N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number_811-01700

__Franklin Gold and Precious Metals Fund
(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA  94403-1906

(Address of principal executive offices) (Zip code)

Craig S. Tyle, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code:_650 312-2000

Date of fiscal year end: 7/31

Date of reporting period:_1/31/21

Item 1.  Reports to Stockholders.

a.) The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable.

SEMIANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Franklin

Gold

and

Precious

Metals

Fund

January

31,

2021

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Not

part

of

the

semiannual

report

1

Shareholder

Letter

Dear

Shareholder:

During

the

six

months

ended

January

31,

2021,

the

global

economy

was

further

hindered

by

the

ongoing

novel

coronavirus

(COVID-19)

pandemic.

Although

the

economy

showed

subdued

signs

of

recovery

during

the

period,

the

recovery

was

dampened

by

a

substantial

increase

in

COVID-19

cases

toward

period-end.

Globally,

equities

advanced

over

the

period

and

many

central

banks,

including

the

U.S.

Federal

Reserve

and

the

European

Central

Bank,

continued

to

maintain

low

benchmark

interest

rates

as

well

as

monetary

stimulus

programs

to

bolster

economic

growth.

Global

stocks

advanced

before

declining

slightly

by

period-

end

amid

investor

optimism

about

the

development

of

COVID-19

treatments

and

vaccines,

beginning

of

vaccination

programs

in

some

countries,

rising

expectations

of

increased

fiscal

stimulus

and

indications

of

improving

economic

conditions,

particularly

in

China.

In

this

environment,

U.S.

stocks,

as

measured

by

the

Standard

&

Poor’s

®

500

Index,

and

global

developed

market

stocks,

as

measured

by

the

MSCI

World

Index,

ended

the

period

with

strong

positive

returns.

After

starting

the

period

at

$1,976

per

ounce,

gold

rose

to

a

record

high

of

$2,067

per

ounce

in

August

2020

amid

a

weak

U.S.

dollar,

low

interest

rates,

federal

deficit

and

inflation

fears,

and

data

suggesting

a

slower

recovery

from

the

pandemic-induced

economic

crisis.

1

Gold

edged

down

during

the

following

months

given

optimism

about

vaccine

development

and

approvals,

a

gradual

reopening

of

the

global

economy

and

the

outcome

of

the

U.S.

elections.

Gold

advanced

in

early

January

2021

to

over

$1,900

per

ounce,

but

retreated

after

U.S.

Treasury

yields

rose,

ending

the

period

at

$1,848

per

ounce.

1

Although

investor

interest

in

gold

waned

in

the

back

half

of

the

period

under

review

as

optimism

of

a

post

pandemic

recovery

increased

and

physical

gold

ETF

holdings

declined

modestly,

gold

remained

topical

given

the

ongoing

pandemic

uncertainty,

low

real

interest

rates,

inflation

pressures

and

mounting

concerns

over

major

economies’

debt

ratios

associated

with

fiscal

and

monetary

stimulus

measures

during

the

COVID-19

pandemic

recovery.

In

this

environment,

gold

stocks,

as

measured

by

the

FTSE

®

Gold

Mines

Index,

posted

a

total

return

of

-19.45%

for

the

six-month

period.

2

We

are

committed

to

our

long-term

perspective

and

disciplined

investment

approach

as

we

conduct

a

rigorous,

fundamental

analysis

of

securities

with

a

regular

emphasis

on

investment

risk

management.

We

believe

active,

professional

investment

management

serves

investors

well.

We

also

recognize

the

important

role

of

financial

professionals

in

today’s

markets

and

encourage

investors

to

continue

to

seek

their

advice.

Amid

changing

markets

and

economic

conditions,

we

are

confident

investors

with

a

well-diversified

portfolio

and

a

patient,

long-term

outlook

should

be

well-positioned

for

the

years

ahead.

Franklin

Gold

and

Precious

Metals

Fund’s

semiannual

report

includes

more

detail

about

prevailing

conditions

and

discussions

about

investment

decisions

during

the

period.

Please

remember

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

We

thank

you

for

investing

with

Franklin

Templeton,

welcome

your

questions

and

comments,

and

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Edward

Perks,

CFA

President

and

Chief

Executive

Officer

-

Investment

Management

Franklin

Gold

and

Precious

Metals

Fund

This

letter

reflects

our

analysis

and

opinions

as

of

January

31,

2021,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

1.

Source:

Bloomberg

LP.

Based

on

spot

prices

quoted

in

U.S.

dollars

per

troy

ounce.

2.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Franklin

Gold

and

Precious

Metals

Fund

3

Performance

Summary

7

Your

Fund’s

Expenses

9

Financial

Highlights

and

Statement

of

Investments

10

Financial

Statements

18

Notes

to

Financial

Statements

22

Tax

Information

35

Shareholder

Information

36

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Franklin

Gold

and

Precious

Metals

Fund

This

semiannual

report

for

Franklin

Gold

and

Precious

Metals

Fund

covers

the

period

ended

January

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

capital

appreciation.

Its

secondary

goal

is

to

provide

shareholders

with

current

income

through

dividends

or

interest

received

from

its

investments.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

net

assets

in

securities

of

gold

and

precious

metals

operation

companies.

The

Fund

primarily

invests

in

equity

securities,

mainly

common

stock,

and

also

invests

in

American,

global

and

European

depositary

receipts.

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

-7.38%

cumulative

total

return

for

the

six

months

under

review.

In

comparison,

the

Fund’s

primary

benchmark,

the

sector-specific

FTSE

Gold

Mines

Index,

which

comprises

companies

whose

principal

activity

is

gold

mining,

posted

a

-19.45%

total

return.

1

The

Fund’s

secondary

benchmark,

the

Standard

&

Poor’s

500

Index

(S&P

500

®

),

which

is

a

broad

measure

of

U.S.

stock

performance,

posted

a

+14.47%

total

return.

1

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

7

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Economic

and

Market

Overview

Global

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

All

Country

World

Index,

advanced

strongly

during

the

six

months

ended

January

31,

2021.

Equities

in

all

major

regions

of

the

world

posted

sizable

gains

for

the

period

despite

the

global

surge

of

the

novel

coronavirus

(COVID-19).

Following

stock

market

declines

in

September

and

October

2020

due

to

geopolitical

tensions

and

rising

infection

rates,

equities

began

to

rebound

in

November,

as

successful

trials

of

COVID-19

vaccines,

the

start

of

vaccination

programs

in

some

countries

and

expectations

for

fiscal

stimulus

from

the

new

U.S.

administration

led

many

equity

markets

to

reach

new

highs.

Some

indications

of

economic

revival,

most

notably

in

China,

also

helped

drive

stocks

higher

before

paring

gains

in

late

January

2021.

In

the

U.S.,

equities

posted

robust

gains

for

the

period

amid

the

government’s

fiscal

and

monetary

stimulus

measures,

reports

of

certain

COVID-19

vaccines’

high

efficacy

rates

and

the

beginning

of

vaccinations.

After

a

record

annualized

decline

in

second-quarter

2020

gross

domestic

product

(GDP),

rising

consumer

spending

helped

drive

third-quarter

GDP

to

expand

at

a

record

annualized

rate.

Following

a

summer

rally,

concerns

about

rising

COVID-19

infection

rates

along

with

uncertainties

about

the

U.S.

presidential

election

and

additional

fiscal

stimulus

pressured

stocks

in

September

and

October.

Consumer

spending

slowed

during

the

fourth

quarter

as

surging

COVID-19

infections

led

to

new

restrictions

in

some

states.

Meanwhile,

growth

in

residential

and

corporate

investment

along

with

solid

corporate

earnings

results

bolstered

investor

sentiment.

Despite

the

relatively

high

unemployment

rate

(6.3%

at

period-end),

equities

began

to

rally

in

November,

buoyed

by

the

outcome

of

the

U.S.

presidential

election,

the

start

of

COVID-19

vaccination

programs

and

the

passage

of

a

new

U.S.

stimulus

bill.

2

Stocks

maintained

gains

following

the

U.S.

presidential

Geographic

Composition

1/31/21

%

of

Total

Net

Assets

Canada

49.3%

Australia

20.0%

South

Africa

9.2%

United

States

5.7%

Tanzania

3.2%

Kyrgyzstan

2.7%

Ivory

Coast

2.2%

Turkey

1.6%

Egypt

1.6%

Other

1.1%

Short-Term

Investments

&

Other

Net

Assets

3.4%

1.

Source:

Morningstar.

2.

Source:

U.S.

Bureau

of

Labor

Statistics.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

14

.

Franklin

Gold

and

Precious

Metals

Fund

4

franklintempleton.com

Semiannual

Report

inauguration

amid

hopes

of

passing

additional

stimulus

spending

but

subsequently

retreated

in

the

last

week

of

January

2021,

restricting

gains

for

the

period.

The

U.S.

Federal

Reserve

(Fed)

maintained

the

federal

funds

target

rate

at

a

range

of

0.00%–0.25%

and

continued

its

program

of

open-ended

bond

purchases

to

help

keep

markets

functioning.

Furthermore,

the

Fed

signaled

that

interest

rates

would

potentially

remain

low,

even

if

inflation

moderately

exceeded

the

Fed’s

2%

target

for

some

time.

In

the

eurozone,

the

economy

contracted

again

in

the

fourth

quarter

of

2020,

following

quarter-on-quarter

expansion

in

the

third

quarter

and

contractions

in

the

first

and

second

quarters.

Fourth-quarter

GDP

growth

rates

varied

widely

among

the

region’s

largest

economies

amid

renewed

lockdowns

and

delays

in

COVID-19

vaccine

distribution.

Germany’s

and

Spain’s

fourth-quarter

GDP

expanded

modestly,

while

France’s

contracted.

Despite

rising

infection

rates,

which

heightened

concerns

that

the

nascent

economic

revival

could

falter,

successful

vaccine

development

and

a

Brexit

resolution

contributed

to

a

positive

performance

for

European

developed

market

equities,

as

measured

by

the

MSCI

Europe

Index.

Asian

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

All

Country

Asia

Index,

rose

significantly

as

economic

recovery

in

China,

a

key

driver

of

regional

economies,

maintained

momentum.

China

was

the

only

major

global

economy

to

expand

for

full

calendar-year

2020.

Asian

equity

markets

were

also

aided

by

optimism

that

economic

revitalization

would

be

further

spurred

by

COVID-19

vaccines.

Global

emerging

market

stocks,

as

measured

by

the

MSCI

Emerging

Markets

Index,

also

posted

sizable

gains

for

the

period.

Improving

economic

activity,

stabilizing

oil

prices

and

U.S.

dollar

weakness

supported

emerging

market

equities.

In

spite

of

higher

COVID-19

cases

in

some

countries,

emerging

market

stocks

rallied

amid

easing

political

uncertainty,

commencement

of

COVID-19

vaccinations

and

rising

commodity

prices.

Precious

Metals

Prices

(7/31/20–1/31/21

)*

*Source:

Bloomberg

LP.

Amounts

shown

are

based

on

spot

prices

quoted

in

US

dollars

per

troy

ounce.

For

illustrative

purposes

only;

not

representative

of

the

Fund’s

portfolio

composition

or

performance.

Precious

Metals

Sector

Overview

During

the

six

months

ended

January

31,

2021,

after

starting

the

period

at

$1,976

per

ounce,

gold

rose

to

a

record

high

of

$2,067

per

ounce

in

August

2020

amid

a

weak

U.S.

dollar,

low

interest

rates,

federal

deficit

and

inflation

fears,

and

data

suggesting

a

slower

recovery

from

the

COVID-19

induced

economic

crisis.

3

However,

gold

edged

down

during

the

following

months

given

optimism

about

progress

in

vaccine

development

and

approvals,

a

gradual

reopening

of

the

global

economy

and

the

outcome

of

the

U.S.

elections.

Although

the

price

of

gold

rose

in

early

January

2021

to

over

$1,900

per

ounce,

it

suffered

a

setback

after

U.S.

Treasury

yields

rose,

ending

the

period

at

$1,848

per

ounce.

3

Although

investor

interest

in

gold

waned

in

the

back

half

of

the

period

under

review

as

optimism

of

a

post

pandemic

recovery

increased

and

physical

gold

ETF

holdings

declined

modestly,

gold

remained

topical

given

the

ongoing

pandemic

uncertainty,

low

real

interest

rates,

inflation

pressures

and

mounting

concerns

over

major

economies’

debt

ratios

associated

with

fiscal

and

monetary

stimulus

measures

during

the

COVID-19

pandemic

recovery.

