Corp.
.....................................
Canada
2,500,000
3,445,713
a
Western
Copper
&
Gold
Corp.
............................
Canada
930,000
1,585,930
a
Western
Copper
&
Gold
Corp.
............................
Canada
2,430,000
4,143,880
112,343,680
Environmental
&
Facilities
Services
0.0%
†
a
Clean
TeQ
Water
Ltd.
..................................
Australia
679,999
141,736
a
Gold
79.9%
Agnico
Eagle
Mines
Ltd.,
(CAD
Traded)
.....................
Canada
405,859
23,028,438
Agnico
Eagle
Mines
Ltd.,
(USD
Traded)
.....................
Canada
15,000
850,950
Alamos
Gold,
Inc.,
(CAD
Traded),
A
........................
Canada
2,373,316
30,678,254
Alamos
Gold,
Inc.,
(USD
Traded),
A
........................
Canada
1,744,500
22,556,385
AngloGold
Ashanti
Ltd.,
ADR
.............................
Australia
1,079,823
28,701,695
a
Artemis
Gold,
Inc.
.....................................
Canada
3,720,000
12,495,202
a,c,d
Ascot
Resources
Ltd.,
144A
.............................
Canada
22,220,000
10,498,154
a,b,c,d
Ascot
Resources
Ltd.,
144A
.............................
Canada
6,500,000
3,071,017
a,d
Auteco
Minerals
Ltd.
...................................
Australia
116,057,775
3,075,205
B2Gold
Corp.
........................................
Canada
6,883,694
27,085,552
a,d
Banyan
Gold
Corp.
....................................
Canada
20,167,629
5,955,302
Barrick
Gold
Corp.
....................................
Canada
2,897,383
55,166,172
a
Bellevue
Gold
Ltd.
.....................................
Australia
14,544,000
13,653,240
a
Belo
Sun
Mining
Corp.
.................................
Canada
3,500,000
193,784
a,c
Belo
Sun
Mining
Corp.,
144A
.............................
Canada
3,800,000
210,394
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
Black
Cat
Syndicate
Ltd.
................................
Australia
11,522,800
$
3,284,324
a
Bonterra
Resources,
Inc.
................................
Canada
3,500,000
788,056
a
Breaker
Resources
NL
.................................
Australia
13,500,000
4,120,578
a
Catalyst
Metals
Ltd.
...................................
Australia
3,500,000
2,231,530
Centamin
plc
.........................................
Egypt
13,215,200
17,151,737
Centerra
Gold,
Inc.
....................................
Canada
3,200
21,639
c
Centerra
Gold,
Inc.,
144A
...............................
Canada
2,825,900
19,109,142
a
Cerrado
Gold,
Inc.
.....................................
Canada
2,800,000
1,963,679
a
De
Grey
Mining
Ltd.
...................................
Australia
5,000,000
5,366,567
Dundee
Precious
Metals,
Inc.
............................
Canada
2,762,415
20,270,490
a
Eldorado
Gold
Corp.
...................................
Turkey
1,428,724
15,789,162
a
Emerald
Resources
NL
.................................
Australia
16,570,000
21,182,247
Endeavour
Mining
plc
..................................
Burkina
Faso
2,222,114
57,217,877
a,d
Falcon
Metals
Ltd.
.....................................
Australia
9,225,414
2,207,758
a,e
Firefinch
Ltd.
.........................................
Australia
18,028,500
715,767
a
First
Mining
Gold
Corp.
.................................
Canada
7,500,000
996,604
a
Galiano
Gold,
Inc.
.....................................
Canada
9,264,362
5,744,917
a
Gascoyne
Resources
Ltd.
...............................
Australia
15,690,800
1,323,602
a
Genesis
Minerals
Ltd.
..................................
Australia
6,298,509
5,648,938
a,d
Geopacific
Resources
Ltd.
..............................
Australia
60,464,743
914,736
Gold
Fields
Ltd.
.......................................
South
Africa
479,800
7,476,267
a,d
Gold
Mountain
Mining
Corp.
.............................
Canada
2,050,000
257,272
a,d
Gold
Mountain
Mining
Corp.
.............................
Canada
3,900,000
489,443
a,d,e,f
Heliostar
Metals
Ltd.
...................................
Canada
10,325,000
2,862,981
a,d,e,f
HighGold
Mining,
Inc.
..................................
Canada
800,000
395,601
a,d
HighGold
Mining,
Inc.
..................................
