NPORT-EX 2 FGPMF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
132-Q1PH
1
Statement
of
Investments
(unaudited)
Franklin
Gold
and
Precious
Metals
Fund
2
Notes
to
Statement
of
Investments
7
Franklin
Gold
and
Precious
Metals
Fund
Statement
of
Investments
(unaudited),
October
31,
2021
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
2
a
a
Country
Shares
a
Value
a
Common
Stocks
99.0%
Copper
0.5%
a,b
Imperial
Metals
Corp.
..................................
Canada
2,065,330
$
6,673,657
a
Vizsla
Copper
Corp.
...................................
Canada
1,850,000
627,676
7,301,333
Diversified
Metals
&
Mining
10.5%
a,c
Adventus
Mining
Corp.,
144A
............................
Canada
6,350,000
4,975,766
a
Arizona
Metals
Corp.
...................................
Canada
150,000
521,044
a,d,e
Azimut
Exploration,
Inc.
.................................
Canada
1,200,000
1,747,877
a
Azimut
Exploration,
Inc.
.................................
Canada
750,000
1,139,026
a
Bluestone
Resources,
Inc.
...............................
Canada
550,000
733,096
a,c
Bluestone
Resources,
Inc.,
144A
..........................
Canada
6,800,000
9,063,737
a
Clean
Air
Metals,
Inc.
..................................
Canada
6,715,600
1,301,999
a,b,c,f
Euro
Sun
Mining,
Inc.,
144A
.............................
Canada
10,000,000
2,665,805
a,d,e,f
G
Mining
Ventures
Corp.
................................
Canada
7,500,000
4,879,393
a,c,f
G
Mining
Ventures
Corp.,
144A
...........................
Canada
8,250,000
5,598,190
a,c
Ivanhoe
Mines
Ltd.,
144A
...............................
Canada
2,035,000
15,962,396
a
Ivanhoe
Mines
Ltd.,
A
..................................
Canada
2,160,000
16,942,887
a
Los
Cerros
Ltd.
.......................................
Australia
23,500,000
2,456,248
a
Matador
Mining
Ltd.
...................................
Australia
8,000,000
2,281,919
a,b,c
Mawson
Gold
Ltd.,
144A
................................
Canada
7,700,000
1,088,537
a,b
OreCorp
Ltd.
.........................................
Australia
4,200,000
2,081,629
a
Orla
Mining
Ltd.
......................................
Canada
4,080,713
14,372,654
a,c
Orla
Mining
Ltd.,
144A
..................................
Canada
2,000,000
7,044,188
a,c
Osisko
Development
Corp.,
144A
.........................
Canada
1,475,000
6,160,231
a
Prime
Mining
Corp.
....................................
Canada
3,500,000
12,327,329
a
Sunrise
Energy
Metals
Ltd.
..............................
Australia
1,359,999
1,948,928
a,b,f
Talisker
Resources
Ltd.
.................................
Canada
15,300,000
3,337,103
a
Vizsla
Silver
Corp.
.....................................
Canada
5,550,000
11,612,004
a,d,e
Western
Copper
&
Gold
Corp.
............................
Canada
930,000
1,489,291
a,b
Western
Copper
&
Gold
Corp.
............................
Canada
2,430,000
4,063,414
135,794,691
Environmental
&
Facilities
Services
0.0%
†
a,b
Clean
TeQ
Water
Ltd.
..................................
Australia
679,999
368,301
a
Gold
77.6%
Agnico
Eagle
Mines
Ltd.
................................
Canada
75,000
3,978,750
Alamos
Gold,
Inc.,
(CAD
Traded),
A
........................
Canada
2,638,316
19,565,184
Alamos
Gold,
Inc.,
(USD
Traded),
A
........................
Canada
2,209,500
16,438,680
b
AngloGold
Ashanti
Ltd.,
ADR
.............................