Among

other

precious

metals,

platinum

and

silver

both

advanced

with

low

double-digit

percentage

gains

over

the

six-month

period.

3

Platinum

was

the

best-performing

precious

metal

over

the

period,

benefiting

from

supply

3.

Source:

Bloomberg

LP.

Based

on

spot

prices

quoted

in

U.S.

dollars

per

troy

ounce.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Franklin

Gold

and

Precious

Metals

Fund

5

franklintempleton.com

Semiannual

Report

disruptions

and

robust

demand

for

the

metal,

which

is

used

in

vehicle

pollution

control

devices.

3

Silver

also

rallied

based

on

growing

industrial

demand,

including

for

5G

network

equipment

and

wider

use

in

solar

panels

and

electric

vehicles.

Other

factors

were

also

in

play

in

late

January

2021,

when

silver

market

volatility

spiked

along

with

prices

after

being

targeted

by

day

traders

that

aggressively

bought

silver

ETF

shares,

seeking

to

create

a

squeeze

against

select

banks

and

hedge

funds.

Palladium

pushed

higher

for

most

of

the

period,

benefiting

from

limited

supply

and

growing

demand

for

its

use

in

vehicle

pollution

control

devices,

but

pulled

back

in

January

to

post

a

single-digit

percentage

gain

for

the

period.

3

Investment

Strategy

Gold

and

precious

metals

operation

companies

include

companies

that

mine,

process,

or

deal

in

gold

or

other

precious

metals,

such

as

silver,

platinum

and

palladium,

including

mining

finance

and

exploration

companies

as

well

as

operating

companies

with

long-

or

medium-life

mines.

The

Fund

may

buy

securities

of

gold

and

precious

metals

operation

companies

located

anywhere

in

the

world

and

invests

predominantly

in

non-U.S.

companies.

The

Fund

may

invest

in

companies

without

regard

to

market

capitalization,

and

may

heavily

invest

in

small-

and

mid-capitalization

companies.

We

look

for

companies

with

low

cost

reserves

and

experienced

management

teams

with

established

track

records,

particularly

focusing

on

companies

with

long

life

production

profiles,

expandable

resource

bases,

and

active

exploration

programs

that

can

potentially

drive

future

reserve

and

production

growth.

The

investment

manager’s

process

generally

includes

an

assessment

of

the

potential

impacts

of

any

material

environmental,

social

and

governance

(ESG)

factors

on

the

long-term

risk

and

return

profile

of

a

company.

Manager’s

Discussion

Key

contributors

to

the

Fund’s

absolute

performance

during

the

six-month

period

under

review

included

the

Fund’s

holdings

in

Chalice

Mining,

Impala

Platinum

Holdings

and

Platinum

Group

Metals.

Although

the

fund’s

gold

miners,

representing

roughly

80%

of

total

net

assets,

traded

lower

over

the

six-month

period,

we

also

held

numerous

off-index

companies

that

posted

double-digit

percentage

gains,

which

helped

to

open

a

wide

performance

gap

between

the

Fund

and

its

benchmark.

Company-specific

progress

underpinned

the

rallies

in

most

of

these

names,

including

outsized

gains

for

our

position

in

Australia-based

Chalice

Mining.

Chalice

reported

successful

drilling

results

as

it

discovered

and

defined

significant

high-

grade

extensions

composed

of

platinum

group

elements,

nickel,

copper

and

gold

at

its

Julimar

project,

about

an

hour’s

drive

from

the

city

of

Perth.

Given

the

width

and

grade

of

the

drill

results

and

continued

exploration

success

in

the

area,

the

multi-faceted

mineralized

Julimar

complex

could

potentially

emerge

as

a

globally

significant

deposit

of

critical

metals

in

Western

Australia.

Drilling

activity

at

Pyramid

Hill,

a

gold-focused

project

in

Southeastern

Australia

also

yielded

some

promising

results

across

several

gold

zones

as

Chalice

continued

to

define

the

extent

of

the

overall

resource.

Unlike

the

gold

industry,

our

positions

in

metals

producers

that

focus

on

platinum,

palladium

and

other

non-gold

metals

showed

overall

positive

performance

during

the

period.

Platinum

and

palladium

miners,

including

our

positions

in

South

African-focused

companies

such

as

Impala

Platinum

Holdings

(among

the

Fund’s

largest

positions)

and

Platinum

Group

Metals,

benefited

from

tightening

supply

and

demand

fundamentals.

Investment

demand

for

platinum,

the

key

raw

material

used

in

many

vehicle

pollution-control

devices,

has

been

robust,

while

the

World

Platinum

Investment

Council

in

mid-November

projected

a

record

production

deficit

for

2020

based

on

disruptions

at

key

mine

sites.

Both

companies

also

benefited

as

palladium—another

sought-after

catalyst

component

in

pollution-control

devices—has

maintained

its

status

as

the

most

valuable

of

the

four

major

precious

metals

during

the

period,

with

strong

demand

and

limited

new

supply

keeping

prices

relatively

near

all-time

highs.

Tighter

vehicle

emissions

regulations,

especially

in

China

and

India,

are

driving

greater

palladium

and

platinum

usage

as

companies

look

to

exceed

increasingly

stringent

standards.

For

the

six

months

ended

January

31,

2021,

the

U.S.

dollar

declined

in

value

relative

to

most

foreign

currencies.

As

a

result,

the

Fund's

performance

benefited

from

currency

appreciation

from

the

portfolio's

investment

predominantly

in

securities

with

non-U.S.

currency

exposure.

However,

one

cannot

expect

the

same

result

in

future

periods.

Whether

the

U.S.

dollar

goes

up

or

weakens

compared

with

foreign

Portfolio

Composition

1/31/21

%

of

Total

Net

Assets

Gold

73.6%

Precious

Metals

&

Minerals

11.7%

Diversified

Metals

&

Mining

9.3%

Silver

1.3%

Other

0.7%

Short-Term

Investments

&

Other

Net

Assets

3.4%

Franklin

Gold

and

Precious

Metals

Fund

6

franklintempleton.com

Semiannual

Report

currencies,

company-specific

factors

may

offset

the

effects

of

the

currency

movements

on

the

value

of

individual

investments

and,

possibly,

the

Fund's

performance

overall.

Detractors

from

the

Fund’s

absolute

performance

during

the

period

under

review

included

the

Fund’s

holdings

in

gold

producers

Barrick

Gold,

Newcrest

Mining

and

B2Gold.

The

share

price

of

Canada-based

Barrick

Gold,

our

largest

company

holding,

decreased

during

the

period,

largely

due

to

price

declines

in

gold

after

a

record

high

in

August

2020.

Despite

this

trend,

the

company

capitalized

on

historically

high

gold

prices,

reporting

solid

third-quarter

financial

results,

including

large

increases

in

cash

flow

and

earnings,

sizable

debt

reduction

and

a

dividend

increase

over

the

second

quarter.

Barrick

was

also

able

to

achieve

its

gold

and

copper

production

targets,

including

increased

fourth-

quarter

production.

The

company

also

announced

that

Twiga

Minerals,

its

joint

venture

with

Tanzania’s

government,

had

the

potential

to

become

a

key

long-term

asset,

and

Barrick,

together

with

the

government

of

Papua

New

Guinea,

announced

the

intention

to

form

a

new

partnership

to

operate

the

Porgera

mine

that

is

currently

under

care

and

maintenance.

Newcrest

Mining,

another

large

Fund

holding,

is

an

Australia-

based

gold

mining

exploration

and

production

company

that

operates

in

Australia

and

the

Asia-Pacific

region.

Newcrest’s

stock

price

also

declined

due

to

fluctuation

in

gold

prices,

but

Newcrest

benefited

from

increased

profits,

earnings

and

cash

flow

during

the

first

half

of

its

2021

fiscal

year.

The

company

announced

improvements

to

its

Lihir

gold

mine

in

Papua

New

Guinea,

which

have

the

potential

to

unlock

additional

high-grade

mineralization.

Newcrest

is

also

in

the

second

stage

of

expanding

its

top-performing

Cadia

mine

in

New

South

Wales,

Australia,

and

is

progressing

with

its

Havieron

project

in

Western

Australia,

through

a

joint

venture

with

Greatland

Gold,

and

released

a

mineral

resources

estimate

in

December.

The

company

also

received

an

environmental

permit

from

the

government

of

Papua

New

Guinea

for

the

Wafi-Golpu

project,

an

important

step

toward

obtaining

a

special

mining

lease

on

this

large

long-life

copper

and

gold

project.

B2Gold,

also

one

of

our

largest

portfolio

positions,

is

a

low-

cost

senior

gold

producer

with

mines

in

Mali,

the

Philippines

and

Namibia,

and

development

projects

in

Colombia

and

Burkina

Faso.

Despite

the

company’s

share

price

decline

due

to

gold

prices

trending

lower

for

much

of

the

period,

B2Gold

reported

record

third-quarter

revenue

of

US$487

million,

cash

flow

of

US$301

million

and

increased

earnings

of

US$0.25

per

share,

with

good

cost

containment

from

its

three

fully

owned

mines.

The

company’s

third-quarter

production

of

over

248,000

ounces

also

slightly

exceeded

its

gold

production

goal,

representing

a

significant

increase

over

the

prior

year’s

third-quarter

production,

mostly

due

to

expanded

production

from

its

Fekola

mine

in

Mali.

Thank

you

for

your

continued

participation

in

Franklin

Gold

and

Precious

Metals

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Stephen

M.

Land,

CFA

Frederick

G.

Fromm,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

January

31,

2021

,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Top

10

Holdings

1/31/21

Company

Sub-Industry

%

of

Total

Net

Assets

a

a

Barrick

Gold

Corp.

5.5%

Gold

Newmont

Corp.

4.1%

Gold

Newcrest

Mining

Ltd.

3.6%

Gold

Impala

Platinum

Holdings

Ltd.

3.4%

Precious

Metals

&

Minerals

Alamos

Gold,

Inc.

3.3%

Gold

B2Gold

Corp.

3.3%

Gold

AngloGold

Ashanti

Ltd.

3.2%

Gold

SSR

Mining,

Inc.

3.0%

Gold

Perseus

Mining

Ltd.

2.9%

Gold

Centerra

Gold,

Inc.

2.8%

Gold

Performance

Summary

as

of

January

31,

2021

Franklin

Gold

and

Precious

Metals

Fund

7

franklintempleton.com

Semiannual

Report

The

performance

table

does

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

1/31/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A

:

5.50%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3

6-Month

-7.38%

-12.47%

1-Year

+36.43%

+28.91%

5-Year

+154.79%

+19.21%

10-Year

-31.88%

-4.31%

Advisor

6-Month

-7.26%

-7.26%

1-Year

+36.73%

+36.73%

5-Year

+157.81%

+20.85%

10-Year

-30.16%

-3.53%

See

page

8

for

Performance

Summary

footnotes.

Franklin

Gold

and

Precious

Metals

Fund

Performance

Summary

8

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

The

Fund

concentrates

in

the

precious

metals

sector,

which

involves

fluctuations

in

the

prices

of

gold

and

other

precious

metals

and

increased

susceptibility

to

adverse

economic

and

regulatory

developments

affecting

the

sector.

In

times

of

stable

econom-

ic

growth,

traditional

equity

and

debt

investments

could

offer

greater

appreciation

potential

and

the

prices

of

gold

and

other

precious

metals

may

be

adversely

affected.

In

addition,

the

Fund

is

subject

to

the

risks

of

currency

fluctuation

and

political

uncertainty

associated

with

foreign

(non-U.S.)

investing.

Investments

in

emerging

and

frontier

markets

involve

heightened

risks

related

to

the

same

factors,

in

addition

to

those

associated

with

their

relatively

small

size

and

lesser

liquidity.

The

Fund

may

also

heavily

invest

in

smaller

companies,

which

can

be

particularly

sensitive

to

changing

economic

conditions,

and

their

prospects

for

growth

are

less

certain

than

those

of

larger,

more

established

companies.

Investing

in

a

non-diversified

fund

involves

the

risk

of

greater

price

fluctuation

than

a

more

diversified

portfolio.