Canada
4,803,000
2,517,444
Hochschild
Mining
plc
..................................
Peru
2,038,520
1,841,828
a
i-80
Gold
Corp.
.......................................
Canada
2,015,000
5,057,582
a,c
i-80
Gold
Corp.,
144A
..................................
Canada
675,000
1,694,227
a,d
Integra
Resources
Corp.,
(CAD
Traded)
....................
Canada
2,260,000
1,201,240
a,d,e,f
Integra
Resources
Corp.,
(CAD
Traded)
....................
Canada
4,000,000
2,067,031
a,d
Integra
Resources
Corp.,
(USD
Traded)
....................
Canada
1,850,000
1,000,850
a
K92
Mining,
Inc.
......................................
Canada
1,300,000
6,180,422
a
Kingsgate
Consolidated
Ltd.
.............................
Australia
2,800,000
2,612,521
a,d
Liberty
Gold
Corp.
.....................................
Canada
16,329,800
6,148,087
a,c,d
Liberty
Gold
Corp.,
144A
................................
Canada
2,600,000
978,887
a,c,d
Lion
One
Metals
Ltd.,
144A
..............................
Canada
8,336,400
6,338,765
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
10,613,000
6,737,915
a,d
Mawson
Gold
Ltd.
.....................................
Canada
18,100,000
2,538,757
c
Mineros
SA,
144A
.....................................
Colombia
4,115,000
2,004,946
a,d
Monarch
Mining
Corp.
..................................
Canada
6,000,000
243,614
a,d,e,f
Monarch
Mining
Corp.,
144A
.............................
Canada
9,500,000
325,234
a
Moneta
Gold,
Inc.
.....................................
Canada
2,250,000
1,943,378
a
Montage
Gold
Corp.
...................................
Canada
4,000,000
2,067,031
a,d
Newcore
Gold
Ltd.
....................................
Canada
9,200,000
1,290,418
Newcrest
Mining
Ltd.,
(AUD
Traded)
.......................
Australia
2,461,914
47,009,928
Newcrest
Mining
Ltd.,
(CAD
Traded)
.......................
Australia
301,129
5,724,252
Newmont
Corp.
.......................................
United
States
626,614
29,701,504
a,d
Nighthawk
Gold
Corp.
..................................
Canada
5,761,000
2,891,983
Northern
Star
Resources
Ltd.
............................
Australia
1,017,254
9,073,716
a,d
O3
Mining,
Inc.
.......................................
Canada
5,100,000
6,099,217
OceanaGold
Corp.
....................................
Australia
8,563,488
19,597,529
a
Ora
Banda
Mining
Ltd.
.................................
Australia
38,107,692
3,655,384
a
Orla
Mining
Ltd.
......................................
Canada
3,845,653
17,374,425
a,c
Orla
Mining
Ltd.,
144A
..................................
Canada
2,000,000
9,035,878
a,c
Osisko
Development
Corp.,
144A
.........................
Canada
960,849
5,135,499
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,e,f
Osisko
Mining,
Inc.
....................................
Canada
700,000
$
1,898,065
a
Osisko
Mining,
Inc.
....................................
Canada
6,926,923
19,738,611
a,d
Pantoro
Ltd.
.........................................
Australia
229,590,399
11,097,735
a,c
Perpetua
Resources
Corp.,
144A
.........................
United
States
403,000
1,918,906
Perseus
Mining
Ltd.
...................................
Australia
28,558,141
42,205,911
a
Predictive
Discovery
Ltd.
................................
Australia
59,751,010
7,004,904
a
Probe
Gold,
Inc.
......................................
Canada
705,000
822,309
a,c
Probe
Gold,
Inc.,
144A
.................................
Canada
5,200,000
6,065,259
a,c,e
Pure
Gold
Mining,
Inc.,
144A
.............................
Canada
26,000,000
—
a,d
Red
5
Ltd.
...........................................
Australia
228,628,277
25,747,846
a
Resolute
Mining
Ltd.
...................................
Australia
29,033,333
9,212,866
a
Reunion
Gold
Corp.
...................................
Canada
13,000,000
4,318,618
a,d
RTG
Mining,
Inc.
......................................
Australia
1,769,918
62,063
a,c,d
RTG
Mining,
Inc.,
144A
.................................
Australia
2,397,790
84,080
a,d
RTG
Mining,
Inc.,
CDI
..................................
Australia
64,487,582
1,985,280
a,d
Saturn
Metals
Ltd.
