0001752724-20-272639.txt : 20201228 0001752724-20-272639.hdr.sgml : 20201228 20201228135019 ACCESSION NUMBER: 0001752724-20-272639 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201031 FILED AS OF DATE: 20201228 PERIOD START: 20210731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN GOLD & PRECIOUS METALS FUND CENTRAL INDEX KEY: 0000083293 IRS NUMBER: 941682682 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-01700 FILM NUMBER: 201417522 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN GOLD FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: RESEARCH CAPITAL FUND INC DATE OF NAME CHANGE: 19831025 FORMER COMPANY: FORMER CONFORMED NAME: WINCAP FUND DATE OF NAME CHANGE: 19730726 0000083293 S000006839 FRANKLIN GOLD & PRECIOUS METALS FUND C000018486 CLASS A FKRCX C000018488 CLASS C FRGOX C000018489 ADVISOR CLASS FGADX C000128741 CLASS R6 FGPMX NPORT-P 1 primary_doc.xml NPORT-P false 0000083293 XXXXXXXX S000006839 C000018486 C000128741 C000018488 C000018489 Franklin Gold and Precious Metals Fund 811-01700 0000083293 549300FU5CU8KFMKHU85 One Franklin Parkway San Mateo 94403-1906 650-312-2000 Franklin Gold And Precious Metals Fund S000006839 549300FU5CU8KFMKHU85 2021-07-31 2020-10-31 N 1246493605.53 6294284.43 1240199321.10 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 461.40000000 N Barrick Gold Corp. 0O4KBQCJZX82UKGCBV73 Barrick Gold Corp. 067901108 3084383.00000000 NS USD 82445557.59000000 6.647766708731 Long EC CORP CA N 1 N N N AngloGold Ashanti Ltd. 378900EF3BA9A5F42A59 AngloGold Ashanti Ltd. 035128206 1794823.00000000 NS USD 41532204.22000000 3.348833007194 Long EC CORP ZA N 1 N N N Mawson Gold Ltd. 2549004SP30Z0UWKH476 Mawson Gold Ltd. 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N/A 2720539.00000000 NS 1376832.12000000 0.111017003200 Long EC CORP AU N 1 N N N Bluestone Resources, Inc. 254900YRZ65V11ZKNC05 Bluestone Resources, Inc. N/A 550000.00000000 NS 130994.71000000 0.010562391687 Long CORP CA Y 3 N N N Orla Mining Ltd. 529900DU63EUQ1UZKL30 Orla Mining Ltd. N/A 2000000.00000000 NS 8061852.57000000 0.650044910752 Long EC CORP CA N 1 N N N First Mining Gold Corp. 5299002LR0XBHE0LR167 First Mining Gold Corp. 320890106 7500000.00000000 NS 2420807.69000000 0.195195050409 Long EC CORP CA N 1 N N N Battle North Gold Corp. N/A Battle North Gold Corp. 07160B106 9608900.00000000 NS 13127306.71000000 1.058483623290 Long EC CORP CA N 1 N N N HighGold Mining, Inc. N/A HighGold Mining, Inc. 42984V400 3840000.00000000 NS 6629635.19000000 0.534562072177 Long EC CORP CA N 1 N N N 2020-11-30 Franklin Gold and Precious Metals Fund Robert Kubilis Robert Kubilis Chief Financial Officer, Chief Accounting Officer and Treasurer XXXX NPORT-EX 2 GPMF.htm
Franklin
Gold
and
Precious
Metals
Fund
Statement
of
Investments
(unaudited),
October
31,
2020
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
1
a
a
Country
Shares
a
Value
a
Common
Stocks
98.7%
Copper
0.4%
a
Imperial
Metals
Corp.
..................................
Canada
1,950,300
$
4,435,827
a
Diversified
Metals
&
Mining
7.1%
a,b
Adventus
Mining
Corp.,
144A
............................
Canada
6,350,000
4,623,555
a,b
Bluestone
Resources,
Inc.,
144A
..........................
Canada
6,500,000
9,465,546
a
Clean
Air
Metals,
Inc.
..................................
Canada
3,800,000
869,990
a,b,c
Euro
Sun
Mining,
Inc.,
144A
.............................
Canada
10,000,000
2,552,169
a,c
Geopacific
Resources
Ltd.
