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N/A 675000.00000000 NS 929658.21000000 0.108159342778 Long EC CORP CA N 1 N N N Lydian International Ltd. 529900QZ2LMYKR8DSG53 Lydian International Ltd. N/A 6375000.00000000 NS 0.00000000 0.000000 Long EC CORP JE Y 3 N N N Bluestone Resources, Inc. 254900YRZ65V11ZKNC05 Bluestone Resources, Inc. 09626M304 6752500.00000000 NS 1192935.17000000 0.138789807454 Long EC CORP CA N 1 N N N Gold Mountain Mining Corp. 894500B396HI9H3W5Q18 Gold Mountain Mining Corp. N/A 2050000.00000000 NS 133040.09000000 0.015478300027 Long EC CORP CA N 1 N N N HighGold Mining, Inc. N/A HighGold Mining, Inc. 42984V400 1300000.00000000 NS 309345.26000000 0.035990194733 Long EC CORP CA N 1 N N N Bravo Mining Corp. N/A Bravo Mining Corp. 10566M106 2830000.00000000 NS 6224040.96000000 0.724124385089 Long EC CORP CA N 1 N N N Phoenix Industrial Minerals Pty. Ltd. N/A Phoenix Industrial Minerals Pty. Ltd. N/A 45900000.00000000 NS 49494.43000000 0.005758336733 Long EC CORP AU N 3 N N N Dundee Precious Metals, Inc. 549300LATVTU0EIUMD45 Dundee Precious Metals, Inc. 265269209 1130000.00000000 NS 7406763.77000000 0.861726054652 Long EC CORP CA N 1 N N N Onyx Gold Corp. N/A Onyx Gold Corp. N/A 650000.00000000 NS 37278.45000000 0.004337091426 Long CORP CA Y 3 N N N B2Gold Corp. 549300F7OK456M5NLM05 B2Gold Corp. 11777Q209 6933694.00000000 NS 22199020.31000000 2.582703429313 Long EC CORP CA N 1 N N N Talisker Resources Ltd. N/A Talisker Resources Ltd. N/A 4500000.00000000 NS 856.65000000 0.000099665339 Long CORP CA N 3 N N N Osisko Development Corp. N/A Osisko Development Corp. N/A 930849.00000000 NS 2946659.29000000 0.342823554689 Long RF CA N 1 N N N Resolute Mining Ltd. 254900MP8JONT590XY28 Resolute Mining Ltd. N/A 28033333.00000000 NS 6331087.69000000 0.736578536345 Long EC CORP AU N 2 N N N Western Copper & Gold Corp. 529900DF4NXAM6X99014 Western Copper & Gold Corp. 95805V108 2430000.00000000 NS 2978800.12000000 0.346562919341 Long EC CORP CA N 1 N N N Ascot Resources Ltd. N/A Ascot Resources Ltd. N/A 22220000.00000000 NS 6248774.16000000 0.727001922907 Long EC CORP AU N 1 N N N St. Augustine Gold and Copper Ltd. N/A St. Augustine Gold and Copper Ltd. N/A 4137336.00000000 NS 231211.09000000 0.026899821104 Long EC CORP VG N 1 N N N Magna Mining, Inc. 391200LYB0MF13ZWII58 Magna Mining, Inc. N/A 2210000.00000000 NS 669310.64000000 0.077869692493 Long EC CORP CA N 1 N N N Reunion Gold Corp. 529900LHARW89HNB2C60 Reunion Gold Corp. N/A 13000000.00000000 NS 4030862.42000000 0.468963136653 Long EC CORP CA N 1 N N N Aurion Resources Ltd. 529900TLK415XYT5YM22 Aurion Resources Ltd. N/A 6900000.00000000 NS 2338477.07000000 0.272065733699 Long EC CORP CA N 1 N N N Victoria Gold Corp. 549300VUIN6RQ5764L78 Victoria Gold Corp. 92625W507 1525000.00000000 NS 6366995.96000000 0.740756216746 Long EC