.....................................
Australia
10,339,999
1,133,373
a
Skeena
Resources
Ltd.
.................................
Canada
2,143,550
14,431,696
a
Southern
Cross
Gold
Ltd.
...............................
Canada
4,200,000
1,815,488
SSR
Mining,
Inc.
......................................
Canada
2,381,555
34,107,609
a
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded)
............
United
States
5,137,336
208,588
a,c
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded),
144A
.......
United
States
16,383,333
665,203
a,c
St.
Augustine
Gold
and
Copper
Ltd.,
(USD
Traded),
144A
.......
United
States
10,000,000
406,024
a
St.
Barbara
Ltd.
.......................................
Australia
9,008,021
3,605,649
a
Superior
Gold,
Inc.
....................................
Canada
500,000
77,514
a,c
Superior
Gold,
Inc.,
144A
...............................
Canada
5,350,000
829,396
a
Thesis
Gold,
Inc.
......................................
Canada
2,975,000
1,691,090
a,c
Torex
Gold
Resources,
Inc.,
144A
.........................
Canada
1,275,000
20,923,704
a
Tulla
Resources
plc,
CDI
................................
Australia
15,300,000
3,406,607
a
Victoria
Gold
Corp.
....................................
Canada
1,160,000
8,357,892
a
West
African
Resources
Ltd.
.............................
Australia
12,264,984
7,935,253
a
Westhaven
Gold
Corp.
.................................
Canada
1,800,000
425,218
a,d,e
Wiluna
Mining
Corp.
Ltd.
................................
Australia
19,510,000
264,650
877,287,557
Precious
Metals
&
Minerals
5.7%
Anglo
American
Platinum
Ltd.
............................
South
Africa
88,556
5,249,920
a,d,e,f
Aurion
Resources
Ltd.
..................................
Canada
2,400,000
1,202,807
a,d
Aurion
Resources
Ltd.
..................................
Canada
4,500,000
2,458,290
a,d
Benchmark
Metals,
Inc.
.................................
Canada
3,500,000
981,840
a,d
Benchmark
Metals,
Inc.
.................................
Canada
9,790,300
2,746,430
Impala
Platinum
Holdings
Ltd.
............................
South
Africa
1,470,000
14,310,455
Impala
Platinum
Holdings
Ltd.,
ADR
.......................
South
Africa
1,206,100
11,699,170
a,d
Millennial
Precious
Metals
Corp.
..........................
Canada
10,168,700
1,238,621
a
Northam
Platinum
Holdings
Ltd.
..........................
South
Africa
924,019
9,043,203
a,d
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..................
South
Africa
1,779,911
2,772,488
a,b,d
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..................
South
Africa
2,042,787
3,181,958
a,c,d
Platinum
Group
Metals
Ltd.,
(CAD
Traded),
144A
.............
South
Africa
97,760
152,276
a,b,d
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..................
South
Africa
3,441,856
5,472,551
a,c,d
Platinum
Group
Metals
Ltd.,
(USD
Traded),
144A
.............
South
Africa
36,628
57,054
a
Sable
Resources
Ltd.
..................................
Canada
12,000,000
620,109
a,d
TDG
Gold
Corp.
......................................
Canada
2,080,000
437,620
a,c,d
TDG
Gold
Corp.,
144A
.................................
Canada
4,750,000
999,372
62,624,164
Silver
2.4%
a
Aya
Gold
&
Silver,
Inc.
..................................
Canada
690,000
5,491,068
a
Gatos
Silver,
Inc.
......................................
United
States
157,157
938,227
a
GoGold
Resources,
Inc.
................................
Canada
9,262,858
12,103,395
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)
Pan
American
Silver
Corp.
..............................
Canada
123,021
$
2,190,511
a,d
Silver
Tiger
Metals,
Inc.
.................................
Canada
3,560,000
775,284
a,c,d
Silver
Tiger
Metals,
Inc.,
144A
............................
Canada
21,500,000
4,682,194
26,180,679
Total
Common
Stocks
(Cost
$975,618,306)
.....................................
1,089,804,097
Rights
a
a
Rights
0.1%
Gold
0.0%
†
a,e
Kinross
Gold
Corp.,
CVR
,
2/24/32
.........................
Canada
660,000
48,723
Precious
Metals
&
Minerals
0.0%
†
a
Eastern
Platinum
Ltd.
,
5/05/23
...........................