..............................
Australia
13,001,094
4,956,276
a,b
INV
Metals,
Inc.,
144A
..................................
Canada
6,565,000
2,020,454
a,b
Ivanhoe
Mines
Ltd.,
144A
...............................
Canada
5,735,000
22,557,724
a,b
Ivanhoe
Mines
Ltd.,
A,
144A
.............................
Canada
841,800
3,311,088
a
Mawson
Gold
Ltd.
.....................................
Canada
7,700,000
2,051,869
a,d
Orla
Mining
Ltd.
......................................
Canada
3,490,713
14,070,807
a,b
Orla
Mining
Ltd.,
144A
..................................
Canada
2,000,000
8,061,853
b,e,f
Osisko
Development
Corp.,
144A
.........................
Canada
1,015,000
5,714,232
a,b,c
Talisker
Resources
Ltd.,
144A
............................
Canada
4,000,000
1,095,932
b,c,e,f
Talisker
Resources
Ltd.,
144A
............................
Canada
11,300,000
2,893,214
a,b,e,f
Vizsla
Resources
Corp.,
144A
............................
Canada
3,350,000
3,388,995
87,633,704
Environmental
&
Facilities
Services
0.2%
a
Clean
TeQ
Holdings
Ltd.
................................
Australia
13,600,000
2,587,463
a
Gold
79.7%
Agnico
Eagle
Mines
Ltd.
................................
Canada
122,000
9,673,380
Alamos
Gold,
Inc.,
(CAD
Traded),
A
........................
Canada
2,828,316
25,837,416
Alamos
Gold,
Inc.,
(USD
Traded),
A
........................
Canada
2,364,500
21,635,175
AngloGold
Ashanti
Ltd.,
ADR
.............................
Tanzania
1,794,823
41,532,204
a,b
Argonaut
Gold,
Inc.,
144A
...............................
United
States
2,350,000
4,374,719
b,e,f
Artemis
Gold,
Inc.,
144A
................................
Canada
1,725,000
6,290,551
a,b,c
Ascot
Resources
Ltd.,
144A
.............................
Canada
16,220,000
13,027,624
B2Gold
Corp.
........................................
Canada
8,593,694
55,282,959
Barrick
Gold
Corp.
....................................
Canada
3,084,383
82,445,558
a,b,c
Battle
North
Gold
Corp.,
144A
............................
Canada
9,608,900
13,127,307
a,d
Belo
Sun
Mining
Corp.
.................................
Canada
3,500,000
3,205,224
a,b
Belo
Sun
Mining
Corp.,
144A
.............................
Canada
3,800,000
3,479,958
a
Breaker
Resources
NL
.................................
Australia
16,000,000
2,029,278
Centamin
plc
.........................................
Egypt
12,915,200
20,768,473
Centerra
Gold,
Inc.
....................................
Kyrgyzstan
325,700
2,845,780
a,b
Centerra
Gold,
Inc.,
144A
...............................
Kyrgyzstan
2,893,400
25,280,871
a,c
Chalice
Gold
Mines
Ltd.
................................
Australia
19,693,759
37,578,022
a
Corvus
Gold,
Inc.
.....................................
Canada
2,000,000
4,593,905
a,c
Dacian
Gold
Ltd.
......................................
Australia
32,555,556
8,163,274
b
Dundee
Precious
Metals,
Inc.,
144A
.......................
Canada
2,310,000
15,328,329
a
Eldorado
Gold
Corp.
...................................
Turkey
1,848,724
23,174,967
a
Emerald
Resources
NL
.................................
Australia
17,070,000
7,327,810
a
Endeavour
Mining
Corp.
................................
Ivory
Coast
1,212,222
29,736,838
a,b
First
Mining
Gold
Corp.,
144A
............................
Canada
7,500,000
2,420,808
a
Galiano
Gold,
Inc.
.....................................
Canada
9,572,375
12,933,700
a
Gascoyne
Resources
Ltd.
...............................
Australia
8,368,370
2,764,600
Gold
Fields
Ltd.
.......................................
South
Africa
749,800
8,108,703
a
Gold
Standard
Ventures
Corp.
............................
Canada
4,070,000
2,719,036
a
Golden
Star
Resources
Ltd.