CORP CA N 1 N N N Spartan Resources Ltd. 98450001BN8677ED6066 Spartan Resources Ltd. N/A 14190800.00000000 NS 3690501.93000000 0.429364533091 Long EC CORP AU N 1 N N N Orla Mining Ltd. 529900DU63EUQ1UZKL30 Orla Mining Ltd. N/A 2000000.00000000 NS 6129218.34000000 0.713092425011 Long EC CORP CA N 1 N N N Gold Fields Ltd. 5299003KXIBJQYCBBD72 Gold Fields Ltd. N/A 479800.00000000 NS 6329225.24000000 0.736361853089 Long EC CORP ZA N 2 N N N Gold Mountain Mining Corp. 894500B396HI9H3W5Q18 Gold Mountain Mining Corp. N/A 1025000.00000000 NS 0.00000000 0.000000 Long CORP CA Y 3 N N N Imperial Metals Corp. 549300WQSPLDYCC4Z755 Imperial Metals Corp. 452892102 1965230.00000000 NS 2975903.52000000 0.346225919841 Long EC CORP CA N 1 N N N SolGold plc 213800HGFADQBMIEVI76 SolGold plc N/A 10650000.00000000 NS 1267125.76000000 0.147421372656 Long EC CORP GB N 1 N N N OreCorp Ltd. N/A OreCorp Ltd. N/A 5484200.00000000 NS 1594010.62000000 0.185452179291 Long EC CORP AU N 2 N N N Newcore Gold Ltd. 894500A52BE2PYANBI95 Newcore Gold Ltd. N/A 11480000.00000000 NS 1200317.28000000 0.139648665212 Long EC CORP CA N 1 N N N Southern Cross Gold Ltd. N/A Southern Cross Gold Ltd. N/A 4200000.00000000 NS 2344372.74000000 0.272751654380 Long EC CORP AU N 1 N N N SSR Mining, Inc. 549300JD2KR7AB9DYJ38 SSR Mining, Inc. 784730103 2116555.00000000 NS 29288066.38000000 3.407465213386 Long EC CORP CA N 1 N N N Azimut Exploration, Inc. N/A Azimut Exploration, Inc. N/A 1200000.00000000 NS 778771.27000000 0.090604684422 Long EC CORP CA N 1 N N N RTG Mining, Inc. N/A RTG Mining, Inc. N/A 2397790.00000000 NS 43225.23000000 0.005028958404 Long EC CORP VG N 1 N N N Vizsla Silver Corp. 549300ADJF7HWIEDL366 Vizsla Silver Corp. N/A 5500000.00000000 NS 5671329.68000000 0.659820226692 Long EC CORP CA N 1 N N N Dundee Precious Metals, Inc. 549300LATVTU0EIUMD45 Dundee Precious Metals, Inc. N/A 342615.00000000 NS 2245724.22000000 0.261274577134 Long EC CORP CA N 1 N N N Silver Mountain Resources, Inc. N/A Silver Mountain Resources, Inc. N/A 3650000.00000000 NS 13159.79000000 0.001531051113 Long CORP CA N 2 N N N Clean TeQ Water Ltd. 5493003MW9ETS3784O29 Clean TeQ Water Ltd. N/A 679999.00000000 NS 125083.77000000 0.014552636883 Long EC CORP AU N 1 N N N West African Resources Ltd. 529900XLO8GMJNTUL013 West African Resources Ltd. N/A 12264984.00000000 NS 5698337.64000000 0.662962417201 Long EC CORP AU N 2 N N N Impala Platinum Holdings Ltd. 254900BZFIFB4PD2Z778 Impala Platinum Holdings Ltd. N/A 1470000.00000000 NS 6123157.30000000 0.712387264667 Long EC CORP ZA N 2 N N N i-80 Gold Corp. 549300LFFIWIGUEXPK11 i-80 Gold Corp. 44955L106 2015000.00000000 NS 2775201.90000000 0.322875665866 Long EC CORP CA N 1 N N N TDG Gold Corp. 2549000YY74BDNRBVC95 TDG Gold Corp. N/A 310000.00000000 NS 14135.31000000 0.001644546160 Long CORP CA Y 3 N N N Montage Gold