Unexpected

events

and

their

aftermaths,

such

as

the

spread

of

deadly

diseases;

natural,

environmental

or

man-made

disasters;

financial,

political

or

social

disruptions;

terrorism

and

war;

and

other

tragedies

or

catastrophes,

can

cause

investor

fear

and

panic,

which

can

adversely

affect

the

economies

of

many

companies,

sectors,

nations,

regions

and

the

market

in

general,

in

ways

that

cannot

necessarily

be

foreseen.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Prior

to

9/10/18

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

4.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(8/1/20–1/31/21)

Share

Class

Net

Investment

Income

A

$2.6501

C

$2.4933

R6

$2.7337

Advisor

$2.7082

Total

Annual

Operating

Expenses

4

Share

Class

A

0.93%

Advisor

0.68%

Your

Fund’s

Expenses

Franklin

Gold

and

Precious

Metals

Fund

9

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

8/1/20

Ending

Account

Value

1/31/21

Expenses

Paid

During

Period

8/1/20–1/31/21

1,2

Ending

Account

Value

1/31/21

Expenses

Paid

During

Period

8/1/20–1/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$926.22

$4.20

$1,020.85

$4.40

0.87%

C

$1,000

$922.63

$7.83

$1,017.06

$8.22

1.62%

R6

$1,000

$928.01

$2.53

$1,022.58

$2.65

0.52%

Advisor

$1,000

$927.39

$2.99

$1,022.10

$3.14

0.62%

Franklin

Gold

and

Precious

Metals

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Six

Months

Ended

January

31,

2021

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$28.04

$16.68

$13.56

$16.19

$24.06

$11.63

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

—

c

(0.04)

(0.02)

(0.06)

(0.04)

(0.09)

Net

realized

and

unrealized

gains

(losses)

(2.06)

11.40

3.14

(2.51)

(6.45)

12.52

Total

from

investment

operations

........

(2.06)

11.36

3.12

(2.57)

(6.49)

12.43

Less

distributions

from:

Net

investment

income

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

(2.65)

—

—

(0.06)

(1.38)

—

Net

asset

value,

end

of

period

..........

$23.33

$28.04

$16.68

$13.56

$16.19

$24.06

Total

return

d

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

(7.38)%

68.05%

23.01%

(15.92)%

(26.85)%

106.88%

Ratios

to

average

net

assets

e

Expenses

f

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

0.87%

g

0.93%

g

0.98%

g

1.02%

g

0.98%

g

1.11%

Net

investment

income

(loss)

..........

0.01%

(0.20)%

(0.15)%

(0.37)%

(0.24)%

(0.57)%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$917,223

$938,555

$645,108

$587,294

$776,677

$988,701

Portfolio

turnover

rate

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

9.55%

17.00%

12.82%

8.36%

13.99%

16.76%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Gold

and

Precious

Metals

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

January

31,

2021

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.42

$15.24

$12.49

$14.96

$22.39

$10.90

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.09)

(0.16)

(0.11)

(0.15)

(0.17)

(0.18)

Net

realized

and

unrealized

gains

(losses)

(1.86)

10.34

2.86

(2.32)

(5.99)

11.67

Total

from

investment

operations

........

(1.95)

10.18

2.75

(2.47)

(6.16)

11.49

Less

distributions

from:

Net

investment

income

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

(2.49)

—

—

—

(1.27)

—

Net

asset

value,

end

of

period

..........

$20.98

$25.42

$15.24

$12.49

$14.96

$22.39

Total

return

c

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

(7.74)%

66.80%

22.02%

(16.51)%

(27.41)%

105.41%

Ratios

to

average

net

assets

d

Expenses

e

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

1.62%

f

1.68%

f

1.73%

f

1.77%

f

1.73%

f

1.86%

Net

investment

(loss)

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

(0.73)%

(0.94)%

(0.90)%

(1.12)%

(0.99)%

(1.32)%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$92,819

$106,271

$75,129

$94,997

$137,487

$200,179

Portfolio

turnover

rate

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

9.55%

17.00%

12.82%

8.36%

13.99%

16.76%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Gold

and

Precious

Metals

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Six

Months

Ended

January

31,

2021

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.20

$17.90

$14.50

$17.31

$25.58

$12.29

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.05

0.03

0.04

0.01

0.04

(0.01)

Net

realized

and

unrealized

gains

(losses)

(2.22)

12.27

3.36

(2.68)

(6.87)

13.30

Total

from

investment

operations

........

(2.17)

12.30

3.40

(2.67)

(6.83)

13.29

Less

distributions

from:

Net

investment

income

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

(2.73)

—

—

(0.14)

(1.44)

—

Net

asset

value,

end

of

period

..........

$25.30

$30.20

$17.90

$14.50

$17.31

$25.58

Total

return

c

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

(7.20)%

68.66%

23.45%

(15.50)%

(26.53)%

108.14%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

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

0.69%

0.72%

0.83%

0.79%

0.57%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.52%

e

0.56%

e

0.58%

e

0.55%

e

0.52%

e

0.59%

Net

investment

income

(loss)

..........

0.36%

0.17%

0.25%

0.10%

0.21%

(0.05)%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$19,441

$20,574

$10,808

$8,153

$4,635

$3,764

Portfolio

turnover

rate

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

9.55%

17.00%

12.82%

8.36%

13.99%

16.76%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Gold

and

Precious

Metals

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

Six

Months

Ended

January

31,

2021

(unaudited)

Year

Ended

July

31,

2020

2019

2018

2017

2016

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$29.88

$17.73

$14.38

$17.17

$25.38

$12.23

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.04

0.01

0.01

(0.02)

—

c

(0.05)

Net

realized

and

unrealized

gains

(losses)

(2.20)

12.14

3.34

(2.67)

(6.81)

13.20

Total

from

investment

operations

........

(2.16)

12.15

3.35

(2.69)

(6.81)

13.15

Less

distributions

from:

Net

investment

income

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

(2.71)

—

—

(0.10)

(1.40)

—

Net

asset

value,

end

of

period

..........

$25.01

$29.88

$17.73

$14.38

$17.17

$25.38

Total

return

d

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

(7.26)%

68.47%

23.30%

(15.70)%

(26.69)%

107.52%

Ratios

to

average

net

assets

e

Expenses

f

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

0.62%

g

0.68%

g

0.73%

g

0.77%

g

0.73%

g

0.86%

Net

investment

income

(loss)

..........

0.26%

0.05%

0.10%

(0.12)%

0.01%

(0.32)%

Supplemental

data

Net

assets,

en

d

of

period

(000’s)

........

$264,087

$280,317

$143,589

$130,812

$164,253

$207,574

Portfolio

turnover

rate

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

9.55%

17.00%

12.82%

8.36%

13.99%

16.76%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Gold

and

Precious

Metals

Fund

Statement

of

Investments

(unaudited),

January

31,

2021

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Country

Shares

a

Value

a

Common

Stocks

95.7%

Copper

0.5%

a,b

Imperial

Metals

Corp.

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

Canada

1,950,300

$

6,695,720

a

Diversified

Metals

&

Mining

8.9%

a,c

Adventus

Mining

Corp.,

144A

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

Canada

6,350,000

4,717,682

a,c

Bluestone

Resources,

Inc.,

144A

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

Canada

6,500,000

9,454,915

a

Clean

Air

Metals,

Inc.

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

Canada

3,800,000

1,188,707

a,c,d

Euro

Sun

Mining,

Inc.,

144A

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

Canada

10,000,000

2,502,542

a,d,e,f

G

Mining

Ventures

Corp.,

144A

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

Canada

8,250,000

8,246,303

a,d

Geopacific

Resources

Ltd.

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

Australia

16,223,922

5,280,569

a,c

INV

Metals,

Inc.,

144A

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

Canada

6,565,000

2,413,036

a,c

Ivanhoe

Mines

Ltd.,

144A

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

Canada

5,735,000

27,403,496

a

Ivanhoe

Mines

Ltd.,

A

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

Canada

141,800

677,562

a,b,c

Mawson

Gold

Ltd.,

144A

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

Canada

7,700,000

1,926,957

a

Orla

Mining

Ltd.

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

Canada

3,490,713

15,069,004

a,c

Orla

Mining

Ltd.,

144A

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

Canada

2,000,000

8,633,769

b,e,f

Osisko

Development

Corp.,

144A

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

Canada

460,000

2,705,403

a,c

Osisko

Development

Corp.,

144A

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

Canada

1,015,000

6,120,005

a

Prime

Mining

Corp.

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

Canada

1,500,000

2,979,589

a,d

Talisker

Resources

Ltd.

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

Canada

15,300,000

3,589,583

a,d,e,f

Troilus

Gold

Corp.,

144A

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

Canada

6,900,000

5,337,444

a

Vizsla

Resources

Corp.

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

Canada

3,350,000

4,086,963

a

Western

Copper

&

Gold

Corp.

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

Canada

2,430,000

2,812,544

115,146,073

Environmental

&

Facilities

Services

0.2%

a,b

Clean

TeQ

Holdings

Ltd.

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

Australia

13,600,000

2,741,404

a

Gold

73.5%

Agnico

Eagle

Mines

Ltd.

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

Canada

37,000

2,584,450

Alamos

Gold,

Inc.,

(CAD

Traded),

A

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

Canada

2,828,316

22,693,769

Alamos

Gold,

Inc.,

(USD

Traded),

A

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

Canada

2,514,500

20,116,000

AngloGold

Ashanti

Ltd.,

ADR

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

Tanzania

1,784,823

41,871,948

a,c

Argonaut

Gold,

Inc.,

144A

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

United

States

2,350,000

4,263,705

a

Artemis

Gold,

Inc.

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

Canada

1,725,000

8,215,570

a,c,d

Ascot

Resources

Ltd.,

144A

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

Canada

16,220,000

15,094,862

B2Gold

Corp.

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

Canada

8,593,694

42,474,502

Barrick

Gold

Corp.

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

Canada

3,179,383

71,122,798

a,c,d

Battle

North

Gold

Corp.,

144A

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

Canada

9,608,900

13,075,378

a,b

Belo

Sun

Mining

Corp.

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

Canada

3,500,000

2,764,526

a,c

Belo

Sun

Mining

Corp.,

144A

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

Canada

3,800,000

3,001,486

a

Breaker

Resources

NL

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

Australia

16,000,000

2,438,409

Centamin

plc

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

Egypt

12,915,200

20,212,157

Centerra

Gold,

Inc.

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

Kyrgyzstan

547,800

5,676,351

a,c

Centerra

Gold,

Inc.,

144A

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

Kyrgyzstan

2,893,400

29,981,661

a

Chalice

Mining

Ltd.

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

Australia

11,780,641

35,241,245

a,b

Corvus

Gold,

Inc.

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

Canada

2,000,000

4,379,448

a,d

Dacian

Gold

Ltd.

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

Australia

32,555,556

11,859,500

Dundee

Precious

Metals,

Inc.

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

Canada

2,310,000

14,687,026

a

Eldorado

Gold

Corp.

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

Turkey

1,848,724

20,747,000

a

Emerald

Resources

NL

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

Australia

17,070,000

10,620,526

Endeavour

Mining

Corp.

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

Ivory

Coast

1,332,222

28,296,825

a,c

First

Mining

Gold

Corp.,

144A

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

Canada

7,500,000

2,316,806

a,b

Galiano

Gold,

Inc.

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

Canada

9,572,375

11,004,451

a

Gascoyne

Resources

Ltd.

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

Australia

8,368,370

3,279,181

Gold

Fields

Ltd.

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

South

Africa

1,074,800

10,077,534

a

Gold

Standard

Ventures

Corp.

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

Canada

4,070,000

2,800,970

a

Golden

Star

Resources

Ltd.

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

United

States

3,689,533

13,872,644

a

Great

Panther

Mining

Ltd.

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

Canada

5,171,889

4,174,749

a,d

HighGold

Mining,

Inc.

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

Canada

4,303,000

4,845,796

Franklin

Gold

and

Precious

Metals

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Gold

(continued)

a

Integra

Resources

Corp.,

(CAD

Traded)

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

Canada

2,260,000

$

7,387,816

a

Integra

Resources

Corp.,

(USD

Traded)

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

Canada

300,000

978,000

Kirkland

Lake

Gold

Ltd.

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

Canada

531,123

20,410,874

a,b

Liberty

Gold

Corp.

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

Canada

11,379,800

13,527,251

a,b,d

Lion

One

Metals

Ltd.

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

Canada

4,614,100

5,448,730

a,c,d

Lion

One

Metals

Ltd.,

144A

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

Canada

4,024,000

4,751,889

a,e,f

Lydian

International

Ltd.

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

Jersey

6,375,000

—

a,e,f

Lydian

International

Ltd.,

144A

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

Jersey

25,250,000

—

a,b

Marathon

Gold

Corp.

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

Canada

2,306,000

5,085,571

a,b

Midas

Gold

Corp.

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

Canada

362,090

2,746,753

c

Midas

Gold

Corp.,

144A

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

Canada

403,000

3,057,089

Newcrest

Mining

Ltd.