Tanzania
1,734,823
32,059,529
a,c
Argonaut
Gold,
Inc.,
144A
...............................
United
States
2,350,000
5,960,902
a
Artemis
Gold,
Inc.
.....................................
Canada
2,495,000
12,234,147
a,c,f
Ascot
Resources
Ltd.,
144A
.............................
Canada
25,620,000
24,835,609
B2Gold
Corp.
........................................
Canada
7,863,694
32,461,004
a,d,e
Banyan
Gold
Corp.
....................................
Canada
12,071,429
2,650,175
Barrick
Gold
Corp.
....................................
Canada
3,259,383
59,874,866
a
Bellevue
Gold
Ltd.
.....................................
Australia
14,944,000
9,620,956
a
Belo
Sun
Mining
Corp.
.................................
Canada
3,500,000
1,696,421
a,c
Belo
Sun
Mining
Corp.,
144A
.............................
Canada
3,800,000
1,841,829
a
Black
Cat
Syndicate
Ltd.
................................
Australia
7,022,800
2,891,209
a
Breaker
Resources
NL
.................................
Australia
16,000,000
4,329,798
Centamin
plc
.........................................
Egypt
12,915,200
16,500,114
Centerra
Gold,
Inc.
....................................
Kyrgyzstan
535,700
4,015,911
a,c
Centerra
Gold,
Inc.,
144A
...............................
Kyrgyzstan
2,893,400
21,690,566
a
Cerrado
Gold,
Inc.
.....................................
Canada
2,800,000
3,822,603
a
Chalice
Mining
Ltd.
....................................
Australia
6,004,965
30,302,324
a
Dacian
Gold
Ltd.
......................................
Australia
39,755,556
6,870,202
Dundee
Precious
Metals,
Inc.
............................
Canada
2,907,415
19,118,150
a
Eldorado
Gold
Corp.
...................................
Turkey
1,848,724
16,532,333
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)
Gold
(continued)
a
Emerald
Resources
NL
.................................
Australia
17,070,000
$
12,351,638
Endeavour
Mining
plc
..................................
Burkina
Faso
2,866,114
72,793,137
a,b
Equinox
Gold
Corp.
....................................
Canada
480,108
3,560,378
a
Firefinch
Ltd.
.........................................
Australia
13,125,000
5,936,138
b
First
Mining
Gold
Corp.
.................................
Canada
7,500,000
1,817,594
a,b
Galiano
Gold,
Inc.
.....................................
Canada
9,264,362
7,034,898
a
Gascoyne
Resources
Ltd.
...............................
Australia
7,550,800
2,418,577
a,b,f
Geopacific
Resources
Ltd.
..............................
Australia
38,375,694
8,916,344
Gold
Fields
Ltd.
.......................................
South
Africa
1,074,800
9,989,708
a
Gold
Standard
Ventures
Corp.
............................
Canada
6,370,000
2,984,571
a
Golden
Star
Resources
Ltd.
.............................
United
States
3,554,508
11,196,700
a,b
Great
Bear
Resources
Ltd.
..............................
Canada
950,000
13,314,888
a,f
HighGold
Mining,
Inc.
..................................
Canada
4,803,000
6,130,334
Hochschild
Mining
plc
..................................
Peru
3,238,520
6,319,910
a
i-80
Gold
Corp.
.......................................
Canada
1,047,500
2,530,111
a
Integra
Resources
Corp.,
(CAD
Traded)
....................
Canada
2,260,000
5,385,734
a
Integra
Resources
Corp.,
(USD
Traded)
....................
Canada
750,000
1,792,500
a
K92
Mining,
Inc.
......................................
Canada
1,000,000
5,832,458
Kirkland
Lake
Gold
Ltd.
.................................
Canada
529,123
22,299,335
a,b,f
Liberty
Gold
Corp.
.....................................
Canada
16,329,800
14,774,518
a,f
Lion
One
Metals
Ltd.