Canada
890,986
3,289
Silver
0.1%
a
Pan
American
Silver
Corp.,
CVR
,
2/22/29
...................
Canada
1,850,600
1,017,830
Total
Rights
(Cost
$856,771)
..................................................
1,069,842
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
1
a,d,e,f
Clean
Air
Metals,
Inc.,
144A,
2/23/24
.......................
Canada
3,600,000
10,763
a,e,f
Euro
Sun
Mining,
Inc.,
144A,
6/05/23
.......................
Canada
5,000,000
—
a,e,f
G
Mining
Ventures
Corp.,
144A,
8/20/24
....................
Canada
3,750,000
52,468
a,d,e,f
Max
Resource
Corp.,
144A,
10/05/23
......................
Canada
6,000,000
—
a,e,f
Prime
Mining
Corp.,
144A,
4/27/24
........................
Canada
650,000
38,881
a,c,d
Silver
Mountain
Resources,
Inc.,
144A,
1/31/24
...............
Canada
3,650,000
20,209
a,d
Silver
Mountain
Resources,
Inc.,
2/09/26
....................
Canada
1,500,000
30,452
a,d,e,f
Talisker
Resources
Ltd.,
144A,
1/11/25
.....................
Canada
4,500,000
70,746
a
Troilus
Gold
Corp.,
6/30/23
..............................
Canada
1,000,000
14,764
a,e,f
Vizsla
Silver
Corp.,
144A,
11/15/24
........................
Canada
1,500,000
494,909
733,193
Gold
0.2%
a,d,e,f
Ascot
Resources
Ltd.,
144A,
3/08/24
.......................
Canada
1,650,000
6,707
a,d,e,f
Gold
Mountain
Mining
Corp.,
144A,
4/21/24
..................
Canada
1,025,000
163
a,d,e,f
Heliostar
Metals
Ltd.,
2/24/25
............................
Canada
5,162,500
745,769
a,e
Marathon
Gold
Corp.,
9/19/24
............................
Canada
3,225,000
335,282
a,d,e,f
Monarch
Mining
Corp.,
144A,
4/06/27
......................
Canada
6,000,000
59,225
a,c,d,e
Nighthawk
Gold
Corp.,
144A,
6/08/23
......................
Canada
1,630,500
3,673
a,d
Nighthawk
Gold
Corp.,
5/03/24
...........................
Canada
1,250,000
87,664
a
Osisko
Development
Corp.,
12/01/23
......................
Canada
737,500
43,555
a,e,f
Osisko
Development
Corp.,
144A,
3/27/27
..................
Canada
608,333
80,173
a,e
Osisko
Mining,
Inc.,
8/28/24
.............................
Canada
350,000
205,246
a,e,f
Probe
Gold,
Inc.,
144A,
3/08/24
...........................
Canada
900,000
53,227
a,e,f
Reunion
Gold
Corp.,
144A,
7/08/24
........................
Canada
6,500,000
619,323
a,d,e
Wiluna
Mining
Corp.
Ltd.,
12/31/24
........................
Australia
9,755,000
—
2,240,007
Precious
Metals
&
Minerals
0.0%
†
a,d,e,f
Benchmark
Metals,
Inc.,
144A,
12/09/23
....................
Canada
750,000
27
a,d,e,f
Benchmark
Metals,
Inc.,
9/29/24
..........................
Canada
1,000,000
27,127
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
.
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
(continued)
Precious
Metals
&
Minerals
(continued)
a,d,e,f
Millennial
Precious
Metals
Corp.,
5/18/24
...................
Canada
2,650,000
$
1,013
28,167
Total
Warrants
(Cost
$–)
......................................................
3,001,367
Total
Long
Term
Investments
(Cost
$976,475,077)
...............................
1,093,875,306
a
Short
Term
Investments
0.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.4%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
....
United
States
4,103,161
4,103,161
Total
Money
Market
Funds
(Cost
$4,103,161)
...................................
4,103,161
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
....
United
States
1,410,000
1,410,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$1,410,000)
.................................................................
1,410,000
Total
Short
Term
Investments
(Cost
$5,513,161
)
.................................
5,513,161
a
Total
Investments
(Cost
$981,988,238)
100.1%
..................................
$1,099,388,467
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(1,084,518)
Net
Assets
100.0%
...........................................................
$1,098,303,949
†
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,
2023.
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,
2023,
the
aggregate
value
of
these
securities
was
$116,961,064,
representing
10.6%
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.
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.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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.