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

Australia

2,426,914

46,124,017

Newmont

Corp.

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

United

States

880,614

52,484,594

Northern

Star

Resources

Ltd.

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

Australia

973,054

9,415,884

a

O3

Mining,

Inc.

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

Canada

1,850,000

4,398,217

a

OceanaGold

Corp.

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

Australia

5,762,689

10,140,025

a

OceanaGold

Corp.

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

Australia

3,325,799

5,852,075

Osisko

Gold

Royalties

Ltd.

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

Canada

275,000

3,073,238

a

Pantoro

Ltd.

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

Australia

38,400,000

6,850,978

a

Perseus

Mining

Ltd.

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

Australia

41,558,141

36,890,307

a,c

Premier

Gold

Mines

Ltd.,

144A

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

Canada

2,618,750

6,471,612

a

Pretium

Resources,

Inc.

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

Canada

2,149,000

23,192,461

a,e,f

Probe

Metals,

Inc.,

144A

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

Canada

3,400,000

4,029,257

a,d

Red

5

Ltd.

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

Australia

162,268,146

26,330,421

a,d

RTG

Mining,

Inc.

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

Australia

1,769,918

262,989

a,c,d

RTG

Mining,

Inc.,

144A

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

Australia

2,397,790

356,284

a,d

RTG

Mining,

Inc.,

CDI

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

Australia

50,687,582

6,972,381

a,d

Saturn

Metals

Ltd.

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

Australia

6,200,000

2,029,838

c

Shandong

Gold

Mining

Co.

Ltd.,

H,

144A,

Reg

S

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

China

1,600,000

3,345,607

a,b

Skeena

Resources

Ltd.

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

Canada

7,150,000

17,389,927

a,e,f

Skeena

Resources

Ltd.

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

Canada

400,000

908,103

a

SolGold

plc,

(CAD

Traded)

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

Australia

13,650,000

5,657,699

a

SolGold

plc,

(GBP

Traded)

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

Australia

7,000,000

2,766,917

a

SSR

Mining,

Inc.

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

Canada

2,186,555

38,440,413

a

St.

Augustine

Gold

and

Copper

Ltd.,

(CAD

Traded)

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

United

States

5,613,836

460,978

a,c

St.

Augustine

Gold

and

Copper

Ltd.,

(CAD

Traded),

144A

.......

United

States

16,383,333

1,345,312

a,c

St.

Augustine

Gold

and

Copper

Ltd.,

(USD

Traded),

144A

.......

United

States

10,000,000

821,146

St.

Barbara

Ltd.

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

Australia

9,008,021

15,033,979

a,c,d

Superior

Gold,

Inc.,

144A

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

Canada

5,350,000

3,054,274

a

Teranga

Gold

Corp.

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

Canada

3,582,751

35,443,654

a

Torex

Gold

Resources,

Inc.

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

Canada

136,100

1,792,386

a,c

Torex

Gold

Resources,

Inc.,

144A

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

Canada

1,450,000

19,095,957

a

West

African

Resources

Ltd.

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

Australia

10,705,384

7,390,331

a

Wiluna

Mining

Corp.

Ltd.

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

Australia

5,724,000

5,997,301

951,003,808

Precious

Metals

&

Minerals

11.4%

Anglo

American

Platinum

Ltd.

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

South

Africa

165,656

16,480,055

a,d

Benchmark

Metals,

Inc.

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

Canada

6,890,300

5,981,257

a

Eastern

Platinum

Ltd.

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

Canada

5,184,204

1,256,826

a,c

GoGold

Resources,

Inc.,

144A

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

Canada

8,787,858

17,799,759

Impala

Platinum

Holdings

Ltd.

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

South

Africa

2,060,000

27,818,832

Impala

Platinum

Holdings

Ltd.,

ADR

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

South

Africa

1,236,100

16,699,711

a

Northam

Platinum

Ltd.

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

South

Africa

1,109,019

13,777,528

a,b

Osisko

Mining,

Inc.

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

Canada

6,250,000

15,200,985

a,d

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

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

South

Africa

10,000

37,538

a,b,d

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

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

South

Africa

2,042,787

7,668,240

a,c,d

Platinum

Group

Metals

Ltd.,

(CAD

Traded),

144A

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

South

Africa

97,760

366,973

Franklin

Gold

and

Precious

Metals

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Precious

Metals

&

Minerals

(continued)

a,d

Platinum

Group

Metals

Ltd.,

(USD

Traded)

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

South

Africa

4,241,856

$

15,779,704

a,c,d

Platinum

Group

Metals

Ltd.,

(USD

Traded),

144A

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

South

Africa

36,628

137,495

a

Royal

Bafokeng

Platinum

Ltd.

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

South

Africa

1,693,527

7,701,056

146,705,959

Silver

1.2%

Hochschild

Mining

plc

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

Peru

3,388,520

10,646,780

Pan

American

Silver

Corp.

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

Canada

145,021

4,691,889

15,338,669

Total

Common

Stocks

(Cost

$824,688,392)

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

1,237,631,633

Rights

a

a

Rights

0.1%

Silver

0.1%

a

Pan

American

Silver

Corp.,

CVR

,

2/20/49

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

Canada

1,850,600

1,424,962

Total

Rights

(Cost

$856,771)

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

1,424,962

Warrants

a

a

a

Warrants

0.6%

Diversified

Metals

&

Mining

0.4%

a,e,f

Bluestone

Resources,

Inc.

,

3/19/21

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

Canada

550,000

102,503

a,e,f

Clean

Air

Metals,

Inc.

,

2/11/22

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

Canada

1,900,000

197,201

a,d,e,f

Euro

Sun

Mining,

Inc.

,

6/05/23

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

Canada

5,000,000

109,060

a,d,e,f

G

Mining

Ventures

Corp.

,

144A,

5/19/22

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

Canada

4,125,000

2,207,064

a,e,f

Mawson

Gold

Ltd.

,

8/13/20

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

Canada

3,850,000

133,360

a,e,f

Orla

Mining

Ltd.

,

2/15/21

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

Canada

460,000

1,140,377

a,e,f

Osisko

Development

Corp.

,

144A,

12/01/23

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

Canada

737,500

476,041

a,d,e,f

Talisker

Resources

Ltd.

,

144A,

8/31/21

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

Canada

5,650,000

694

a,e,f

Vizsla

Resources

Corp.

,

144A,

7/30/22

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

Canada

3,350,000

773,198

5,139,498

Gold

0.1%

a,c,e

First

Mining

Gold

Corp.

,

144A,

8/26/22

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

Canada

3,750,000

73,466

a,e,f

Marathon

Gold

Corp.

,

5/26/21

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

Canada

1,153,000

798,097

a,e,f

O3

Mining,

Inc.

,

6/18/22

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

Canada

850,000

310,812

a,e,f

Probe

Metals,

Inc.

,

144A,

11/24/22

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

Canada

1,700,000

261,929

1,444,304

Precious

Metals

&

Minerals

0.1%

a,e,f

Osisko

Mining,

Inc.

,

12/23/21

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

Canada

2,125,000

509,619

Total

Warrants

(Cost

$172,099)

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

7,093,421

Principal

Amount

*

Convertible

Bonds

0.2%

Precious

Metals

&

Minerals

0.2%

d

Platinum

Group

Metals

Ltd.,

Sub.

Note,

6.875%,

7/01/22

........

South

Africa

3,000,000

2,865,000

Total

Convertible

Bonds

(Cost

$3,000,000)

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

2,865,000

Total

Long

Term

Investments

(Cost

$828,717,262)

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

1,249,015,016

a

Franklin

Gold

and

Precious

Metals

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

See

Abbreviations

on

page

34

.

Short

Term

Investments

3.5%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

3.0%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

39,090,817

$

39,090,817

Total

Money

Market

Funds

(Cost

$39,090,817)

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

39,090,817

i

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.4%

Money

Market

Funds

0.4%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

4,939,000

4,939,000

Principal

Amount

i

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Repurchase

Agreements

0.1%

j

Joint

Repurchase

Agreement,

J.P.

Morgan

Securities

LLC,

0.04%,

2/01/21

(Maturity

Value

$1,309,504)

Collateralized

by

U.S.

Treasury

Notes,

2%

-

2.5%,

8/31/21

-

1/31/24

(valued

at

$1,335,690)

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

1,309,500

1,309,500

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$6,248,500)

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

6,248,500

Total

Short

Term

Investments

(Cost

$45,339,317

)

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

45,339,317

a

Total

Investments

(Cost

$874,056,579)

100.1%

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

$1,294,354,333

Other

Assets,

less

Liabilities

(0.1)%

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

(784,729)

Net

Assets

100.0%

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

$1,293,569,604

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

January

31,

2021.

See

Note

1(d).

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

January

31,

2021,

the

aggregate

value

of

these

securities

was

$191,583,163,

representing

14.8%

of

net

assets.

d

See

Note

10

regarding

holdings

of

5%

voting

securities.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

f

See

Note

9

regarding

restricted

securities.

g

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

i

See

Note

1(d)

regarding

securities

on

loan.

j

See

Note

1(c)

regarding

joint

repurchase

agreement.

Franklin

Gold

and

Precious

Metals

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

January

31,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$650,363,278

Cost

-

Non-controlled

affiliates

(Note

3

f

and

10

)

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

223,693,301

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$5,395,553)

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

$1,096,132,708

Value

-

Non-controlled

affiliates

(Note

3

f

and

10

)

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

198,221,625

Receivables:

Investment

securities

sold

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

2,895,541

Capital

shares

sold

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

7,339,625

Dividends

and

interest

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

542,143

Other

assets

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

47,240

Total

assets

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

1,305,178,882

Liabilities:

Payables:

Investment

securities

purchased

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

1,914,101

Capital

shares

redeemed

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

2,363,573

Management

fees

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

534,768

Distribution

fees

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

289,766

Transfer

agent

fees

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

244,993

Funds

advanced

by

custodian

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

1,954

Payable

upon

return

of

securities

loaned

(Note

1

d

)

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

6,248,500

Accrued

expenses

and

other

liabilities

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

11,623

Total

liabilities

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

11,609,278

Net

assets,

at

value

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

$1,293,569,604

Net

assets

consist

of:

Paid-in

capital

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

$1,738,924,399

Total

distributable

earnings

(losses)

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

(445,354,795)

Net

assets,

at

value

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

$1,293,569,604

Franklin

Gold

and

Precious

Metals

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

January

31,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

Franklin

Gold

and

Precious

Metals

Fund

Class

A:

Net

assets,

at

value

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

$917,222,658

Shares

outstanding

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

39,322,128

Net

asset

value

per

share

a

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

$23.33

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

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

$24.69

Class

C:

Net

assets,

at

value

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

$92,818,925

Shares

outstanding

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

4,424,590

Net

asset

value

and

maximum

offering

price

per

share

a

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

$20.98

Class

R6:

Net

assets,

at

value

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

$19,441,484

Shares

outstanding

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

768,478

Net

asset

value

and

maximum

offering

price

per

share

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

$25.30

Advisor

Class:

Net

assets,

at

value

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

$264,086,537

Shares

outstanding

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

10,560,744

Net

asset

value

and

maximum

offering

price

per

share

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

$25.01

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Gold

and

Precious

Metals

Fund

Financial

Statements

Statement

of

Operations

For

the

six

months

ended

January

31,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

Franklin

Gold

and

Precious

Metals

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$473,638)

Unaffiliated

issuers

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

$5,330,570

Interest:

Non-controlled

affiliates

(Note

3

f

and

10

)

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

103,125

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

375,074

Total

investment

income

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

5,808,769

Expenses:

Management

fees

(Note

3

a

)

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

3,083,489

Distribution

fees:

(Note

3c

)

    Class

A

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

1,166,936

    Class

C

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

509,549

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

582,387

    Class

C

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

63,516

    Class

R6

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

20,174

    Advisor

Class

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

172,174

Custodian

fees

(Note

4

)

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

29,787

Reports

to

shareholders

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

49,317

Registration

and

filing

fees

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

29,493

Professional

fees

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

58,868

Trustees'

fees

and

expenses

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

14,373

Other

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

11,903

Total

expenses

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

5,791,966

Expense

reductions

(Note

4

)

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

(68)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(30,745)

Net

expenses

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

5,761,153

Net

investment

income

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

47,616

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

32,946,041

Non-controlled

affiliates

(Note

3

f

and

10

)

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

(10,804,541)

Foreign

currency

transactions

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

14,712

Net

realized

gain

(loss)

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

22,156,212

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(167,116,107)

Non-controlled

affiliates

(Note

3

f

and

10

)

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

45,468,052

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(5,730)

Net

change

in

unrealized

appreciation

(depreciation)

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

(121,653,785)

Net

realized

and

unrealized

gain

(loss)

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

(99,497,573)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(99,449,957)

Franklin

Gold

and

Precious

Metals

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

Franklin

Gold

and

Precious

Metals

Fund

Six

Months

Ended

January

31,

2021

(unaudited)

Year

Ended

July

31,

2020

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

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

$47,616

$(2,015,454)

Net

realized

gain

(loss)

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

22,156,212

12,253,151

Net

change

in

unrealized

appreciation

(depreciation)

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

(121,653,785)

565,070,636

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(99,449,957)

575,308,333

Distributions

to

shareholders:

Class

A

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

(91,536,537)

—

Class

C

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

(10,260,302)

—

Class

R6

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

(1,886,753)

—

Advisor

Class

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

(25,940,782)

—

Total

distributions

to

shareholders

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

(129,624,374)

—

Capital

share

transactions:

(Note

2

)

Class

A

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

137,845,029

(124,090,549)

Class

C

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

4,861,017

(13,468,257)

Class

R6

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

2,411,822

1,382,646

Advisor

Class

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

31,810,094

31,949,531

Total

capital

share

transactions

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

176,927,962

(104,226,629)

Net

increase

(decrease)

in

net

assets

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

(52,146,369)

471,081,704

Net

assets:

Beginning

of

period

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

1,345,715,973

874,634,269

End

of

period

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

$1,293,569,604

$1,345,715,973

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

22

franklintempleton.com

Semiannual

Report

1.