Corp. N/A Montage Gold Corp. N/A 4000000.00000000 NS 1672916.07000000 0.194632286047 Long EC CORP CA N 1 N N N Anglogold Ashanti plc 2138005YDSA7A82RNU96 Anglogold Ashanti plc N/A 634823.00000000 NS USD 11325242.32000000 1.317614100496 Long EC CORP GB N 1 N N N St. Augustine Gold and Copper Ltd. N/A St. Augustine Gold and Copper Ltd. N/A 14583333.00000000 NS 814975.71000000 0.094816822167 Long EC CORP VG N 1 N N N Benchmark Metals, Inc. N/A Benchmark Metals, Inc. N/A 4273553.00000000 NS 1540796.44000000 0.179261075213 Long EC CORP CA N 2 N N N Thesis Gold, Inc. 529900EDQ993Q6M6BH62 Thesis Gold, Inc. N/A 1000000.00000000 NS 202.62000000 0.000023573444 Long CORP CA N 3 N N N Ivanhoe Mines Ltd. 5299006XZISURYIA4G32 Ivanhoe Mines Ltd., Class A 46579R104 1345000.00000000 NS 9911955.58000000 1.153187902446 Long EC CORP CA N 1 N N N Artemis Gold, Inc. N/A Artemis Gold, Inc. N/A 1720000.00000000 NS 6312950.68000000 0.734468419895 Long EC CORP CA N 1 N N N Platinum Group Metals Ltd. 529900YSNVVJI7YJAG63 Platinum Group Metals Ltd. N/A 1769911.00000000 NS 1939908.22000000 0.225694987543 Long EC CORP CA N 1 N N N Institutional Fiduciary Trust - Money Market Portfolio 549300M4TP89K77LG374 Institutional Fiduciary Trust - Money Market Portfolio 457756500 5136447.19100000 NS USD 5136447.19000000 0.597590325466 Long STIV RF US N 1 N N N Endeavour Mining plc 529900NI5MXQ91GHXR07 Endeavour Mining plc N/A 2007114.00000000 NS 41059867.45000000 4.777033355047 Long EC CORP GB N 1 N N N Onyx Gold Corp. N/A Onyx Gold Corp. N/A 1300000.00000000 NS 382791.32000000 0.044535138986 Long EC CORP CA Y 3 N N N Ascot Resources Ltd. N/A Ascot Resources Ltd. N/A 1650000.00000000 NS 24.99000000 0.000002907414 Long CORP AU Y 3 N N N Cerrado Gold, Inc. N/A Cerrado Gold, Inc. N/A 2709000.00000000 NS 1269721.66000000 0.147723387778 Long EC CORP CA N 1 N N N Westhaven Gold Corp. 2549006LQ1TAHZLTOF64 Westhaven Gold Corp. N/A 1769078.00000000 NS 223239.58000000 0.025972390707 Long EC CORP CA N 1 N N N Mineros SA 549300991PEKFIGLDE07 Mineros SA N/A 3144000.00000000 NS 1314912.03000000 0.152980976714 Long EC CORP CO N 1 N N N Orla Mining Ltd. 529900DU63EUQ1UZKL30 Orla Mining Ltd. 68634K106 3160653.00000000 NS 9686166.17000000 1.126918856544 Long EC CORP CA N 1 N N N Bellevue Gold Ltd. N/A Bellevue Gold Ltd. N/A 14294000.00000000 NS 12998317.38000000 1.512264883937 Long EC CORP AU N 2 N N N O3 Mining, Inc. 254900GYT95EHQUSZT78 O3 Mining, Inc. N/A 950000.00000000 NS 1068647.25000000 0.124329762248 Long EC CORP CA N 1 N N N Artemis Gold, Inc. N/A Artemis Gold, Inc. 04302L100 1950000.00000000 NS 7157124.31000000 0.832682219364 Long EC CORP CA N 1 N N N Firefinch Ltd. 52990065EGEF8FEI8S51 Firefinch Ltd. N/A 18028500.00000000 NS 686128.64000000 0.079826351196 Long EC CORP AU N 3 N N N Gold Mountain Mining Corp. 894500B396HI9H3W5Q18 Gold Mountain Mining