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,
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
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
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 April
30,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
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,
2023,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933
(1933
Act),
were
as
follows:
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Gold
and
Precious
Metals
Fund
1,000,000
a
Adventus
Mining
Corp.,
144A,
7/26/23
............
1/27/22
$
—
$
1
1,650,000
b
Ascot
Resources
Ltd.,
144A,
3/08/24
.............
3/09/22
—
6,707
2,400,000
c
Aurion
Resources
Ltd.
........................
4/05/23
980,392
1,202,807
750,000
d
Benchmark
Metals,
Inc.,
144A,
12/09/23
...........
12/10/21
—
27
1,000,000
d
Benchmark
Metals,
Inc.,
9/29/24
................
9/30/22
—
27,127
3,600,000
e
Clean
Air
Metals,
Inc.,
144A,
2/23/24
.............
2/24/22
—
10,763
5,000,000
Euro
Sun
Mining,
Inc.,
144A,
6/05/23
.............
6/09/20
—
—
3,750,000
f
G
Mining
Ventures
Corp.,
144A,
8/20/24
...........
9/16/21
—
52,468
1,025,000
g
Gold
Mountain
Mining
Corp.,
144A,
4/21/24
........
4/22/22
—
163
10,325,000
Heliostar
Metals
Ltd.
.........................
3/07/23
1,651,820
2,862,981
5,162,500
Heliostar
Metals
Ltd.,
2/24/25
...................
3/20/23
—
745,769
800,000
h
HighGold
Mining,
Inc.
.
........................
4/06/23
391,546
395,601
4,000,000
i
Integra
Resources
Corp.,
(CAD
Traded).
..........
3/13/23
2,039,330
2,067,031
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
—
2,210,000
Magna
Mining,
Inc.
...........................
1/23/23
1,817,706
1,360,233
6,000,000
j
Max
Resource
Corp.,
144A,
10/05/23
.............
5/20/22
—
—
2,650,000
k
Millennial
Precious
Metals
Corp.,
5/18/24
..........
6/17/22
—
1,013
9,500,000
l
Monarch
Mining
Corp.,
144A
...................
1/18/23
457,407
325,234
6,000,000
l
Monarch
Mining
Corp.,
144A,
4/06/27
.............
4/07/22
—
59,225
608,333
m
Osisko
Development
Corp.,
144A,
3/27/27
.........
3/03/22
—
80,173
700,000
n
Osisko
Mining
,
Inc.
...........................
2/22/23
1,600,767
1,898,065
650,000
o
Prime
Mining
Corp.,
144A,
4/27/24
...............
4/28/21
—
38,881
900,000
p
Probe
Gold,
Inc.,
144A,
3/08/24
.................
3/09/22
—
53,227
6,500,000
q
Reunion
Gold
Corp.,
144A,
7/08/24
..............
7/11/22
—
619,323
4,500,000
r
Talisker
Resources
Ltd.,
144A,
1/11/25
............
8/12/22
—
70,746
2,500,000
s
Vizsla
Silver
Corp.
...........................
2/03/23
3,077,899
3,445,713
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,
2023,
investments
in
“affiliated
companies”
were
as
follows:
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Gold
and
Precious
Metals
Fund
(continued)
1,500,000
s
Vizsla
Silver
Corp.,
144A,
11/15/24
...............
11/16/22
$
—
$
494,909
Total
Restricted
Securities
(Value
is
1.4%
of
Net
Assets)
..............
$28,865,037
$15,818,187
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,311,568
as
of
April
30,
2023.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$13,569,171
as
of
April
30,
2023.
c
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,458,290
as
of
April
30,
2023.
d
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,728,270
as
of
April
30,
2023.
e
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$609,219
as
of
April
30,
2023.
f
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$14,533,811
as
of
April
30,
2023.
g
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$746,715
as
of
April
30,
2023.
h
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,517,444
as
of
April
30,
2023.
i
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,202,090
as
of
April
30,
2023.
j
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$620,109
as
of
April
30,
2023.
k
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,238,621
as
of
April
30,
2023.
l
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$243,614
as
of
April
30,
2023.
m
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$5,179,054
as
of
April
30,
2023.
n
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$19,943,857
as
of
April
30,
2023.
o
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$7,522,368
as
of
April
30,
2023.
p
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,887,568
as
of
April
30,
2023.
q
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,318,618
as
of
April
30,
2023.
r
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,436,143
as
of
April
30,
2023.
s
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$12,308,061
as
of
April
30,
2023.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
a
nd
Precious
Metals
Fund
Non-Controlled
Affiliates
Dividends
Ascot
Resources
Ltd.,
144A
...........