Organization

and

Significant

Accounting

Policies

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).

The

Fund

offers

four

classes

of

shares:

Class

A,

Class

C,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

after

they

have

been

held

for

10

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees. 

The

following

summarizes

the

Fund’s

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Fund's

Board

of

Trustees

(the

Board),

the

Fund's

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day.

Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

23

franklintempleton.com

Semiannual

Report

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At January

31,

2021,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy.

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.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Joint

Repurchase

Agreement

The

Fund

enters

into

a

joint

repurchase

agreement

whereby

its

uninvested

cash

balance

is

deposited

into

a

joint

cash

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager

and

is

used

to

invest

in

one

or

more

repurchase

agreements.

The

value

and

face

amount

of

the

joint

repurchase

agreement

are

allocated

to

the

funds

based

on

their

pro-rata

interest.

A

repurchase

agreement

is

accounted

for

as

a

loan

by

the

Fund

to

the

seller,

collateralized

by

securities

which

are

delivered

to

the

Fund's

custodian.

The

fair

value,

including

accrued

interest,

of

the

initial

collateralization

is

required

to

be

at

least

102%

of

the

dollar

amount

invested

by

the

funds,

with

the

value

of

the

underlying

securities

marked

to

market

daily

to

maintain

coverage

of

at

least

100%.

Repurchase

agreements

are

subject

to

the

terms

of

Master

Repurchase

Agreements

(MRAs)

with

approved

counterparties

(sellers).

The

MRAs

contain

various

provisions,

including

but

not

limited

to

events

of

default

and

maintenance

of

collateral

for

repurchase

agreements.

In

the

event

of

default

by

either

the

seller

or

the

Fund,

certain

MRAs

may

permit

the

non-

defaulting

party

to

net

and

close-out

all

transactions,

if

any,

traded

under

such

agreements.

The

Fund

may

sell

securities

it

holds

as

collateral

and

apply

the

proceeds

towards

the

repurchase

price

and

any

other

amounts

owed

by

the

seller

to

the

Fund

in

the

event

of

default

by

the

seller.

This

could

involve

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

falls

below

the

repurchase

price

owed

by

the

seller.

The

joint

repurchase

agreement

held

by

the Fund

at

period

end,

as

indicated

in

the

Statement

of

Investments,

had

been

entered

into

on

January

29,

2021.

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

24

franklintempleton.com

Semiannual

Report

d.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the Fund,

and/or

a

joint

repurchase

agreement.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the

Statement

of

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

e.

Income

and

Deferred

Taxes

It

is the

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

January

31,

2021,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

f.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

g.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

1.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

25

franklintempleton.com

Semiannual

Report

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

h.

Guarantees

and

Indemnifications

Under

the

Fund's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Fund

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

Fund

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

January

31,

2021,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund’s

shares

were

as

follows:

Six

Months

Ended

January

31,

2021

Year

Ended

July

31,

2020

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

20,060,474

$522,587,532

38,055,516

$722,901,303

Shares

issued

in

reinvestment

of

distributions

..........

3,140,730

73,775,753

—

—

Shares

redeemed

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

(17,356,842)

(458,518,256)

(43,260,928)

(846,991,852)

Net

increase

(decrease)

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

5,844,362

$137,845,029

(5,205,412)

$(124,090,549)

Class

C

Shares:

Shares

sold

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

707,370

$16,889,936

1,573,374

$27,069,763

Shares

issued

in

reinvestment

of

distributions

..........

480,212

10,156,494

—

—

Shares

redeemed

a

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

(942,831)

(22,185,413)

(2,323,343)

(40,538,020)

Net

increase

(decrease)

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

244,751

$4,861,017

(749,969)

$(13,468,257)

Class

R6

Shares:

Shares

sold

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

361,136

$10,275,755

766,821

$15,343,211

Shares

issued

in

reinvestment

of

distributions

..........

72,633

1,849,233

—

—

Shares

redeemed

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

(346,548)

(9,713,166)

(689,324)

(13,960,565)

Net

increase

(decrease)

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

87,221

$2,411,822

77,497

$1,382,646

Advisor

Class

Shares:

Shares

sold

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

2,480,982

$69,540,788

5,387,923

$111,957,923

Shares

issued

in

reinvestment

of

distributions

..........

903,757

22,747,555

—

—

Shares

redeemed

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

(2,206,440)

(60,478,249)

(4,103,708)

(80,008,392)

Net

increase

(decrease)

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

1,178,299

$31,810,094

1,284,215

$31,949,531

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

1.

Organization

and

Significant

Accounting

Policies

(continued)

g.

Accounting

Estimates

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

26

franklintempleton.com

Semiannual

Report

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Fund

are

also

officers

and/or

directors

of

the

following

subsidiaries:

a.

Management

Fees

The

Fund

pays

an

investment

management

fee

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

period

ended

January

31,

2021,

the

annualized

gross

effective

investment

management

fee

rate

was

0.463%

of

the

Fund’s

average

daily

net

assets. 

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

Class

A

and

Class

C

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund’s

Class

A

reimbursement

distribution

plan,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class

C

compensation

distribution

plan,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Templeton

Distributors,

Inc.

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

In

excess

of

$15

billion

Class

A

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

0.25%

Class

C

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

1.00%

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

27

franklintempleton.com

Semiannual

Report

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e.

Transfer

Agent

Fees

Each

class

of

shares

pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class

reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

January

31,

2021,

the

Fund

paid

transfer

agent

fees

of

$838,251,

of

which

$409,236

was

retained

by

Investor

Services.

f.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

January

31,

2021,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

g.

Waiver

and

Expense

Reimbursements

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

November

30,

2021

.

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$72,416

CDSC

retained

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

$9,238

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Gold

and

Precious

Metals

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$11,151,454

$206,597,533

$(178,658,170)

$—

$—

$39,090,817

39,090,817

$—

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$4,254,000

$66,386,000

$(65,701,000)

$

—

$

—

$4,939,000

4,939,000

$—

Total

Affiliated

Securities

....

$15,405,454

$272,983,533

$(244,359,170)

$—

$—

$44,029,817

$—

3.

Transactions

with

Affiliates

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

28

franklintempleton.com

Semiannual

Report

4.

Expense

Offset

Arrangement

The

Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund’s

custodian

expenses.

During

the

period

ended

January

31,

2021,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations. 

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2020,

the

capital

loss

carryforwards

were

as

follows:

At

January

31,

2021,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

passive

foreign

investment

company

shares,

and

corporate

actions.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

January

31,

2021,

aggregated

$139,066,498

and

$122,860,019,

respectively.

At

January

31,

2021,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received

$6,248,500

of

cash

collateral.

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statement

of

Assets

and

Liabilities.

The

agreements

can

be

terminated

at

any

time.

7.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Current

political

and

financial

uncertainty

surrounding

the

European

Union

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

Europe.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$3,730,680

Long

term

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

668,744,010

Total

capital

loss

carryforwards

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

$672,474,690

Cost

of

investments

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

$1,079,424,533

Unrealized

appreciation

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

$539,009,124

Unrealized

depreciation

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

(324,079,324)

Net

unrealized

appreciation

(depreciation)

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

$214,929,800

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

29

franklintempleton.com

Semiannual

Report

8. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

9.

Restricted

Securities

The

Fund

invests

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The Fund

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

January

31,

2021,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

Shares

/

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Gold

And

Precious

Metals

Fund

550,000

a

Bluestone

Resources,

Inc.,

3/19/21

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

2/20/19

$

76,682

$

102,503

1,900,000

b

Clean

Air

Metals,

Inc.,

2/11/22

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

2/04/20

—

197,201

5,000,000

c

Euro

Sun

Mining,

Inc.,

6/05/23

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

6/09/20

—

109,060

8,250,000

G

Mining

Ventures

Corp.,

144A

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

11/17/20

3,149,937

8,246,303

4,125,000

G

Mining

Ventures

Corp.,

144A,

5/19/22

...........

11/27/20

—

2,207,064

6,375,000

Lydian

International

Ltd

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

11/24/17

2,098,016

—

25,250,000

Lydian

International

Ltd.,

144A

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

3/06/12

14,750,154

—

1,153,000

d

Marathon

Gold

Corp.,

5/26/21

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

5/27/20

—

798,097

3,850,000

e

Mawson

Gold

Ltd.,

8/13/20

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

5/22/20

—

133,360

850,000

f

O3

Mining,

Inc.,

6/18/22

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

6/23/20

—

310,812

460,000

g

Orla

Mining

Ltd.,

2/15/21

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

2/12/18

95,417

1,140,377

460,000

h

Osisko

Development

Corp.,

144A

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

12/21/20

2,684,303

2,705,403

737,500

i

Osisko

Development

Corp.,

144A,

12/01/23

........

11/27/20-12/31/20

—

476,041

2,125,000

j

Osisko

Mining,

Inc.,

12/23/21

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

6/24/20

—

509,619

1,700,000

Probe

Metals,

Inc

,

144A,

11/24/22

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

11/23/20-11/24/20

—

261,929

3,400,000

Probe

Metals,

Inc.,

144A

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

11/23/20-11/24/20

4,177,562

4,029,257

400,000

k

Skeena

Resources

Ltd

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

12/18/20

782,442

908,103

5,650,000

l

Talisker

Resources

Ltd.,

144A,

8/31/21

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

8/17/20

—

694

6,900,000

Troilus

Gold

Corp.,

144A

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

11/24/20

5,838,012

5,337,444

3,350,000

m

Vizsla

Resources

Corp.,

144A,

7/30/22

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

7/23/20

—

773,198

Total

Restricted

Securities

(Value

is

2.18%

of

Net

Assets)

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

$33,652,525

$28,246,465

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$9,454,915

as

of

January

31,

2021.

b

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,188,707

as

of

January

31,

2021.

c

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$2,502,542

as

of

January

31,

2021.

d

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$5,085,571

as

of

January

31,

2021.

e

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,926,957

as

of

January

31,

2021.

f

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$4,398,217

as

of

January

31,

2021.

g

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$23,702,773

as

of

January

31,

2021.

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

30

franklintempleton.com

Semiannual

Report

10.

Holdings

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

vo

ting

securities.

During

the

period

ended

January

31,

2021

,

investments

in

“affiliated

companies”

were

as

follows:

h

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$21,320,990

as

of

January

31,

2021.

i

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$17,389,927

as

of

January

31,

2021.

j

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$3,589,583

as

of

January

31,

2021.

k

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$4,086,963

as

of

January

31,

2021.

Value

at

Beginning

of

Period

Purchases

a

Sales

a

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares/Principal

Amount

*

Held

at

End

of

Period

Investment

Income

Franklin

Gold

And

Precious

Metals

Fund

Non-Controlled

Affiliates

Dividends

Ascot

Resources

Ltd.,

144A

..

$

13,441,989

$

—

$

—

$

—

$

1,652,873

$

15,094,862

16,220,000

$

—

Battle

North

Gold

Corp.,

144A

11,899,142

2,240,133

—

—

(1,063,897)

13,075,378

9,608,900

—

Benchmark

Metals,

Inc

.....