Corp. 38065L105 3900000.00000000 NS 253100.66000000 0.029446522117 Long EC CORP CA N 1 N N N Max Resource Corp. 254900XET56T3KS7G591 Max Resource Corp. N/A 6000000.00000000 NS 475915.78000000 0.055369529821 Long EC CORP CA N 1 N N N Pan American Silver Corp. 549300MKTF5851TYIB83 Pan American Silver Corp. 697900108 148021.00000000 NS 2162464.28000000 0.251587855397 Long EC CORP CA N 1 N N N Agnico Eagle Mines Ltd. YGE0EUBRF7IJOB3QRX76 Agnico Eagle Mines Ltd. 008474108 380859.00000000 NS 17862034.44000000 2.078124933374 Long EC CORP CA N 1 N N N Eldorado Gold Corp. 5493004PWQ01YDD1IH62 Eldorado Gold Corp. 284902509 1213724.00000000 NS 13127963.66000000 1.527348337498 Long EC CORP CA N 1 N N N Ivanhoe Electric, Inc. N/A Ivanhoe Electric, Inc. 46578C108 448900.00000000 NS USD 4596736.00000000 0.534798638185 Long EC CORP US N 1 N N N Skeena Resources Ltd. 549300DCWSQFVVZ21289 Skeena Resources Ltd. 83056P715 2024800.00000000 NS 7300259.59000000 0.849335025360 Long EC CORP CA N 1 N N N Prime Mining Corp. 5493006KEVX2PYRAXX06 Prime Mining Corp. 74167M105 2200000.00000000 NS 2014710.12000000 0.234397674461 Long EC CORP CA N 1 N N N Heliostar Metals Ltd. 529900BF6RCFL9WNSB18 Heliostar Metals Ltd. N/A 1300000.00000000 NS 261044.27000000 0.030370706540 Long EC CORP CA Y 3 N N N Torex Gold Resources, Inc. 549300QL07027186GQ85 Torex Gold Resources, Inc. N/A 1095000.00000000 NS 10556785.41000000 1.228209420964 Long EC CORP CA N 1 N N N Adventus Mining Corp. 984500FDE0C970CA3F46 Adventus Mining Corp. 00791E102 500000.00000000 NS 88332.85000000 0.010276919946 Long EC CORP CA N 1 N N N Azimut Exploration, Inc. N/A Azimut Exploration, Inc. 301950101 500000.00000000 NS 324488.03000000 0.037751951939 Long EC CORP CA N 1 N N N OceanaGold Corp. 549300CBMSE8I9N3E232 OceanaGold Corp. N/A 3325799.00000000 NS 5563782.58000000 0.647307860826 Long EC CORP CA N 1 N N N Banyan Gold Corp. 98450011DEEFB7F8E409 Banyan Gold Corp. 06683K106 2596200.00000000 NS 524182.29000000 0.060985006503 Long EC CORP CA N 1 N N N 2023-11-30 Franklin Gold and Precious Metals Fund Monica Krogh Monica Krogh Assistant Treasurer XXXX NPORT-EX 2 FGPMF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
132-Q1PH
1
Schedule
of
Investments
(unaudited)
Franklin
Gold
and
Precious
Metals
Fund
2
Notes
to
Schedule
of
Investments
7
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited),
October
31,
2023
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
Common
Stocks
99.0%
Copper
0.9%
a
Faraday
Copper
Corp.
.................................
Canada
4,400,000
$
2,062,302
a
Imperial
Metals
Corp.
..................................
Canada
1,962,230
2,971,361
a
SolGold
plc,
(CAD
Traded)
..............................
Australia
10,650,000
1,267,126
a
SolGold
plc,
(GBP
Traded)
..............................
Australia
10,650,000
1,235,949
a
Vizsla
Copper
Corp.