...................................
Canada
4,312,400
3,866,842
a,c,f
Lion
One
Metals
Ltd.,
144A
..............................
Canada
4,024,000
3,608,240
a,d,e
Lydian
International
Ltd.
................................
Jersey
6,375,000
—
a,d,e
Lydian
International
Ltd.,
144A
...........................
Jersey
25,250,000
—
a,d
Marathon
Gold
Corp.
...................................
Canada
3,459,000
7,823,895
a,f
Newcore
Gold
Ltd.
....................................
Canada
7,000,000
3,053,558
Newcrest
Mining
Ltd.
...................................
Australia
2,426,914
45,470,280
Newmont
Corp.
.......................................
United
States
821,614
44,367,156
a,b
Nighthawk
Gold
Corp.
..................................
Canada
3,261,000
2,318,184
Northern
Star
Resources
Ltd.
............................
Australia
1,172,254
8,115,320
a,f
O3
Mining,
Inc.
.......................................
Canada
4,150,000
6,671,379
a
OceanaGold
Corp.
....................................
Australia
9,363,488
17,472,863
a
Ora
Banda
Mining
Ltd.
.................................
Australia
20,423,529
1,305,906
Osisko
Gold
Royalties
Ltd.
..............................
Canada
275,000
3,472,211
a
Osisko
Mining,
Inc.
....................................
Canada
8,950,000
19,304,063
a,b
Pantoro
Ltd.
.........................................
Australia
38,400,000
6,322,248
a,b
Perpetua
Resources
Corp.
..............................
United
States
192,090
920,182
a,c
Perpetua
Resources
Corp.,
144A
.........................
United
States
403,000
1,930,519
a
Perseus
Mining
Ltd.
...................................
Australia
37,908,141
44,952,309
a
Predictive
Discovery
Ltd.
................................
Australia
51,650,000
7,382,205
a
Pretium
Resources,
Inc.
................................
Canada
2,000,000
24,186,122
a
Probe
Metals,
Inc.
.....................................
Canada
4,105,000
6,698,522
a,f
Red
5
Ltd.
...........................................
Australia
193,176,364
37,782,399
a,f
RTG
Mining,
Inc.
......................................
Australia
1,769,918
164,424
a,c,f
RTG
Mining,
Inc.,
144A
.................................
Australia
2,397,790
222,753
a,f
RTG
Mining,
Inc.,
CDI
..................................
Australia
50,687,582
4,289,595
a,f
Saturn
Metals
Ltd.
.....................................
Australia
6,200,000
2,042,893
c
Shandong
Gold
Mining
Co.
Ltd.,
H,
144A,
Reg
S
..............
China
164,750
297,862
a
Skeena
Resources
Ltd.
.................................
Canada
1,973,550
20,709,601
a
SolGold
plc,
(CAD
Traded)
..............................
Australia
13,650,000
5,072,300
a,b
SolGold
plc,
(GBP
Traded)
..............................
Australia
10,000,000
3,790,664
SSR
Mining,
Inc.
......................................
Canada
2,426,555
38,263,473
a
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded)
............
United
States
5,613,836
476,172
a,c
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded),
144A
.......
United
States
16,383,333
1,389,652
a,c
St.
Augustine
Gold
and
Copper
Ltd.,
(USD
Traded),
144A
.......
United
States
10,000,000
848,211
St.
Barbara
Ltd.
.......................................
Australia
9,008,021
9,905,222
a
Superior
Gold,
Inc.
....................................
Canada
6,150,000
3,328,621
a,f
Thesis
Gold,
Inc.
......................................
Canada
2,300,000
2,694,079
Franklin
Gold
and
Precious
Metals
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
4
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
a
Torex
Gold
Resources,
Inc.
..............................
Canada
191,100
$
2,221,447
a,c
Torex
Gold
Resources,
Inc.,
144A
.........................