—

6,561,194

—

—

(579,937)

5,981,257

6,890,300

—

Chalice

Mining

Ltd

........

21,059,387

—

(31,264,421)

25,412,084

—

b

—

b

—

b

—

Dacian

Gold

Ltd

..........

7,673,415

—

—

—

4,186,085

11,859,500

32,555,556

—

Euro

Sun

Mining,

Inc.,

144A

.

4,106,316

—

—

—

(1,603,774)

2,502,542

10,000,000

—

Euro

Sun

Mining,

Inc.,

6/05/23

888,663

—

—

—

(779,603)

109,060

5,000,000

—

G

Mining

Ventures

Corp.,

144A

—

3,149,937

—

—

5,096,366

8,246,303

8,250,000

—

G

Mining

Ventures

Corp.,

144A,

5/19/22

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

—

—

—

—

2,207,064

2,207,064

4,125,000

—

Geopacific

Resources

Ltd

...

5,744,253

1,024,735

—

—

(1,488,419)

5,280,569

16,223,922

—

HighGold

Mining,

Inc.

......

6,523,515

—

—

—

(1,677,718)

4,845,797

4,303,000

—

Lion

One

Metals

Ltd.

......

9,080,715

—

(729,561)

417,170

(3,319,594)

5,448,730

4,614,100

—

Lion

One

Metals

Ltd.,

144A

..

5,237,158

1,076,702

—

—

(1,561,971)

4,751,889

4,024,000

—

Lion

One

Metals

Ltd.,

6/06/21

922,513

—

(86,777)

620

(836,356)

—

—

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

.........

4,894,438

—

(939,700)

(17,881,651)

21,632,690

7,705,777

2,052,787

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded),

144A

.....

212,395

—

—

—

154,578

366,973

97,760

—

Platinum

Group

Metals

Ltd.,

(USD

Traded)

.........

10,296,035

—

(1,786,546)

(18,752,764)

26,022,979

15,779,704

4,241,856

—

Platinum

Group

Metals

Ltd.,

(USD

Traded),

144A

.....

79,579

—

—

—

57,916

137,495

36,628

—

Red

5

Ltd

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

29,322,847

—

—

—

(2,992,426)

26,330,421

162,268,146

—

RTG

Mining,

Inc

.........

171,785

—

—

—

91,204

262,989

1,769,918

—

RTG

Mining,

Inc.,

144A

.....

232,726

—

—

—

123,558

356,284

2,397,790

—

RTG

Mining,

Inc.,

CDI

......

4,527,352

—

—

—

2,445,029

6,972,381

50,687,582

—

Saturn

Metals

Ltd

........

—

3,132,576

—

—

(1,102,738)

2,029,838

6,200,000

—

9.

Restricted

Securities

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

31

franklintempleton.com

Semiannual

Report

11.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2

billion

(Global

Credit

Facility)

which

matured

on

February

5,

2021.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Effective

February

5,

2021,

the

Borrowers

renewed

the

Global

Credit

Facility

for

a

one

year

term,

maturing

February

4,

2022,

for

a

total

of

$2.675

billion.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

January

31,

2021,

the Fund

did

not

use

the

Global

Credit

Facility.

12.

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.)

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares/Principal

Amount

*

Held

at

End

of

Period

Investment

Income

Franklin

Gold

And

Precious

Metals

Fund

(continued)

Non-Controlled

Affiliates

Superior

Gold,

Inc.,

144A

...

$

—

$

2,837,874

$

—

$

—

$

216,400

$

3,054,274

5,350,000

$

—

Talisker

Resources

Ltd

.....

—

5,109,466

—

—

(1,519,883)

3,589,583

15,300,000

—

Talisker

Resources

Ltd.,

144A,

8/31/21

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

—

—

—

—

694

694

5,650,000

—

Troilus

Gold

Corp.,

144A

....

—

5,838,012

—

—

(500,568)

5,337,444

6,900,000

—

Interest

Platinum

Group

Metals

Ltd.,

Sub.

Note,

6.875%,

7/01/22

2,257,500

—

—

—

607,500

2,865,000

3,000,000

103,125

Total

Affiliated

Securities

(Value

is

11.9%

of

Net

Assets)

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

$138,571,723

$30,970,629

$(34,807,005)

(10,804,541)

45,468,052

$154,191,808

$103,125

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

b

As

of

January

31,

2021,

no

longer

an

affiliate.

10.

Holdings

of

5%

Voting

Securities

of

Portfolio

Companies

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

32

franklintempleton.com

Semiannual

Report

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

January

31,

2021,

in

valuing

the

Fund’s

assets

carried

at

fair

value,

is

as

follows:

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At

January

31,

2021,

the

reconciliation

of

assets,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

:

Copper

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

$

6,695,720

$

—

$

—

$

6,695,720

Diversified

Metals

&

Mining

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

93,576,354

5,280,569

16,289,150

115,146,073

Environmental

&

Facilities

Services

.........

—

2,741,404

—

2,741,404

Gold

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

692,929,233

253,137,215

4,937,360

b

951,003,808

Precious

Metals

&

Minerals

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

88,629,544

58,076,415

—

146,705,959

Silver

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

4,691,889

10,646,780

—

15,338,669

Rights

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

1,424,962

—

—

1,424,962

Warrants

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

—

—

7,093,421

7,093,421

Convertible

Bonds

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

—

2,865,000

—

2,865,000

Short

Term

Investments

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

44,029,817

1,309,500

—

45,339,317

Total

Investments

in

Securities

...........

$931,977,519

$334,056,883

$28,319,931

$1,294,354,333

a

For

detailed

categories,

see

the

accompanying

Statement

of

Investments.

b

Includes

securities

determined

to

have

no

value

at

January

31,

2021.

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

a

Transfer

Out

of

Level

3

b

Cost

Basis

Adjust-

ments

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

in

Securities:

Common

Stocks

Diversified

Metals

&

Mining

.........

$

20,121,498

$

11,634,038

$

—

$

5,828,590

$

(15,620,911)

$

—

$

—

$

(5,674,065)

$

16,289,150

$

(

1,173,478

)

Gold

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

16,111,904

c

4,960,004

—

—

(20,528,411)

—

—

4,393,863

4,937,36

0

c

(22,646)

Warrants

Diversified

Metals

&

Mining

.........

2,839,658

—

c

—

—

—

—

—

2,299,840

5,139,498

2,299,840

Gold

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

3,185,251

—

c

(86,834)

—

—

—

623

(1,654,736)

1,444,304

557,648

Precious

Metals

&

Minerals

........

422,912

—

—

—

—

—

—

86,707

509,619

86,707

Total

Investments

in

Securities

.

$42,681,223

$16,594,042

$(86,834)

$5,828,590

$(36,149,322)

$

—

$

623

$

(548,391)

$28,319,931

$

1,748,071

a

Transferred

into

level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

and

other

significant

observable

valuation

inputs.

b

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.

12.

Fair

Value

Measurements

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

33

franklintempleton.com

Semiannual

Report

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

January

31,

2021,

are

as

follows:

13.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2020-

04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

amendments

in

the

ASU

provides

optional

temporary

financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR)

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021.

The

ASU

is

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2022.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

this

ASU

will

not

have

a

material

impact

on

the

financial

statements.

14.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

c

Includes

securities

determined

to

have

no

value.

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

/

Range

(Weighted

Average)

a

Impact

to

Fair

Value

if

Input

Increases

b

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

in

Securities:

Common

Stocks:

Diversified

Metals

&

Mining

....

$16,289,150

Market

comparables

Lockup

Discount

3.7%

-

11.9%

(8.2%)

Decrease

c

Gold

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

4,029,257

Market

comparables

Lockup

Discount

4.1%

Decrease

Warrants:

Diversified

Metals

&

Mining

....

2,207,064

Market

comparables

30

Day

Implied

Volatility

135.0%

Increase

c

Discount

for

lack

of

marketability

28.0%

Decrease

c

All

Other

Investments

5,794,460

d,e

Total

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

$28,319,931

a

Weighted

based

on

the

relative

fair

value

of

the

financial

instruments.

b

Represents

the

directional

change

in

the

fair

value

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

impacts,

if

any,

to

fair

value

and/or

net

assets

have

been

indicated.

c

Represents

a

significant

impact

to

fair

value

but

not

net

assets.

d

Includes

financial

instruments

with

values

derived

using

private

transaction

prices

or

non-public

third

party

pricing

information

which

is

unobservable.

May

also

include

fair

value

of

immaterial

financial

instruments

developed

using

various

valuation

techniques

and

unobservable

inputs.

e

Includes

securities

determined

to

have

no

value

at

January

31,

2021.

12.

Fair

Value

Measurements

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

34

franklintempleton.com

Semiannual

Report

Abbreviations

Currency

CAD

Canadian

Dollar

GBP

British

Pound

USD

United

States

Dollar

Selected

Portfolio

ADR

American

Depositary

Receipt

CDI

CREST

Depository

Interest

CVR

Contingent

Voting

Rights

Franklin

Gold

and

Precious

Metals

Fund

Tax

Information

(unaudited)

35

franklintempleton.com

Semiannual

Report

1.

Qualified

dividends

are

taxed

at

reduced

long

term

capital

gains

tax

rates.

In

determining

the

amount

of

foreign

tax

credit

that

may

be

applied

against

the

U.S.

tax

liability

of

individuals

receiving

foreign

source

qualified

dividends,

adjustments

may

be

required

to

the

foreign

tax

credit

limitation

calculation

to

reflect

the

rate

differential

applicable

to

such

dividend

income.

The

rules

however

permit

certain

individuals

to

elect

not

to

apply

the

rate

differential

adjustments

for

capital

gains

and/or

dividends

for

any

taxable

year.

Please

consult

your

tax

advisor

and

the

instructions

to

Form

1116

for

more

information.

At

July

31,

2020,

more

than

50%

of

the

Fund's

total

assets

were

invested

in

securities

of

foreign

issuers.

In

most

instances,

foreign

taxes

were

withheld

from

income

paid

to

the

Fund

on

these

investments.

As

shown

in

the

table

below,

the

Fund

hereby

reports

to

shareholders

the

foreign

source

income

and

foreign

taxes

paid,

pursuant

to

Section

853

of

the

Internal

Revenue

Code.

This

written

statement

will

allow

shareholders

of

record

on

November

30,

2020,

to

treat

their

proportionate

share

of

foreign

taxes

paid

by

the

Fund

as

having

been

paid

directly

by

them.

The

shareholder

shall

consider

these

amounts

as

foreign

taxes

paid

in

the

tax

year

in

which

they

receive

the

Fund

distribution.

The

following

table

provides

a

detailed

analysis

of

foreign

tax

paid,

foreign

source

income,

and

foreign

source

qualified

dividends

as

reported

by

the

Fund,

to

shareholders

of

record.

Foreign

Tax

Paid

Per

Share

is

the

amount

per

share

available

to

you,

as

a

tax

credit

(assuming

you

held

your

shares

in

the

Fund

for

a

minimum

of

16

days

during

the

31-day

period

beginning

15

days

before

the

ex-dividend

date

of

the

Fund’s

distribution

to

which

the

foreign

taxes

relate),

or,

as

a

tax

deduction.

Foreign

Source

Income

Per

Share

is

the

amount

per

share

of

income

dividends

attributable

to

foreign

securities

held

by

the

Fund,

plus

any

foreign

taxes

withheld

on

these

dividends.

The

amounts

reported

include

foreign

source

qualified

dividends

that

have

not

been

adjusted

for

the

rate

differential

applicable

to

such

dividend

income.

1

Foreign

Source

Qualified

Dividends

Per

Share

is

the

amount

per

share

of

foreign

source

qualified

dividends

plus

any

foreign

taxes

withheld

on

these

dividends.

These

amounts

represent

the

portion

of

the

Foreign

Source

Income

Per

Share

that

were

derived

from

qualified

foreign

securities

held

by

the

Fund.

1

At

the

beginning

of

each

calendar

year,

shareholders

will

receive

Form

1099-DIV

which

will

include

their

share

of

taxes

paid

during

the

prior

calendar

year. Shareholders

are

advised

to

check

with

their

tax

advisors

for

information

on

the

treatment

of

these

amounts

on

their

income

tax

returns.