$
6,593,987
$
—
$
—
$
—
$
3,904,167
$
10,498,154
22,220,000
$
—
Ascot
Resources
Ltd.,
144A,
3/08/24
.....
90,648
—
—
—
(83,941)
6,707
1,650,000
—
Ascot
Resources
Ltd.,
144A.
...........
1,928,934
—
—
—
1,142,083
3,071,017
6,500,000
—
Aurion
Resources
Ltd.
.
—
980,392
—
—
222,415
1,202,807
2,400,000
—
Aurion
Resources
Ltd.
..
1,967,981
—
—
—
490,309
2,458,290
4,500,000
—
Auteco
Minerals
Ltd.
...
3,204,442
633,829
—
—
(763,066)
3,075,205
116,057,775
—
Banyan
Gold
Corp.
...
6,878,581
512,595
—
—
(1,435,874)
5,955,302
20,167,629
—
Benchmark
Metals,
Inc.
..
702,851
611,621
a
—
—
(332,632)
981,840
3,500,000
—
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/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Benchmark
Metals,
Inc.
...
$
4,587,411
$
—
$
—
$
—
$
(1,840,981)
$
2,746,430
9,790,300
$
—
Benchmark
Metals,
Inc.,
144A,
12/09/23
....
30,232
—
—
—
(30,205)
27
750,000
—
Benchmark
Metals,
Inc.,
9/29/24
..........
—
—
a
—
—
27,127
27,127
1,000,000
—
Black
Cat
Syndicate
Ltd.
3,048,844
—
—
—
—
b
—
b
—
b
—
Clean
Air
Metals,
Inc.
..
1,450,065
—
—
—
(840,846)
609,219
10,315,600
—
Clean
Air
Metals,
Inc.,
144A,
2/23/23
.....
878
—
—
—
(878)
—
c
—
—
Clean
Air
Metals,
Inc.,
144A,
2/23/24
.....
87,884
—
—
—
(77,121)
10,763
3,600,000
—
Euro
Sun
Mining,
Inc.,
144A
...........
859,039
—
(299,056)
(2,585,772)
2,025,789
—
c
—
—
Euro
Sun
Mining,
Inc.,
144A,
6/05/23
.....
11,761
—
—
—
—
b
—
b
—
b
—
Falcon
Metals
Ltd.
....
1,460,861
—
—
—
746,897
2,207,758
9,225,414
—
G
Mining
Ventures
Corp.,
144A
...........
—
10,711,519
a
—
—
—
b
—
b
—
b
—
G
Mining
Ventures
Corp.,
144A,
8/20/24
.....
526,066
—
—
—
—
b
—
b
—
b
—
Geopacific
Resources
Ltd.
1,902,429
296,899
a
—
—
(1,284,592)
914,736
60,464,743
—
Gold
Mountain
Mining
Corp
.
...........
1,172,589
—
—
—
(683,146)
489,443
3,900,000
—
Gold
Mountain
Mining
Corp.
...........
616,361
—
—
—
(359,089)
257,272
2,050,000
—
Gold
Mountain
Mining
Corp.,
144A,
4/21/24
.
41,792
—
—
—
(41,629)
163
1,025,000
—
Heliostar
Metals
Ltd.
...
—
1,651,820
—
—
1,211,161
2,862,981
10,325,000
—
Heliostar
Metals
Ltd.,
2/24/25
..........
—
—
a
—
—
745,769
745,769
5,162,500
—
HighGold
Mining,
Inc.
..
3,338,282
—
—
—
(820,838)
2,517,444
4,803,000
—
HighGold
Mining,
Inc.
.
.
—
391,546
—
—
4,055
395,601
800,000
—
Integra
Resources
Corp.,
(CAD
Traded)
.....
1,535,494
—
—
—
(334,254)
1,201,240
2,260,000
—
Integra
Resources
Corp.,
(CAD
Traded).
.....
—
2,039,330
—
—
27,701
2,067,031
4,000,000
—
Integra
Resources
Corp.,
(USD
Traded)
.....
1,258,185
—
—
—
(257,335)
1,000,850
1,850,000
—
Liberty
Gold
Corp
....