Canada
1,450,000
16,855,562
a,b
Treasury
Metals,
Inc.
...................................
Canada
250,226
161,710
a,f
Troilus
Gold
Corp.
.....................................
Canada
8,900,000
5,895,468
a
Tulla
Resources
plc,
CDI
................................
Australia
10,300,000
3,910,247
a
West
African
Resources
Ltd.
.............................
Australia
2,559,600
2,406,824
a
West
African
Resources
Ltd.
.............................
Australia
10,705,384
10,401,779
a
Westhaven
Gold
Corp.
.................................
Canada
4,200,000
1,391,065
a,b
Wiluna
Mining
Corp.
Ltd.
................................
Australia
7,155,000
5,543,819
1,005,978,579
Precious
Metals
&
Minerals
9.4%
Anglo
American
Platinum
Ltd.
............................
South
Africa
125,556
12,689,367
a
Benchmark
Metals,
Inc.
.................................
Canada
7,390,300
5,970,030
a
Eastern
Platinum
Ltd.
..................................
Canada
5,184,204
1,298,250
a
GoGold
Resources,
Inc.
................................
Canada
9,462,858
26,296,334
Impala
Platinum
Holdings
Ltd.
............................
South
Africa
1,330,000
17,217,498
Impala
Platinum
Holdings
Ltd.,
ADR
.......................
South
Africa
1,206,100
15,896,398
a
Northam
Platinum
Holdings
Ltd.
..........................
South
Africa
1,089,019
16,312,501
a,f
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..................
South
Africa
10,000
23,023
a,b,f
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..................
South
Africa
2,042,787
4,703,080
a,c,f
Platinum
Group
Metals
Ltd.,
(CAD
Traded),
144A
.............
South
Africa
97,760
225,071
a,f
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..................
South
Africa
4,041,856
9,296,269
a,c,f
Platinum
Group
Metals
Ltd.,
(USD
Traded),
144A
.............
South
Africa
36,628
84,328
Royal
Bafokeng
Platinum
Ltd.
............................
South
Africa
1,348,527
9,672,893
a,b,f
Sable
Resources
Ltd.
..................................
Canada
12,000,000
2,132,644
121,817,686
Silver
1.0%
a
Gatos
Silver,
Inc.
......................................
United
States
482,157
5,834,100
Pan
American
Silver
Corp.
..............................
Canada
133,021
3,403,162
a
Silver
Tiger
Metals,
Inc.
.................................
Canada
7,500,000
3,332,256
12,569,518
Total
Common
Stocks
(Cost
$939,365,307)
.....................................
1,283,830,108
Rights
a
a
Rights
0.1%
Silver
0.1%
a
Pan
American
Silver
Corp.,
CVR
,
2/22/29
...................
Canada
1,850,600
1,369,074
Total
Rights
(Cost
$856,771)
..................................................
1,369,074
Warrants
a
a
a
Warrants
0.4%
Diversified
Metals
&
Mining
0.3%
a,d,e
Clean
Air
Metals,
Inc.
,
144A,
2/23/23
.......................
Canada
1,379,500
51,966
a,d,e
Clean
Air
Metals,
Inc.
,
144A,
2/11/22
.......................
Canada
1,900,000
41,793
a,d,e,f
Euro
Sun
Mining,
Inc.
,
144A,
6/05/23
.......................
Canada
5,000,000
57,387
a,d,e,f
G
Mining
Ventures
Corp.
,
144A,
5/19/22
....................
Canada
4,125,000
426,759
a,d,e,f
G
Mining
Ventures
Corp.
,
8/20/24
.........................
Canada
3,750,000
211,062
a,d,e
Mawson
Gold
Ltd.
,
144A,
5/20/22
.........................
Canada
3,850,000
50,098
a,d,e
Osisko
Development
Corp.
,
144A,
12/01/23
.................
Canada
737,500
85,061
a,d,e
Prime
Mining
Corp.