...................................
Canada
528,571
40,020
7,576,758
Diversified
Metals
&
Mining
8.9%
a
Aclara
Resources,
Inc.
.................................
United
Kingdom
444,972
129,949
a
Adventus
Mining
Corp.
.................................
Canada
3,850,000
680,163
a,b
Adventus
Mining
Corp.,
144A
............................
Canada
4,480,500
791,551
a
Arizona
Metals
Corp.
...................................
Canada
150,000
284,468
a,b
Arizona
Metals
Corp.,
144A
..............................
Canada
1,244,000
2,359,187
a
Aston
Minerals
Ltd.
....................................
Australia
36,000,000
685,044
a
Azimut
Exploration,
Inc.
.................................
Canada
1,700,000
1,103,259
a
Bluestone
Resources,
Inc.
...............................
Canada
550,000
97,166
a,b
Bluestone
Resources,
Inc.,
144A
..........................
Canada
6,500,000
1,148,327
a
Bravo
Mining
Corp.
....................................
Canada
2,830,000
6,224,041
a,b
Bravo
Mining
Corp.,
144A
...............................
Canada
415,000
912,713
a
Chalice
Mining
Ltd.
....................................
Australia
2,522,810
2,874,519
a,c
Clean
Air
Metals,
Inc.
..................................
Canada
10,315,600
297,537
a,b
G
Mining
Ventures
Corp.,
144A
...........................
Canada
18,600,000
17,033,458
a
Ivanhoe
Electric,
Inc.
...................................
United
States
448,900
4,596,736
a
Ivanhoe
Mines
Ltd.,
A
..................................
Canada
1,345,000
9,911,955
a
Magna
Mining,
Inc.
....................................
Canada
2,210,000
669,311
a
Matador
Mining
Ltd.
...................................
Australia
10,813,044
308,642
a
Max
Resource
Corp.
...................................
Canada
6,000,000
475,916
a
OreCorp
Ltd.
.........................................
Australia
5,484,200
1,594,011
a,d
Phoenix
Industrial
Minerals
Pty.
Ltd.
.......................
Australia
45,900,000
49,494
a
Prime
Mining
Corp.
....................................
Canada
4,590,000
4,203,418
a,c
Silver
Mountain
Resources,
Inc.
..........................
Canada
10,300,000
557,038
a
Sunrise
Energy
Metals
Ltd.
..............................
Australia
1,348,700
620,223
a,c
Talisker
Resources
Ltd.
.................................
Canada
5,280,000
1,047,015
a
Troilus
Gold
Corp.
.....................................
Canada
8,900,000
2,246,178
a,c
Vizsla
Silver
Corp.
.....................................
Canada
11,050,000
11,394,217
a
Western
Copper
&
Gold
Corp.
............................
Canada
3,360,000
4,118,835
76,414,371
Environmental
&
Facilities
Services
0.0%
†
a
Clean
TeQ
Water
Ltd.
..................................
Australia
679,999
125,084
a
Gold
83.2%
Agnico
Eagle
Mines
Ltd.,
(CAD
Traded)
.....................
Canada
380,859
17,862,034
Agnico
Eagle
Mines
Ltd.,
(USD
Traded)
.....................
Canada
524,000
24,580,840
Alamos
Gold,
Inc.,
(CAD
Traded),
A
........................
Canada
2,028,316
25,112,623
Alamos
Gold,
Inc.,
(USD
Traded),
A
........................
Canada
1,654,500
20,482,710
a
Allied
Gold
Corp.
......................................
Canada
2,163,859
6,865,429
Anglogold
Ashanti
plc
..................................
United
Kingdom
634,823
11,325,242
a
Artemis
Gold,
Inc.
.....................................
Canada
3,670,000
13,470,075
a,b,c
Ascot
Resources
Ltd.,
144A
.............................
Canada
28,720,000
8,076,723
a
Auteco
Minerals
Ltd.
...................................
Australia
116,057,775
2,264,503
B2Gold
Corp.
........................................
Canada
6,933,694
22,199,020
a,c
Banyan
Gold
Corp.