.............................
United
States
3,689,533
14,979,504
a
Great
Panther
Mining
Ltd.
...............................
Canada
5,171,889
4,137,511
a,b,c
HighGold
Mining,
Inc.,
144A
.............................
Canada
3,840,000
6,629,635
a,b,c,e,f
HighGold
Mining,
Inc.,
144A
.............................
Canada
463,000
781,474
a,d
Integra
Resources
Corp.,
(CAD
Traded)
....................
Canada
2,260,000
7,040,234
a
Integra
Resources
Corp.,
(USD
Traded)
....................
Canada
300,000
933,000
Kirkland
Lake
Gold
Ltd.
.................................
Canada
531,123
24,199,945
Franklin
Gold
and
Precious
Metals
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
2
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
a,d
Liberty
Gold
Corp.
.....................................
Canada
10,688,100
$
14,280,752
a,b,c,d
Lion
One
Metals
Ltd.,
144A
..............................
Canada
5,778,000
6,982,870
a,b,c
Lion
One
Metals
Ltd.,
144A
..............................
Canada
2,935,000
3,547,027
a,e,f
Lydian
International
Ltd.
................................
Jersey
6,375,000
—
a,b,e,f
Lydian
International
Ltd.,
144A
...........................
Jersey
25,250,000
—
a
Marathon
Gold
Corp.
...................................
Canada
2,306,000
4,015,853
a
Midas
Gold
Corp.
.....................................
Canada
3,620,900
3,098,503
a,b
Midas
Gold
Corp.,
144A
................................
Canada
4,030,000
3,448,581
Newcrest
Mining
Ltd.
...................................
Australia
2,396,914
49,705,978
Newmont
Corp.
.......................................
United
States
935,614
58,793,984
Northern
Star
Resources
Ltd.
............................
Australia
973,054
10,279,251
a
O3
Mining,
Inc.
.......................................
Canada
1,850,000
4,027,173
a
OceanaGold
Corp.
....................................
Australia
5,762,689
7,526,707
a
OceanaGold
Corp.
....................................
Australia
3,325,799
4,343,860
Osisko
Gold
Royalties
Ltd.
..............................
Canada
275,000
3,075,739
a
Pantoro
Ltd.
.........................................
Australia
38,400,000
5,286,258
a
Perseus
Mining
Ltd.
...................................
Australia
41,558,141
35,942,971
a,b
Premier
Gold
Mines
Ltd.,
144A
...........................
Canada
2,868,750
5,900,296
a
Pretium
Resources,
Inc.
................................
Canada
2,109,000
25,725,304
a,c
Red
5
Ltd.
...........................................
Australia
162,268,146
31,543,159
a,c
RTG
Mining,
Inc.
......................................
Australia
1,769,918
239,142
a,b,c
RTG
Mining,
Inc.,
144A
.................................
Australia
2,397,790
323,977
a,c
RTG
Mining,
Inc.,
CDI
..................................
Australia
50,687,582
7,303,802
a
Saturn
Metals
Ltd.
.....................................
Australia
2,740,539
1,386,954
b
Shandong
Gold
Mining
Co.
Ltd.,
H,
144A,
Reg
S
..............
China
2,100,000
4,974,225
a,d
Skeena
Resources
Ltd.
.................................
Canada
7,150,000
12,719,937
a
SolGold
plc,
(CAD
Traded)
..............................
Australia
14,650,000
6,598,108
a
SolGold
plc,
(GBP
Traded)
..............................
Australia
7,000,000
3,105,602
a
SSR
Mining,
Inc.
......................................
Canada
1,986,555
36,772,591
a
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded)
............
United
States
6,136,836
322,458
a,b
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded),
144A
.......
United
States
16,383,333
860,857
a,b
St.
Augustine
Gold
and
Copper
Ltd.,
(USD
Traded),
144A
.......
United
States
10,000,000
525,447
St.
Barbara
Ltd.
.......................................
Australia
9,008,021
16,939,172
a,b,c
Superior
Gold,
Inc.,
144A
...............................
Canada
5,350,000
2,811,139
a
Teranga
Gold
Corp.
....................................
Canada
3,657,751
38,054,668
a
Torex
Gold
Resources,
Inc.
..............................