,
144A,
4/27/24
........................
Canada
650,000
568,411
a,d,e
Vizsla
Silver
Corp.
,
144A,
7/30/22
.........................
Canada
3,350,000
1,755,737
a,c
Vizsla
Silver
Corp.
,
144A,
12/03/22
........................
Canada
850,000
391,388
3,639,662
Franklin
Gold
and
Precious
Metals
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Gold
0.1%
a,c,d
First
Mining
Gold
Corp.
,
144A,
8/26/22
.....................
Canada
3,750,000
$
14,986
a,c,d
Nighthawk
Gold
Corp.
,
144A,
6/08/23
......................
Canada
1,630,500
148,852
a,d,e,f
O3
Mining,
Inc.
,
144A,
6/18/22
...........................
Canada
850,000
22
a,d,e
Osisko
Mining,
Inc.
,
144A,
12/23/21
.......................
Canada
2,125,000
989
a,d,e
Probe
Metals,
Inc.
,
144A,
11/24/22
........................
Canada
1,700,000
389,827
a
Treasury
Metals,
Inc.
,
8/07/23
............................
Canada
125,112
25,267
a,f
Troilus
Gold
Corp.
,
6/30/23
..............................
Canada
1,000,000
149,447
a
Westhaven
Gold
Corp.
,
3/03/23
...........................
Canada
2,100,000
203,571
932,961
Total
Warrants
(Cost
$32,485)
.................................................
4,572,623
Principal
Amount
*
Convertible
Bonds
0.2%
Precious
Metals
&
Minerals
0.2%
f
Platinum
Group
Metals
Ltd.,
Sub.
Note,
6.875%,
7/01/22
........
South
Africa
3,000,000
2,807,817
Total
Convertible
Bonds
(Cost
$3,000,000)
.....................................
2,807,817
Total
Long
Term
Investments
(Cost
$943,254,563)
...............................
1,292,579,622
a
Short
Term
Investments
1.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.2%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
2,622,364
2,622,364
Total
Money
Market
Funds
(Cost
$2,622,364)
...................................
2,622,364
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.1%
Money
Market
Funds
1.1%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
14,088,000
14,088,000
Principal
Amount
*
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Repurchase
Agreements
0.2%
i
Joint
Repurchase
Agreement,
BofA
Securities,
Inc.,
0.05%,
11/01/21
(Maturity
Value
$2,460,014)
Collateralized
by
U.S.
Treasury
Notes,
2
-
2.5%,
8/15/23
-
2/15/25
(valued
at
$2,509,206)
................................
2,460,004
2,460,004
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$16,548,004)
................................................................
16,548,004
Total
Short
Term
Investments
(Cost
$19,170,368
)
................................
19,170,368
a
Total
Investments
(Cost
$962,424,931)
101.2%
..................................
$1,311,749,990
Other
Assets,
less
Liabilities
(1.2)%
...........................................
(14,874,910)
Net
Assets
100.0%
...........................................................
$1,296,875,080
Franklin
Gold
and
Precious
Metals
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
6
See
Abbreviations
on
page
13
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
October
31,
2021.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
October
31,
2021,
the
aggregate
value
of
these
securities
was
$132,905,180,
representing
10.2%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
regarding
fair
value
measurements.
e
See
Note
5
regarding
restricted
securities.
f
See
Note
6
regarding
holdings
of
5%
voting
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,
2021,
all
repurchase
agreements
had
been
entered
into
on
October
29,
2021.
Franklin
Gold
and
Precious
Metals
Fund
7
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)
8
Quarterly
Statement
of
Investments
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
October
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
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund for
financial
reporting
purposes.
3.
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.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
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,
2021,
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
1,200,000
a
Azimut
Exploration,
Inc.
.......................
7/09/21
$
1,831,472
$
1,747,877
12,071,429
Banyan
Gold
Corp.
..........................