Foreign

Tax

Paid

Per

Share

Foreign

Source

Income

Per

Share

Foreign

Source

Qualified

Dividends

Per

Share

$0.0116

$0.1242

$0.0896

Franklin

Gold

and

Precious

Metals

Fund

Shareholder

Information

36

franklintempleton.com

Semiannual

Report

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Statement

of

Investments

The

Fund

files

a

complete

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

132

S

03/21

©

2021

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

and

Shareholder

Letter

Franklin

Gold

and

Precious

Metals

Fund

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Templeton

Distributors,

Inc.

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2.  Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3.  Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4. Principal Accountant Fees and Services.      N/A

Item 5.  Audit Committee

 of Listed Registrants.       N/A

Item 6.  Schedule of Investments.                     N/A

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.            N/A

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.                               N/A

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and

Affiliated Purchasers.     N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

 Evaluation of Disclosure Controls and Procedures.

The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b)

 Changes in Internal Controls.

There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company                                         N/A

Item 13. Exhibits.

(a) (1) Code of Ethics

Code of Ethics

(a) (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer

Section 302

(b)   Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer

Section 906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FRANKLIN GOLD AND PRECIOUS METALS FUND

By __ S\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date

March 26, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By __ S\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date

March 26, 2021

By _ S\ROBERT G. KUBILIS________________________

Robert G. Kubilis

      Chief Financial Officer

and Chief Accounting Officer

Date March

26, 2021

EX-99.CODE ETH

Code of Ethics for Principal Executives

&

Senior Financial

Officers

Procedures              

Revised December 10, 2018

FRANKLIN

TEMPLETON

FUNDS

CODE OF ETHICS

FOR

PRINCIPAL

EXECUTIVES

AND

SENIOR FINANCIAL OFFICERS

I.

Covered

Officers and Purpose of the Code

Thiscode

of

ethics(the"Code")appliestothe

Principal

Executive

Officers,

Principal

Financial

Officer

andPrincipal

Accounting

Officer(the"CoveredOfficers,"eachof

whom

issetforth inExhibit

A)

ofeach investmentcompanyadvised byaFranklin

Resources

subsidiary

andthatisregisteredwiththeUnitedStates

Securities

&Exchange

Commission

(“SEC”)

(collectively,

"FTFunds")forthepurposeof

promoting:

·

Honest

andethical

conduct,

including

theethicalresolution

of

actualor

apparent

conflicts

ofinterestbetween

personal

andprofessionalrelationships;

·

Full,fair,

accurate,

timelyandunderstandabledisclosurein

reports

and

documents

thataregistrant

files

with,orsubmitsto,

the

SECandinother

public

communications

made

byoronbehalfoftheFTFunds;

·

Compliance

with

applicable

lawsandgovernmentalrulesandregulations;

·

Thepromptinternal

reporting

of

violations

oftheCode

to

an

appropriate

person

orpersons

identified

intheCode;and

·

Accountability

foradherencetotheCode.

Each

Covered

Officerwillbe

expected

toadheretoahighstandardofbusiness

ethics

andmustbe

sensitive

to

situations

that

may

giveriseto

actual

as

well

asapparentconflictsofinterest.

*

Rule 38a-1

under

the

Investment

Company

Act of 1940(“1940

Act”)

and

Rule

206(4)-7

under

the

Investment

Advisers

Act

of

1940 (“Advisers Act”)

(together

the “Compliance Rule”)

require registered

investment

companies

and

registered

investment

advisers

to,

among other

things, adopt and implement

written

policies

and

procedures reasonably

designed to

prevent

violations

of the

federal

securities

laws

(“Compliance

Rule

Policies

and

Procedures”).

CONFIDENTIAL

INFORMATION.

 

This

document

is

the

proprietary

product

ofFranklinTempleton

Investments.

It

may

NOT

be

distributed

outside

the

company

unless

it is

made subject toa

non-disclosure agreement

and/or

such

release

receives

authorization

by

an FTI

Chief Compliance

Officer.

 

Any

unauthorized

use,

reproduction

or

transfer

of this

document

is strictly

prohibited.

Franklin

Templeton

Investments

©

2014.

All

Rights Reserved.

II.

Other Policies and Procedures

ThisCodeshallbethesolecodeofethics

adopted

bytheFundsfor

purposes

of

Section

406oftheSarbanes-Oxley

Act

andtherulesandforms

applicable

to

registeredinvestmentcompanies

thereunder.

Franklin

Resources,

Inc.

has

separately

adoptedtheCodeofEthicsandBusinessConduct(“Business

Conduct”),

which

isapplicabletoallofficers,directorsandemployeesofFranklin

Resources,

Inc.,

includingCoveredOfficers.It

summarizes

thevalues,principlesandbusiness

practices

thatguidethe

employee’s

business

conduct

and

alsoprovides a set of basic

principles

toguideofficers,

directors

andemployees  regarding  theminimumethicalrequirementsexpectedofthem.Itsupplementsthevalues,

principles

andbusinessconductidentifiedintheCodeandotherexistingemployee

policies.

Additionally,theFranklinTempletonFunds

have

separatelyadoptedtheFTI

Personal

InvestmentsandInsiderTradingPolicygoverningpersonalsecurities

trading

andotherrelatedmatters.

The

CodeforInsider

Trading

provides

for

separate

requirements

thatapplytotheCoveredOfficersand

others,

and

therefore

is

not

partofthisCode.

Insofarasotherpoliciesor

procedures

of

Franklin

Resources,

Inc.,theFunds,theFunds’adviser,

principal

underwriter,orotherserviceprovidersgovernorpurporttogovernthebehaviororactivities

of

the

Covered Officers

who

are subjectto this Code, they are

superceded

bythisCodetotheextentthat

they

overlaporconflict

with

the

provisions

ofthis

Code.

Please

review these other documents or consult with

the

Legal

Department

if have questions regardingthe

applicability

ofthese

policies

toyou.

III.

Covered Officers Should Handle

Ethically

Actual and

Apparent

Conflicts ofInterest

Overview.A"conflictofinterest"occurs

when

aCoveredOfficer'sprivateinterestinterferes

with

theinterestsof,orhisorherserviceto,theFTFunds.Forexample,aconflictofinterest

would

ariseifaCoveredOfficer,ora

member

ofhis

family,

receivesimproper

personal

benefitsasaresultof

apposition

with

theFTFunds.

Certain

conflicts

of

interest

arise

out

ofthe

relationships

between

CoveredOfficersandtheFTFundsandalreadyaresubjecttoconflictof

interest

provisionsintheInvestmentCompanyActof1940("InvestmentCompanyAct")andtheInvestment

Advisers

Actof1940("Investment

Advisers

Act").Forexample,CoveredOfficers

may

notindividuallyengageincertain

transactions

(such

asthe

purchase

orsaleof

securities

or

other

property)withtheFTFunds

because

oftheirstatus

as

"affiliated

persons"of

the

FTFunds.TheFT

Funds’

andtheinvestmentadvisers’

compliance

programsandproceduresaredesignedtoprevent,oridentifyandcorrect,violationsoftheseprovisions.ThisCodedoes not,andis notintendedto,repeator replacetheseprogramsandprocedures,andsuchconflicts

fall

outside

of

theparametersofthisCode.

Althoughtypicallynot

presenting

anopportunityforimproperpersonal

benefit,

conflicts

arisefrom,orasaresultof,the

contractual

relationship

between

theFTFunds,theinvestmentadvisers

and

thefund

administrator

ofwhichtheCoveredOfficersarealso

officers

or

employees.Asaresult,

this

Code

recognizes

that

theCoveredOfficers

will,

inthe

normal

courseof

their

duties

(whether

formallyfortheFTFunds,fortheadviser,theadministrator,or

forall

three),

beinvolvedinestablishingpoliciesandimplementing

decisions

thatwillhavedifferent

effects

onthe

adviser,

administratorandtheFT

Funds.

Theparticipationof

the

CoveredOfficersinsuchactivitiesisinherentin

the

contractual

relationship

betweentheFTFunds,the

adviser,

andtheadministratorandisconsistent

with

theperformancebytheCoveredOfficersof

their

dutiesas

officers

oftheFTFunds.

Thus,

if

performed

inconformitywiththeprovisionsof

the

InvestmentCompany

Act

andtheInvestment

Advisers

Act,suchactivitieswillbedeemedtohavebeenhandled

ethically.

In

addition,

itis

recognized

by

theFTFunds'Boardsof

Directors

("Boards")thattheCoveredOfficersmayalsobeofficersoremployeesofoneormoreotherinvestmentcompanies

covered

bythisorother

codes.

Otherconflictsof

interest

arecoveredbytheCode,evenifsuch

conflicts

ofinterestarenotsubject

to

provisionsintheInvestmentCompanyActandtheInvestmentAdvisersAct.Thefollowinglistprovidesexamplesofconflictsof

interest

undertheCode,butCoveredOfficersshouldkeepinmindthattheseexamplesarenotexhaustive.Theoverarching

principle

isthatthepersonalinterestofaCoveredOfficershouldnotbe

placed

improperlybeforetheinterestoftheFTFunds.

EachCoveredOfficermust:

·

Not

usehisorher

personal

influence

or

personal

relationshipsimproperlytoinfluenceinvestment

decisions

orfinancial

reporting

bytheFTFundswherebytheCoveredOfficerwouldbenefitpersonallytothedetrimentoftheFTFunds;

·

Not

cause

the

FTFundstotake

action,

orfailtotakeaction,fortheindividual

personal

benefitof

the

CoveredOfficerratherthanthe

benefit

the

FT

Funds;

·

Not

retaliateagainstanyotherCoveredOfficerorany

employee

oftheFTFundsor

their

affiliated

persons

for

reports

of

potential

violations

thataremadeingoodfaith;

·

Report

atleastannuallythe

following

affiliations

orother

relationships:

1

o

all

directorships

forpublic

companies

andall

companies

thatare

required

tofilereportswiththeSEC;

o

anydirectorindirect

business

relationship

with

any

independentdirectorsoftheFTFunds;

o

anydirectorindirect

business

relationship

with

any

independentpublicaccounting

firm

(whicharenot

related

totheroutine

issues

related

tothe

firm’s

serviceas

the

CoveredPersonsaccountant);

and

o

anydirectorindirect

interest

inanytransactionwithanyFTFundthatwillbenefittheofficer

(not

including

benefitsderivedfromtheadvisory,sub-advisory,distributionorserviceagreementswith

affiliates

of

Franklin

Resources).

These

reports

willbereviewedbytheLegalDepartmentforcompliancewiththeCode.

Therearesomeconflictofinterestsituations

that

should

always

beapprovedinwritingbyFranklinResourcesGeneralCounselor

Deputy

GeneralCounsel,ifmaterial.Examplesofthese

include

2

:

·

Service

asadirectoron

the

boardofanypublic

or

privateCompany.

1

Reportingoftheseaffiliationsorotherrelationshipsshallbemadebycompletingtheannual

Directors

andOfficersQuestionnaireandreturningthequestionnaireto

Franklin

ResourcesInc,GeneralCounselorDeputyGeneralCounsel.

2

Anyactivityorrelationshipthat

would

presentaconflictforaCoveredOfficermayalsopresentaconflictfortheCoveredOfficer

ifamemberoftheCoveredOfficer'simmediatefamilyengagesinsuchanactivityorhassucharelationship.TheCoverPersonshouldalsoobtainwrittenapprovalbyFT’sGeneralCounselinsuchsituations.

·

Thereceiptofanygiftsinexcessof$100fromanyperson,fromanycorporationor

association.

·

Thereceiptofanyentertainmentfromany

Company

withwhichtheFTFundshascurrentor

prospective

business

dealingsunlesssuch

entertainment

is

business

related,

reasonableincost,

appropriate

astotimeandplace,andnotsofrequentastoraise

any

questionofimpropriety.Notwithstandingthe

foregoing,

theCoveredOfficersmustobtainpriorapprovalfromtheFranklin

Resources

GeneralCounselfor

any

entertainmentwithavalueinexcessof$1000.

·

Any

ownershipinterestin,oranyconsultingor

employment

relationshipwith,anyoftheFTFund’sserviceproviders,other

than

aninvestmentadviser,

principal

underwriter,administratororanyaffiliatedpersonthereof.

·

Adirectorindirect

financial

interest

incommissions,

transaction

chargesorspreads

paid

bytheFTFundsfor

effecting

portfolio

transactions

orfor

selling

or

redeeming

sharesotherthan

an

interestarisingfromtheCoveredOfficer'semployment,suchascompensationorequityownership.

·

Franklin

Resources

General

CounselorDeputyGeneralCounselwill

provide

areporttotheFTFundsAuditCommitteeofanyapprovalsgrantedat

the

next

regularlyscheduledmeeting.