Canada
86,100
1,160,754
a,b
Torex
Gold
Resources,
Inc.,
144A
.........................
Canada
1,450,000
19,548,116
a
West
African
Resources
Ltd.
.............................
Australia
10,250,000
6,957,343
a
Wiluna
Mining
Corp.
Ltd.
................................
Australia
4,524,000
5,479,532
987,995,862
Precious
Metals
&
Minerals
9.5%
Anglo
American
Platinum
Ltd.
............................
South
Africa
206,656
13,682,838
a,c,d
Benchmark
Metals,
Inc.
.................................
Canada
6,890,300
5,120,400
a
Eastern
Platinum
Ltd.
..................................
Canada
2,592,102
729,649
Fresnillo
plc
.........................................
Mexico
275,000
4,147,213
a,b
GoGold
Resources,
Inc.,
144A
...........................
Canada
8,787,858
9,696,856
Impala
Platinum
Holdings
Ltd.
............................
South
Africa
2,480,000
22,071,380
Impala
Platinum
Holdings
Ltd.,
ADR
.......................
South
Africa
1,506,100
13,283,802
a
Northam
Platinum
Ltd.
.................................
South
Africa
1,149,019
11,038,982
a
Osisko
Mining,
Inc.
....................................
Canada
6,250,000
17,217,760
a,c,d
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..................
South
Africa
2,242,787
3,973,110
a,b,c
Platinum
Group
Metals
Ltd.,
(CAD
Traded),
144A
.............
South
Africa
10,000
17,715
a,b,c
Platinum
Group
Metals
Ltd.,
(CAD
Traded),
144A
.............
South
Africa
97,760
173,182
a,c
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..................
South
Africa
36,628
64,887
a,c,d
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..................
South
Africa
4,641,856
8,216,085
a
Royal
Bafokeng
Platinum
Ltd.
............................
South
Africa
2,193,527
7,908,925
117,342,784
Franklin
Gold
and
Precious
Metals
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Precious
Metals
&
Minerals
(continued)
Silver
1.8%
a
Hochschild
Mining
plc
..................................
Peru
3,268,520
$
9,322,613
a,b
MAG
Silver
Corp.,
144A
................................
Canada
432,000
7,299,444
Pan
American
Silver
Corp.
..............................
Canada
180,021
5,721,430
22,343,487
Total
Common
Stocks
(Cost
$842,232,806)
.....................................
1,222,339,127
Rights
a
a
Rights
0.1%
Silver
0.1%
a
Pan
American
Silver
Corp.,
CVR
,
2/20/49
...................
Canada
1,850,600
1,332,432
Total
Rights
(Cost
$856,771)
..................................................
1,332,432
Warrants
a
a
a
Warrants
0.3%
Diversified
Metals
&
Mining
0.1%
a,e,f
Bluestone
Resources,
Inc.
,
3/19/21
........................
Canada
550,000
130,995
a,e,f
Clean
Air
Metals,
Inc.
,
2/11/22
............................
Canada
1,900,000
70,280
a,c,e,f
Euro
Sun
Mining,
Inc.
,
6/05/21
...........................
Canada
5,000,000
184,330
a,e,f
Mawson
Gold
Ltd.
,
5/20/22
..............................
Canada
3,850,000
234,159
a,e,f
Orla
Mining
Ltd.
,
2/15/21
................................
Canada
460,000
1,042,786
a,b,c,e,f
Talisker
Resources
Ltd.
,
144A,
8/13/21
.....................
Canada
5,650,000
118,454
a,b,e,f
Vizsla
Resources
Corp.
,
144A,
7/30/22
.....................
Canada
3,350,000
185,354
1,966,358
Gold
0.1%
a,b,e
First
Mining
Gold
Corp.
,
144A,
8/26/22
.....................
Canada
3,750,000
86,924
a,e,f
Marathon
Gold
Corp.
,
5/26/21
............................
Canada
1,153,000
481,410
a,e,f
O3
Mining,
Inc.
,
6/18/22
................................
Canada
850,000
399,117
967,451
Precious
Metals
&
Minerals
0.1%
a,e,f
Osisko
Mining,
Inc.
,
12/23/21
............................
Canada
2,125,000
909,441
Total
Warrants
(Cost
$172,099)
................................................