7/27/21
2,683,818
2,650,175
1,900,000
b
Clean
Air
Metals,
Inc.,
144A,
2/11/22
.............
5/15/20
—
41,793
1,379,500
b
Clean
Air
Metals,
Inc.,
144A,
2/23/23
.............
2/24/21
—
51,966
5,000,000
c
Euro
Sun
Mining,
Inc.,
144A,
6/05/23
.............
6/09/20
—
57,387
7,500,000
d
G
Mining
Ventures
Corp.
......................
9/03/21
5,688,850
4,879,393
4,125,000
d
G
Mining
Ventures
Corp.,
144A,
5/19/22
...........
11/27/20
—
426,759
3,750,000
d
G
Mining
Ventures
Corp.,
8/20/24
................
9/16/21
—
211,062
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
—
3,850,000
e
Mawson
Gold
Ltd.,
144A,
5/20/22
................
5/22/20
—
50,098
850,000
f
O3
Mining,
Inc.,
144A,
6/18/22
..................
6/23/20
—
22
737,500
g
Osisko
Development
Corp.,
144A,
12/01/23
........
11/27/20-12/31/20
—
85,061
2,125,000
h
Osisko
Mining,
Inc.,
144A,
12/23/21
..............
6/24/20
—
989
650,000
i
Prime
Mining
Corp.,
144A,
4/27/24
...............
4/28/21
—
568,411
2. Financial
Instrument
Valuation
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Statement
of
Investments
(unaudited)
9
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.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
October
31,
2021,
investments
in
“affiliated
companies”
were
as
follows: 
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Gold
And
Precious
Metals
Fund
(continued)
1,700,000
j
Probe
Metals,
Inc.,
144A,
11/24/22
...............
11/23/20-11/24/20
$
—
$
389,827
3,350,000
k
Vizsla
Silver
Corp.,
144A,
7/30/22
...............
8/03/20
—
1,755,737
930,000
l
Western
Copper
&
Gold
Corp.
..................
7/26/21
1,646,280
1,489,291
Total
Restricted
Securities
(Value
is
1.1%
of
Net
Assets)
..............
$28,698,590
$14,405,848
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,139,026
as
of
October
31,
2021.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,301,999
as
of
October
31,
2021.
c
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,665,805
as
of
October
31,
2021.
d
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$5,598,190
as
of
October
31,
2021.
e
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,088,537
as
of
October
31,
2021.
f
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,671,379
as
of
October
31,
2021.
g
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,160,231
as
of
October
31,
2021.
h
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$19,304,063
as
of
October
31,
2021.
i
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$12,327,329
as
of
October
31,
2021.
j
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,698,522
as
of
October
31,
2021.
k
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$12,003,392
as
of
October
31,
2021.
l
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,063,414
as
of
October
31,
2021.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Principal
Amount
*
Held
at
End
of
Period
Investment
Income
Franklin
Gold
And
Precious
Metals
Fund
Non-Controlled
Affiliates
Dividends
Ascot
Resources
Ltd.,
144A
...........
$
25,045,192
$
—
$
—
$
—
$
(209,583)
$
24,835,609
25,620,000
$
—
Euro
Sun
Mining,
Inc.,
144A
...........
3,044,872
—
—
—
(379,067)
2,665,805
10,000,000
—
Euro
Sun
Mining,
Inc.,
144A,
6/05/23
.....
273,474
—
—
—
(216,086)
57,388
5,000,000
—
G
Mining
Ventures
Corp.
—
5,688,850
—
—
(809,457)
4,879,393
7,500,000
—
G
Mining
Ventures
Corp.,
144A
...........
5,618,990
—
—
—
(20,800)
5,598,190
8,250,000
—
G
Mining
Ventures
Corp.,
144A,
5/19/22
.....
825,159
—
—
—
(398,400)
426,759
4,125,000
—
G
Mining
Ventures
Corp.,
8/20/24
..........