IV.Disclosure and Compliance

·

Each

CoveredOfficershouldfamiliarizehimselfwiththedisclosure

requirements

generallyapplicableto

the

FTFunds;

·

Each

CoveredOfficershouldnot

knowingly

misrepresent,orcause

others

tomisrepresent,facts

about

theFT

Funds

toothers,whetherwithinor

outside

theFTFunds,

including

tothe

FT

Funds’

directors

and

auditors,

andtogovernmental

regulators

and

self-regulatory

organizations;

·

Each

CoveredOfficershould,totheextentappropriatewithinhisorherareaof

responsibility,

consultwithotherofficersandemployeesoftheFTFunds,theFTFund’sadviserandthe

administrator

withthegoalof

promoting

full,

fair,

accurate,

timelyand

understandable

disclosure

inthe

reports

and

documents

theFTFundsfile

with,

orsubmitto,theSECandinotherpubliccommunicationsmadebytheFTFunds;and

·

Itisthe

responsibility

ofeachCoveredOfficertopromotecompliancewiththe

standards

andrestrictions

imposed

by

applicable

laws,rulesandregulations.

V.

Reporting

and Accountability

EachCoveredOfficermust:

·

Upon

becomingacoveredofficer

affirm

inwritingtotheBoardthatheorshehasreceived,read,and

understands

theCode(seeExhibitB);

·

Annually

thereafter

affirm

totheBoardthathehas

complied

withtherequirementsoftheCode;and

·

Notify

Franklin

Resources’

GeneralCounselor

Deputy

GeneralCounsel

promptly

ifheorshe

knows

ofanyviolationofthis

Code.

Failuretodosoisitselfisaviolationofthis

Code.

Franklin

Resources’

General

CounselandDeputyGeneral

Counsel

areresponsibleforapplyingthisCodetospecificsituationsinwhichquestionsare

presented

underit

and

havetheauthoritytointerpretthis

Code

inanyparticular

situation.

3

However,theIndependentDirectorsofthe

respective

FTFundswill

consider

anyapprovalsorwaivers

4

soughtbyanyChiefExecutiveOfficersoftheFunds.

TheFTFundswill

follow

these

procedures

in

investigating

and

enforcingthisCode:

·

Franklin

Resources

General

CounselorDeputyGeneralCounselwill

take

all

appropriate

actionto

investigate

anypotentialviolations

reported

totheLegalDepartment;

·

If,aftersuch

investigation,

theGeneralCounsel

or

DeputyGeneralCounselbelievesthatnoviolationhasoccurred,TheGeneralCounselisnotrequiredto

take

anyfurtheraction;

·

Any

matter

thattheGeneralCounselorDeputyGeneralCounsel

believes

isa

violation

willbe

reported

tothe

Independent

Directorsofthe

appropriate

FTFund;

·

Ifthe

Independent

Directors

concur

that

aviolationhas

occurred,

itwill

inform

andmakearecommendationtotheBoardofthe

appropriate

FTFundorFunds,

which

will

consider

appropriateaction,whichmayincludereviewof,andappropriatemodificationsto, applicable

policies

and

procedures;

notification

toappropriatepersonnel

of

theinvestmentadviseroritsboard;orarecommendationtodismisstheCoveredOfficer;

·

TheIndependent

Directors

willbe

responsible

for

grantingwaivers,asappropriate;and

·

Any

changestoorwaiversofthis

Code

will,to

the

extentrequired,are

disclosed

asprovidedbySECrules.

5

VI.Other Policies and Procedures

ThisCodeshallbethesolecode

of

ethics

adopted

bytheFTFunds

for

purposesofSection406oftheSarbanes-Oxley

Act

andtherules

and

forms

applicable

toregisteredinvestmentcompaniesthereunder.Insofaras

other

policies

orproceduresoftheFTFunds,theFTFunds'advisers,principal

underwriter,

orotherserviceprovidersgovernorpurporttogovernthebehaviororactivitiesof

the

CoveredOfficerswhoaresubjecttothisCode,theyaresupersededbythisCodetotheextentthattheyoverlaporconflict

with

theprovisionsofthisCode.TheFTI

Personal

InvestmentsandInsiderTradingPolicy,adoptedbytheFTFunds,FTinvestmentadvisersandFTFund’s

principal

underwriterpursuantto

Rule

17j-1undertheInvestmentCompanyAct,theCodeof

Ethics

andBusinessConductandmoredetailed

policies

andproceduressetforth

in

FT’sEmployeeHandbookareseparaterequirementsapplyingtotheCoveredOfficersandothers,andarenotpartofthis

Code.

3

FranklinResourcesGeneralCounselandDeputyGeneralCounselareauthorizedtoconsult,asappropriate,

with

membersoftheAuditCommittee,counseltotheFTFundsandcounseltotheIndependentDirectors,andareencouragedtodoso.

4

Item2of

Form

N-CSRdefines

"waiver"

as

"the

approvalbytheregistrantofamaterialdeparturefromaprovision

of

thecodeof

ethics"and"implicit

waiver,"

which

mustalsobedisclosed,as

"the

registrant'sfailuretotakeaction

within

areasonableperiodoftime

regarding

amaterialdeparturefromaprovisionofthecodeofethicsthathas

been

madeknowntoanexecutiveofficer"

of

theregistrant.SeePartX.

5

SeePartX.

VII.

Amendments

AnyamendmentstothisCode,otherthanamendmentstoExhibitA,mustbe

approved

orratifiedbyamajorityvoteofthe

FT

Funds’

Board

including

amajorityof

independent

directors.

VIII.

Confidentiality

Allreportsandrecordspreparedor

maintained

pursuanttothis

Code

willbe

considered

confidential

andshallbe

maintained

and

protected

accordingly.

Except

asotherwiserequiredbylaw orthis Code,such mattersshallnotbe disclosedto anyoneother thanthe FTFunds’ Boardandtheir

counsel.

IX.Internal Use

TheCodeisintended

solely

fortheinternalusebytheFTFundsanddoesnot

constitute

anadmission,byoronbehalfofanyFTFunds,astoanyfact,

circumstance,

or

legal

conclusion.

X.

Disclosure

on

FormN-CSR

Item2ofFormN-CSRrequiresa

registered

managementinvestmentcompanyto

disclose

annually

whether,asofthe

end

ofthe

period

coveredbythereport,ithas

adopted

acodeofethicsthatappliestothe

registrant's

principal

executive

officer,principal

financial

officer,principal

accounting

officerorcontroller,or

persons

performing

similar

functions,

regardless

ofwhetherthese

officers

are

employedbytheregistrantorathirdparty.Iftheregistranthasnotadoptedsuchacodeofethics,itmustexplainwhyithasnotdoneso.

The

registrant

must

also:

(1)filewiththeSECacopyofthecodeasanexhibittoitsannual

report;

(2)post

the

textofthecodeon

its

Internetwebsiteand

disclose,

in

its

most

recent

report

onFormN-CSR,itsInternetaddressandthe

fact

thatit

has

postedthecodeonitsInternetwebsite;or(3)

undertake

initsmost

recent

reportonFormN-CSRtoprovidetoanyperson

without

charge,uponrequest,acopyofthecodeandexplainthemannerinwhichsuchrequestmaybemade.

Disclosure

isalso

required

ofamendmentsto,orwaivers(includingimplicitwaivers)from,aprovisionofthecodein

the

registrant's

annual

report

onFormN-CSR

oronits

website.

Ifthe

registrant

intends

tosatisfytherequirementtodisclose

amendments

andwaiversbyposting

such

information

onits

website,

itwillbe

required

todisclose

its

Internet

addressandthis

intention.

TheLegalDepartmentshallbe

responsible

for

ensuring

that:

·

acopyoftheCodeisfiledwiththeSECasanexhibittoeachFund’s

annual

report;

and

·

anyamendmentsto,orwaivers(includingimplicitwaivers)from,aprovisionoftheCodeisdisclosedinthe

registrant's

annualreportonFormN-CSR.

Intheeventthatthe

foregoing

disclosure

is

omitted

oris

determined

tobeincorrect,

the

LegalDepartmentshallpromptlyfilesuch

information

with

the

SECasanamendmenttoFormN-CSR.

Insuchan

event,

theFundChiefComplianceOfficershallreviewtheCodeandproposesuch

changes

totheCodeasare

necessary

or

appropriate

to

preventreoccurrences.

EXHIBIT

A

PersonsCoveredbytheFranklin

Templeton

FundsCodeofEthics

December2018

FRANKLIN GROUPOF FUNDS

Edward

Perks                           President

and

Chief Executive Officer

–

Investment

Management

Rupert H. Johnson, Jr.                                            Chairman

of the Board and

Vice President– Investment

Management

Don

Taylor                                                President

and

Chief Executive Officer

–

Investment

Management

Sonal

Desai)                             President

and

Chief

Executive

Officer

–

Investment

Management

Matthew Hinkle                          Chief Executive Officer

–

Finance

and Administration

Gaston R. Gardey                     Chief Financial Officer and Chief Accounting Officer and

Treasurer

FRANKLIN MUTUAL

SERIES FUNDS

Peter Langerman                       Chief Executive Officer

–

Investment Management

Matthew Hinkle                                                Chief Executive Officer

–

Finance

and Administration

Robert G. Kubilis                                                Chief Financial Officer and Chief Accounting Officer

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

Mat S. Gulley                            Chief Executive Officer

–

Investment

Management

Matthew Hinkle                                                Chief Executive

Officer

–

Finance

and Administration

Robert G. Kubilis                                      Chief Financial Officer and Chief Accounting

Officer

TEMPLETON

GROUPOF FUNDS

Manraj S. Sekhon                      President and

Chief Executive Officer

–

Investment

Management

Michael

Hasenstab,

Ph.D.

President and Chief Executive Officer

–

Investment

Management

Norman

Boersma                                                   President

and

Chief Executive Officer

–

Investment

Management

Matthew Hinkle                                                Chief Executive Officer

–

Finance

and Administration

Robert G. Kubilis                       Chief Financial Officer, Chief Accounting Officer and Treasurer

Exhibit

B

ACKNOWLEDGMENT FORM

FranklinTempletonFundsCodeofEthics

ForPrincipalExecutivesandSeniorFinancialOfficers

Instructions:

1.

Complete

all

sections

ofthisform.

2.

Print

the

completed

form,sign,anddate.

3.

SubmitcompletedformtoFT’sGeneralCounselc/oCodeofEthicsAdministration

within

10daysofbecomingaCoveredOfficerandbyFebruary15

th

ofeach

subsequent

year.

Inter-officemail:

Code

ofEthics

Administration,

GlobalComplianceSM-920/2

Fax:                       

(650)312-5646

E-mail:                     

Code

ofEthics

Inquiries

&Requests(internal

address);

lpreclear@franklintempleton.com

(externaladdress)

CoveredOfficer’sName:

Title:

Department:

Location:

CertificationforYearEnding:

To:    FranklinResourcesGeneralCounsel,LegalDepartment

I

acknowledge

receiving,

reading

and

understanding

the

Franklin

Templeton

Fund’s

Code

ofEthicsfor

Principal

Executive

Officers

and

Senior

Financial

Officers

(the“Code”).I

will

complyfully

with

allprovisionsoftheCodetotheextenttheyapplyto

me

duringthe

period

of

my

employment.Ifurtherunderstandandacknowledgethatany

violation

oftheCodemaysubjectmetodisciplinaryaction,including

termination

ofemployment.

                                                                  

Signature                                                               Date signed

EX-99.CERT

I, Matthew T. Hinkle, certify that:

1. I have reviewed this report on Form N-CSR of Franklin Gold and Precious Metals Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;   

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

3/26/2021

S\MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

I, Robert G. Kubilis, certify that:

1. I have reviewed this report on Form N-CSR of Franklin Gold and Precious Metals Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;   

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

3/26/2021

S\ROBERT G. KUBILIS

Robert G. Kubilis

Chief Financial Officer and Chief Accounting Officer

EX-99.906 CERT

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Matthew T. Hinkle, Chief Executive Officer of the Franklin Gold and Precious Metals Fund (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1.The periodic report on Form N-CSR of the Registrant for the period ended 1/31/2021 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated:  3/26/2021

                                                S\MATTHEW T. HINKLE

                                                Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Robert G. Kubilis, Chief Financial Officer of the Franklin Gold and Precious Metals Fund (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1.The periodic report on Form N-CSR of the Registrant for the period ended 1/31/2021 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated:  3/26/2021

                                                S\ROBERT G. KUBILIS

                                                Robert G. Kubilis

Chief Financial Officer and Chief Accounting Officer