3,843,250
Principal
Amount
*
Convertible
Bonds
0.2%
Precious
Metals
&
Minerals
0.2%
c
Platinum
Group
Metals
Ltd.,
Sub.
Note,
6.875%,
7/01/22
........
South
Africa
3,000,000
2,317,500
Total
Convertible
Bonds
(Cost
$3,000,000)
.....................................
2,317,500
Total
Long
Term
Inve
stments
(Cost
$846,261,676)
...............................
1,229,832,309
a
Short
Term
Investments
0.3%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Money
Market
Funds
0.2%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
3,184,000
3,184,000
Franklin
Gold
and
Precious
Metals
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
4
See
Abbreviations
on
page
11
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Repurchase
Agreements
0.1%
i
Joint
Repurchase
Agreement,
J.P.
Morgan
Securities
LLC,
0.07%,
11/02/20
(Maturity
Value
$796,647)
Collateralized
by
U.S.
Treasury
Notes,
0.155%
-
2.625%,
7/31/22
-
3/31/25
(valued
at
$812,578)
...........................
796,644
$
796,644
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$3,980,644)
.................................................................
3,980,644
Total
Short
Term
Investments
(Cost
$3,980,644
)
.................................
3,980,644
a
Total
Investments
(Cost
$850,242,320)
99.6%
...................................
$1,233,812,953
Other
Assets,
less
Liabilities
0.4%
.............................................
4,975,658
Net
Assets
100.0%
...........................................................
$1,238,788,611
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
October
31,
2020,
the
aggregate
value
of
these
securities
was
$222,926,502,
representing
18.0%
of
net
assets.
c
See
Note
6
regarding
holdings
of
5%
voting
securities.
d
A
portion
or
all
of
the
security
is
on
loan
at
October
31,
2020.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
regarding
fair
value
measurements.
f
See
Note
5
regarding
restricted
securities.
g
See
Note
7
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
i
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
October
31,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Gold
and
Precious
Metals
Fund
5
Quarterly
Statement
of
Investments
Notes
to
Statement
of
Investments
(unaudited)
1.
Organization
Franklin
Gold
and
Precious
Metals
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
 Under
compliance
policies
and
procedures
approved
by
the
Fund’s
Board
of
Trustees
(the
Board),
the
Fund’s
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the Fund.
As
a
result,
differences
may
arise
between
the
value
of
the Fund’s
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences, an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the Fund's
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Statement
of
Investments
(unaudited)
6
Quarterly
Statement
of
Investments
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At October
31,
2020,
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.
3.
Concentration
of
Risk 
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and changing
local, regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
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. 
4.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
5. Restricted
Securities 
At
October
31,
2020,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933
(1933
Act),
were
as
follows:
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Gold
And
Precious
Metals
Fund
1,725,000
Artemis
Gold,
Inc.,
144A
.......................
6/29/20
$
3,404,854
$
6,290,551
550,000
a
Bluestone
Resources,
Inc.,
3/19/21
..............
2/20/19
76,682
130,995
1,900,000
b
Clean
Air
Metals,
Inc.,
2/11/22
..................
2/04/20
—
70,280
5,000,000
c
Euro
Sun
Mining,
Inc.,
6/05/21
..................
6/09/20
—
184,330
463,000
d
HighGold
Mining,
Inc.,
144A
....................
7/23/20
597,575
781,474
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
e
Marathon
Gold
Corp.,
5/26/21
..................
5/27/20
—
481,410
3,850,000
f
Mawson
Gold
Ltd.,
5/20/22
.....................
5/22/20
—
234,159
850,000
g
O3
Mining,
Inc.,
6/18/22
.......................
6/23/20
—
399,117
460,000
h
Orla
Mining
Ltd.,
2/15/21
......................
2/12/18
95,417
1,042,786
1,015,000
Osisko
Development
Corp.,
144A
................
10/23/20
5,796,025
5,714,232
2,125,000
i
Osisko
Mining,
Inc.,
12/23/21
...................
6/24/20
—
909,441
11,300,000
j
Talisker
Resources
Ltd.,
144A
..................
8/12/20
3,920,356
2,893,214
5,650,000
j
Talisker
Resources
Ltd.,
144A,
8/13/21
............