—
—
—
—
211,062
211,062
3,750,000
—
Geopacific
Resources
Ltd.
9,389,974
—
—
—
(473,630)
8,916,344
38,375,694
—
5.
Restricted
Securities
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Statement
of
Investments
(unaudited)
10
Quarterly
Statement
of
Investments
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Principal
Amount*
Held
at
End
of
Period
Investment
Income
Franklin
Gold
And
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
HighGold
Mining,
Inc.
..
$
5,620,104
$
646,857
$
—
$
—
$
(136,627)
$
6,130,334
4,803,000
$
—
Liberty
Gold
Corp
....
14,132,012
2,154,233
—
—
(1,511,727)
14,774,518
16,329,800
—
Lion
One
Metals
Ltd.
..
4,353,866
—
—
—
(487,024)
3,866,842
4,312,400
—
Lion
One
Metals
Ltd.,
144A
...........
4,062,692
—
—
—
(454,453)
3,608,239
4,024,000
—
Newcore
Gold
Ltd
....
3,421,474
—
—
—
(367,916)
3,053,558
7,000,000
—
O3
Mining,
Inc.
......
7,079,712
95,575
—
—
(503,908)
6,671,379
4,150,000
—
O3
Mining,
Inc.,
144A,
6/18/22
..........
73,046
—
—
—
(73,024)
22
850,000
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..
6,382,062
—
—
—
(1,655,959)
4,726,103
2,052,787
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded),
144A
...........
303,933
—
—
—
(78,862)
225,071
97,760
—
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..
12,610,591
—
—
—
(3,314,322)
9,296,269
4,041,856
—
Platinum
Group
Metals
Ltd.,
(USD
Traded),
144A
...........
113,875
—
—
—
(29,547)
84,328
36,628
—
Red
5
Ltd.
.........
27,605,650
—
—
—
10,176,749
37,782,399
193,176,364
—
RTG
Mining,
Inc.
.....
219,822
—
—
—
(55,398)
164,424
1,769,918
—
RTG
Mining,
Inc.,
144A
.
297,802
—
—
—
(75,049)
222,753
2,397,790
—
RTG
Mining,
Inc.,
CDI
..
5,579,182
—
—
—
(1,289,587)
4,289,595
50,687,582
—
Sable
Resources
Ltd
..
2,029,587
—
—
—
103,057
2,132,644
12,000,000
—
Saturn
Metals
Ltd.
....
2,215,282
—
—
—
(172,389)
2,042,893
6,200,000
—
Superior
Gold,
Inc.
....
3,400,240
—
—
—
—
a
—
a
—
a
—
Talisker
Resources
Ltd.
.
3,555,289
—
—
—
(218,186)
3,337,103
15,300,000
—
Thesis
Gold,
Inc.
.....
2,414,263
—
—
—
279,816
2,694,079
2,300,000
—
Troilus
Gold
Corp.
....
6,418,269
—
—
—
(522,801)
5,895,468
8,900,000
—
Troilus
Gold
Corp.,
6/30/23
136,218
—
—
—
13,229
149,447
1,000,000
—
Interest
Platinum
Group
Metals
Ltd.,
Sub.
Note,
6.875%,
7/01/22
..........
2,880,010
—
—
—
(72,193)
2,807,817
3,000,000
51,563
Total
Affiliated
Securities
(Value
is
12.4%
of
Net
Assets)
..........
$159,102,642
$8,585,515
$—
$—
$(2,742,082)
$161,545,835
$51,563
*
In
U.S.
dollars
unless
otherwise
indicated.
a
As
of
October
31,
2021,
no
longer
an
affiliate.
6.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Statement
of
Investments
(unaudited)
11
Quarterly
Statement
of
Investments
7.
Investments
in
Affiliated
Management
Investment
Companies 
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
October
31,
2021,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
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.
    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,
0.01%
.