6,185,047
—
—
—
(36,960)
6,148,087
16,329,800
—
Liberty
Gold
Corp.,
144A
984,772
—
—
—
(5,885)
978,887
2,600,000
—
Lion
One
Metals
Ltd.,
144A
...........
8,984,171
—
—
—
(2,645,406)
6,338,765
8,336,400
—
Magna
Mining,
Inc.
....
—
1,817,706
—
—
(457,473)
1,360,233
2,210,000
—
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/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Mawson
Gold
Ltd.
....
$
1,554,861
$
—
a
$
—
$
—
$
983,896
$
2,538,757
18,100,000
$
—
Max
Resource
Corp.
..
—
2,785,838
a
—
—
(2,165,729)
620,109
6,000,000
—
Max
Resource
Corp.,
144A,
10/05/23
....
403,169
—
—
—
(403,169)
—
6,000,000
—
Millennial
Precious
Metals
Corp.
...........
2,223,535
—
—
—
(984,914)
1,238,621
10,168,700
—
Millennial
Precious
Metals
Corp.,
5/18/24
.....
162,133
—
—
—
(161,120)
1,013
2,650,000
—
Monarch
Mining
Corp.
.
2,188,325
—
a
—
—
(1,944,711)
243,614
6,000,000
—
Monarch
Mining
Corp.,
144A
...........
—
457,407
a
—
—
(132,173)
325,234
9,500,000
—
Monarch
Mining
Corp.,
144A,
4/06/27
.....
697,256
—
—
—
(638,031)
59,225
6,000,000
—
Newcore
Gold
Ltd.
....
2,155,408
—
—
—
(864,990)
1,290,418
9,200,000
—
Nighthawk
Gold
Corp.
..
1,889,590
—
—
—
1,002,393
2,891,983
5,761,000
—
Nighthawk
Gold
Corp.,
144A,
6/08/23
.....
3,299
—
—
—
374
3,673
1,630,500
—
Nighthawk
Gold
Corp.,
5/03/24
..........
63,452
—
—
—
24,212
87,664
1,250,000
—
O3
Mining,
Inc.
......
5,801,250
1,177,037
a
—
—
(879,070)
6,099,217
5,100,000
—
Pantoro
Ltd.
........
9,269,140
8,680,724
a
—
—
(6,852,129)
11,097,735
229,590,399
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..
.
3,270,374
—
—
—
(88,416)
3,181,958
2,042,787
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
...
2,849,525
—
—
—
(77,037)
2,772,488
1,779,911
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded),
144A
...........
156,508
—
—
—
(4,232)
152,276
97,760
—
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..
6,507,388
—
(1,007,322)
(8,313,788)
8,286,273
5,472,551
3,441,856
—
Platinum
Group
Metals
Ltd.,
(USD
Traded),
144A
...........
58,639
—
—
—
(1,585)
57,054
36,628
—
Red
5
Ltd.
.........
32,018,514
5,278,795
a
—
—
(11,549,463)
25,747,846
228,628,277
—
RTG
Mining,
Inc.
.....
89,844
—
—
—
(27,781)
62,063
1,769,918
—
RTG
Mining,
Inc.,
144A
.
121,715
—
—
—
(37,635)
84,080
2,397,790
—
RTG
Mining,
Inc.,
CDI
..
3,063,908
—
—
—
(1,078,628)
1,985,280
64,487,582
—
Sable
Resources
Ltd.
..
2,202,265
—
—
—
—
b
—
b
—
b
—
Saturn
Metals
Ltd.
....
1,658,655
311,050
—
—
(836,332)
1,133,373
10,339,999
—
Silver
Mountain
Resources,
Inc.
....
1,282,702
671,441
a
—
—
(433,399)
1,520,744
10,300,000
—
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
April
30,
2023,
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/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Silver
Mountain
Resources,
Inc.,
144A,
1/31/24
..........
$
178,153
$
—
$
—
$
—
$
(157,944)
$
20,209
3,650,000
$
—
Silver
Mountain
Resources,
Inc.,
2/09/26
—
—
a
—
—
30,452
30,452
1,500,000
—
Silver
Tiger
Metals,
Inc.
.
—
674,144
—
—
101,140
775,284
3,560,000
—
Silver
Tiger
Metals,
Inc.,
144A
...........
4,099,961
914,724
—
—
(332,491)
4,682,194
21,500,000
—
Talisker
Resources
Ltd.
.
2,479,891
563,513
a
—
—
(607,261)
2,436,143
26,400,000
—
Talisker
Resources
Ltd.,
144A,
1/11/25
.....