8/17/20
—
118,454
2. Financial
Instrument
Valuation
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Statement
of
Investments
(unaudited)
7
Quarterly
Statement
of
Investments
6.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
During
the
period
ended
October
31,
2020,
investments
in
“affiliated
companies”
were
as
follows: 
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Gold
And
Precious
Metals
Fund
(continued)
3,350,000
Vizsla
Resources
Corp.,
144A
..................
8/03/20
$
4,673,605
$
3,388,995
3,350,000
Vizsla
Resources
Corp.,
144A,
7/30/22
............
7/23/20
—
185,354
Total
Restricted
Securities
(Value
is
1.83%
of
Net
Assets)
.............
$35,412,684
$22,824,792
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$9,465,546
as
of
October
31,
2020.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$869,990
as
of
October
31,
2020.
c
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,552,169
as
of
October
31,
2020.
d
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,629,635
as
of
October
31,
2020.
e
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,015,853
as
of
October
31,
2020.
f
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,051,869
as
of
October
31,
2020.
g
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,027,173
as
of
October
31,
2020.
h
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$22,132,660
as
of
October
31,
2020.
i
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$17,217,760
as
of
October
31,
2020.
j
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,095,932
as
of
October
31,
2020.
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
$
—
$
—
$
—
$
(414,365)
$
13,027,624
16,220,000
$
—
Battle
North
Gold
Corp.,
144A
11,899,142
2,240,133
—
—
(1,011,968)
13,127,307
9,608,900
—
Benchmark
Metals
Inc
.....
—
6,561,194
—
—
(1,440,794)
5,120,400
6,890,300
—
Chalice
Gold
Mines
Ltd
.....
21,059,387
—
(10,784,900)
7,822,014
19,481,521
37,578,022
19,693,759
—
Dacian
Gold
Ltd
..........
7,673,415
—
—
—
489,859
8,163,274
32,555,556
—
Euro
Sun
Mining,
Inc.,
144A
.
4,106,316
—
—
—
(1,554,147)
2,552,169
10,000,000
—
Euro
Sun
Mining,
Inc.,
6/05/21
888,663
—
—
—
(704,333)
184,330
5,000,000
—
Geopacific
Resources
Ltd
...
5,744,253
—
—
—
(787,977)
4,956,276
13,001,094
—
HighGold
Mining,
Inc.,
144A
.
6,523,515
—
—
—
887,595
7,411,110
4,303,000
—
Lion
One
Metals
Ltd.,
144A
..
14,317,873
1,076,702
(635,627)
372,505
(4,601,556)
10,529,897
8,713,000
—
Lion
One
Metals
Ltd.,
6/06/21
922,513
—
(86,777)
620
(836,355)
—
—
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
.........
4,872,712
—
—
—
(899,602)
3,973,110
2,242,787
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded),
144A
.....
234,121
—
—
—
(43,224)
190,897
107,760
—
Platinum
Group
Metals
Ltd.,
(USD
Traded)
.........
10,375,614
—
(245,418)
(6,370,415)
4,521,191
8,280,972
4,678,484
—
Red
5
Ltd
..............
29,322,847
—
—
—
2,220,312
31,543,159
162,268,146
—
5. Restricted
Securities 
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Statement
of
Investments
(unaudited)
8
Quarterly
Statement
of
Investments
7.
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.
During
the
period
ended
October
31,
2020,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows: 
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Principal
Amount
Held
at
End
of
Period
Investment
Income
Franklin
Gold
And
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
RTG
Mining,
Inc
.........
$
171,785
$
—
$
—
$
—
$
67,357
$
239,142
1,769,918
$
—
RTG
Mining,
Inc.,
144A
.....
232,726
—
—
—
91,251
323,977
2,397,790
—
RTG
Mining,
Inc.,
CDI
......
4,527,352
—
—
—
2,776,451
7,303,803
50,687,582
—
Superior
Gold,
Inc.,
144A
...
—
2,837,874
—
—
(26,735)
2,811,139
5,350,000
—
Talisker
Resources
Ltd.,
144A
—
5,109,466
—
—
(1,120,320)
3,989,146
15,300,000
—
Talisker
Resources
Ltd.,
144A,
8/13/21
..............