$16,845,034
$34,649,965
$(48,872,635)
$—
$—
$2,622,364
2,622,364
$238
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
6,641,000
20,818,000
(13,371,000)
—
—
14,088,000
14,088,000
133
Total
Affiliated
Securities
...
$23,486,034
$55,467,965
$(62,243,635)
$—
$—
$16,710,364
$371
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Statement
of
Investments
(unaudited)
12
Quarterly
Statement
of
Investments
A
summary
of
inputs
used
as
of
October
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 October
31,
2021,
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
..............................
$
7,301,333
$
—
$
—
$
7,301,333
Diversified
Metals
&
Mining
...............
120,858,334
6,819,796
8,116,561
135,794,691
Environmental
&
Facilities
Services
.........
368,301
—
—
368,301
Gold
................................
750,168,677
245,335,832
10,474,070
b
1,005,978,579
Precious
Metals
&
Minerals
...............
104,600,188
17,217,498
—
121,817,686
Silver
...............................
12,569,518
—
—
12,569,518
Rights
................................
1,369,074
—
—
1,369,074
Warrants
:
Diversified
Metals
&
Mining
...............
391,388
—
3,248,274
3,639,662
Gold
................................
378,285
—
554,676
932,961
Convertible
Bonds
.......................
—
2,807,817
—
2,807,817
Short
Term
Investments
...................
16,710,364
2,460,004
—
19,170,368
Total
Investments
in
Securities
...........
$1,014,715,462
$274,640,947
c
$22,393,581
$1,311,749,990
a
For
detailed
categories,
see
the
accompanying
Statement
of
Investments.
b
Includes
securities
determined
to
have
no
value
at
October
31,
2021.
c
Includes
foreign
securities
valued
at
$269,373,126,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
d
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a          
a
a
a
a
a
a
a
a
a
Franklin
Gold
and
Precious
Metals
Fund
Assets:
Investments
in
Securities:
Common
Stocks
Diversified
Metals
&
Mining
.........
$
7,662,175
$
5,688,850
$
(3,073,409)
$
—
$
—
$
—
$
—
$
(2,161,055)
$
8,116,561
$
(1,338,906)
Gold
............
2,853,423
e
—
—
9,146,393
—
—
—
(1,525,746)
10,474,070
e
(1,525,746)
Precious
Metals
&
Minerals
........
2,029,587
—
(2,971,401)
—
—
—
—
941,814
—
—
Warrants
Diversified
Metals
&
Mining
.........
3,400,416
e
—
e
—
e
—
(270,049)
—
—
117,907
3,248,274
128,019
Gold
............
832,974
—
—
—
—
—
—
(278,298)
554,676
(278,298)
Total
Investments
in
Securities
.
$16,778,575
$5,688,850
$(6,044,810)
$9,146,393
$(270,049)
$
—
$
—
$
(2,905,378)
$22,393,581
$
(3,014,931)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transferred
into
level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
as
a
result
of
the
unreliability
of
the
foreign
exchange
rate
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Transfers
out
of
Level
3
were
as
a
result
of
changes
in
the
levels
of
observable
liquidity
and
the
improved
reliability
of
a
significant
input.
e
Includes
securities
determined
to
have
no
value.
8. Fair
Value
Measurements 
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Statement
of
Investments
(unaudited)
13
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,
2021,
are
as
follows:
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
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....................................
$8,116,561
Market
comparables
Discount
for
lack
of
marketability
0.9%
-
5.3%
(4.2%)
Decrease
Gold.......................................
2,650,175
Market
comparables
Discount
for
lack
of
marketability
2.9%
Decrease
Warrants:
Diversified
Metals
&
Mining....................................
1,755,737
Market
comparables
Discount
for
lack
of
marketability
13.3%
Decrease
c
All
Other
Investments……...…
9,871,108
d,e
Total.........................................
$22,393,581
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
October
31,
2021.
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
8. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.