—
—
a
—
—
70,746
70,746
4,500,000
—
TDG
Gold
Corp.
.....
259,898
—
—
—
177,722
437,620
2,080,000
—
TDG
Gold
Corp.,
144A
.
585,027
—
—
—
414,345
999,372
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
—
Wiluna
Mining
Corp.
Ltd.
2,898,345
—
—
—
(2,633,695)
264,650
19,510,000
—
Wiluna
Mining
Corp.
Ltd.,
12/31/24
.........
272,633
—
—
—
(272,633)
—
9,755,000
—
Total
Affiliated
Securities
(Value
is
12.6%
of
Net
Assets)
..........
$156,579,339
$41,161,930
$(1,306,378)
$(10,899,560)
$(23,857,693)
$138,512,794
$—
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
b
As
of
April
30,
2023,
no
longer
an
affiliate.
c
As
of
April
30,
2023,
no
longer
held
by
the
fund.
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.
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,
4.483%
$
4,427,844
$
100,303,444
$
(100,628,127)
$
—
$
—
$
4,103,161
4,103,161
$
122,640
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.483%
$3,062,000
$27,737,000
$(29,389,000)
$—
$—
$1,410,000
1,410,000
$68,316
Total
Affiliated
Securities
...
$7,489,844
$128,040,444
$(130,017,127)
$—
$—
$5,513,161
$190,956
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
14
Quarterly
Schedule
of
Investments
A
summary
of
inputs
used
as
of
April
30,
2023,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At April
30,
2023,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Gold
and
Precious
Metals
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Copper
..............................
$
8,676,276
$
2,550,005
$
—
$
11,226,281
Diversified
Metals
&
Mining
...............
75,398,163
32,139,571
4,805,946
112,343,680
Environmental
&
Facilities
Services
.........
141,736
—
—
141,736
Gold
................................
598,664,851
270,093,377
8,529,329
a
877,287,557
Precious
Metals
&
Minerals
...............
39,879,770
21,541,587
1,202,807
62,624,164
Silver
...............................
26,180,679
—
—
26,180,679
Rights
:
Gold
................................
—
—
48,723
48,723
Precious
Metals
&
Minerals
...............
3,289
—
—
3,289
Silver
...............................
1,017,830
—
—
1,017,830
Warrants
:
Diversified
Metals
&
Mining
...............
34,973
30,452
667,768
a
733,193
Gold
................................
131,219
—
2,108,788
a
2,240,007
Precious
Metals
&
Minerals
...............
—
—
28,167
28,167
Short
Term
Investments
...................
5,513,161
—
—
5,513,161
Total
Investments
in
Securities
...........
$755,641,947
$326,354,992
b
$17,391,528
$1,099,388,467
a
Includes
financial
instruments
determined
to
have
no
value
at
April
30,
2023.
b
Includes
foreign
securities
valued
at
$309,241,606,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
d
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Gold
and
Precious
Metals
Fund
Assets:
Investments
in
Securities:
Common
Stocks
Diversified
Metals
&
Mining
.........
$
1,567,117
$
4,895,606
$
(2,785,839)
$
—
$
—
$
—
$
—
$
1,129,062
$
4,805,946
$
(89,659)
Gold
............
10,603,419
e
9,179,910
(9,829,922)
2,898,345
—
—
—
(4,322,423)
8,529,329
e
(6,068,229)
Precious
Metals
&
Minerals
........
585,027
980,393
—
—
(585,027)
—
—
222,414
1,202,807
222,414
Rights
Gold
............
51,542
—
—
—
—
—
—
(2,819)
48,723
(2,819)
Warrants
Diversified
Metals
&
Mining
.........
1,277,893
—
e
—
e
—
—
—
—
(610,125)
667,768
e
(609,247)
Gold
............
1,887,657
e
—
e
—
e
314,425
—
—
—
(93,294)
2,108,788
e
(16,254)
Precious
Metals
&
Minerals
........
192,365
—
e
—
—
—
—
—
(164,198)
28,167
(164,198)
Total
Investments
in
Securities
.
$16,165,020
$15,055,909
$(12,615,761)
$3,212,770
$(585,027)
$
—
$
—
$
(3,841,383)
$17,391,528
$
(6,727,992)
6. Fair
Value
Measurements
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
15
Quarterly
Schedule
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
April
30,
2023,
are
as
follows:
Abbreviations
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
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
April
30,
2023.
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.