—
—
—
—
118,454
118,454
5,650,000
—
Interest
Platinum
Group
Metals
Ltd.,
Sub.
Note,
6.875%,
7/01/22
2,257,500
—
—
—
60,000
2,317,500
3,000,000
51,563
b
Total
Affiliated
Securities
(Value
is
13.2%
of
Net
Assets)
..............
$138,571,723
$17,825,369
$(11,752,722)
1,824,724
17,272,615
$163,741,709
$51,563
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
b
Includes
non-cash
dividend/interest
received.
a
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
a
Franklin
Gold
and
Precious
Metals
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$11,151,454
$79,170,982
$(90,322,436)
$—
$—
$—
$—
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$4,254,000
$45,196,000
$(46,266,000)
$
—
$
—
$3,184,000
3,184,000
$—
Total
Affiliated
Securities
....
$15,405,454
$124,366,982
$(136,588,436)
$—
$—
$3,184,000
$—
6.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Statement
of
Investments
(unaudited)
9
Quarterly
Statement
of
Investments
8. Fair
Value
Measurements 
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
•
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
•
Level 2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
•
Level 3
–
significant
unobservable
inputs
(including
the
Fund's own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
October
31,
2020,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At October
31,
2020,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Gold
and
Precious
Metals
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Copper
..............................
$
4,435,827
$
—
$
—
$
4,435,827
Diversified
Metals
&
Mining
...............
70,680,987
4,956,276
11,996,441
87,633,704
Environmental
&
Facilities
Services
.........
—
2,587,463
—
2,587,463
Gold
................................
729,840,388
251,083,449
7,072,025
b
987,995,862
Precious
Metals
&
Minerals
...............
66,402,371
50,940,413
—
117,342,784
Silver
...............................
13,020,874
9,322,613
—
22,343,487
Rights
................................
1,332,432
—
—
1,332,432
Warrants
..............................
—
—
3,843,250
3,843,250
Convertible
Bonds
.......................
—
2,317,500
—
2,317,500
Short
Term
Investments
...................
3,184,000
796,644
—
3,980,644
Total
Investments
in
Securities
...........
$888,896,879
$322,004,358
$22,911,716
$1,233,812,953
a
For
detailed
categories,
see
the
accompanying
Statement
of
Investments.
b
Includes
securities
determined
to
have
no
value
at
October
31,
2020.
Balance
at
Beginning
of
Period
Purchases
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Cost
Basis
Adjust-
ments
a
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
$
9,716,382
$
—
$
—
$
(11,755,011)
$
—
$
—
$
(6,086,428)
$
11,996,441
$
(4,784,874)
Gold
............
16,111,904
b
—
—
—
(13,147,032)
—
—
4,107,153
7,072,025
b
495,015
Warrants
Diversified
Metals
&
Mining
.........
2,839,658
—
b
—
—
—
—
—
(873,300)
1,966,358
(873,300)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Statement
of
Investments
(unaudited)
10
Quarterly
Statement
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
October
31,
2020,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Cost
Basis
Adjust-
ments
a
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(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
(continued)
Assets:
Investments
in
Securities:
Warrants
Gold
............
$
3,185,251
—
b
$
(86,835)
$
—
$
—
$
—
$
623
$
(2,131,588)
$
967,451
$
80,795
Precious
Metals
&
Minerals
........
422,912
$
—
b
—
—
—
—
—
486,529
909,441
486,529
Total
Investments
in
Securities
.
$42,681,223
$9,716,382
$(86,835)
$—
$(24,902,043)
—
623
(4,497,634)
$22,911,716
(4,595,835)
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
other
cost
basis
adjustments.
b
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
$6,282,209
Market
comparables
Lockup
Discount
3.0%
-
6.6%
(4.7%)
Decrease
Gold..............
6,290,551
Market
comparables
Lockup
Discount
0.09%
Decrease
All
Other
Investments
10,338,956
c,d
Total....................
$22,911,716
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated.
c
Includes
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.
d
Includes
securities
determined
to
have
no
value
at
October
31,
2020.
8. Fair
Value
Measurements 
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Statement
of
Investments
(unaudited)
11
Quarterly
Statement
of
Investments
9.
Subsequent
Events 
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
Statement
of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure. 
Abbreviations
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
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.