....................................
Canada
20,167,629
4,071,918
Barrick
Gold
Corp.
....................................
Canada
2,702,383
43,184,080
a
Bellevue
Gold
Ltd.
.....................................
Australia
14,294,000
12,998,317
a
Belo
Sun
Mining
Corp.
.................................
Canada
3,500,000
145,118
a,b
Belo
Sun
Mining
Corp.,
144A
.............................
Canada
3,800,000
157,557
a
Black
Cat
Syndicate
Ltd.
................................
Australia
11,522,800
1,570,684
a
Catalyst
Metals
Ltd.
...................................
Australia
6,588,915
2,912,317
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
Centamin
plc
.........................................
Egypt
13,415,200
$
13,442,950
Centerra
Gold,
Inc.
....................................
Canada
2,689,100
13,670,432
a
Cerrado
Gold,
Inc.
.....................................
Canada
2,709,000
1,269,722
a
De
Grey
Mining
Ltd.
...................................
Australia
6,342,171
4,766,417
Dundee
Precious
Metals,
Inc.
............................
Canada
1,727,415
11,322,615
a
Eldorado
Gold
Corp.
...................................
Turkey
1,213,724
13,127,964
a
Emerald
Resources
NL
.................................
Australia
14,795,000
24,231,035
Endeavour
Mining
plc
..................................
Burkina
Faso
2,007,114
41,059,868
a,c
Falcon
Metals
Ltd.
.....................................
Australia
9,225,414
789,977
a,d
Firefinch
Ltd.
.........................................
Australia
18,028,500
686,129
a
First
Mining
Gold
Corp.
.................................
Canada
7,500,000
703,057
a
Galiano
Gold,
Inc.
.....................................
Canada
6,614,362
3,434,050
a
Genesis
Minerals
Ltd.
..................................
Australia
8,556,549
7,865,830
a,c
Geopacific
Resources
Ltd.
..............................
Australia
60,464,743
651,997
Gold
Fields
Ltd.
.......................................
South
Africa
479,800
6,329,225
a,c
Gold
Mountain
Mining
Corp.
.............................
Canada
5,950,000
386,141
a,c
Heliostar
Metals
Ltd.
...................................
Canada
10,325,000
2,121,882
a,c,d,e
Heliostar
Metals
Ltd.,
144A
..............................
Canada
1,300,000
261,044
a,c
HighGold
Mining,
Inc.
..................................
Canada
5,603,000
1,333,278
a
Hochschild
Mining
plc
..................................
Peru
2,338,520
2,663,520
a
i-80
Gold
Corp.
.......................................
Canada
2,015,000
2,775,202
a,b
i-80
Gold
Corp.,
144A
..................................
Canada
675,000
929,658
a,c
Integra
Resources
Corp.,
(CAD
Traded)
....................
Canada
3,439,520
2,579,392
a,c
Integra
Resources
Corp.,
(USD
Traded)
....................
Canada
740,000
548,340
a
K92
Mining,
Inc.
......................................
Canada
1,500,000
5,408,134
a
Kingsgate
Consolidated
Ltd.
.............................
Australia
2,800,000
2,040,577
a,c
Liberty
Gold
Corp.
.....................................
Canada
16,329,800
3,120,419
a,b,c
Liberty
Gold
Corp.,
144A
................................
Canada
2,600,000
496,827
a
Lion
One
Metals
Ltd.
...................................
Canada
7,951,900
4,931,233
a
Marathon
Gold
Corp.
...................................
Canada
10,613,000
4,591,722
a,c
Mawson
Gold
Ltd.
.....................................
Canada
16,100,000
4,237,453
b
Mineros
SA,
144A
.....................................
Colombia
3,139,500
1,313,030
a,c
Monarch
Mining
Corp.
..................................
Canada
15,500,000
139,710
a
Moneta
Gold,
Inc.
.....................................
Canada
4,000,000
2,307,470
a
Montage
Gold
Corp.
...................................
Canada
4,000,000
1,672,916
a,c
Newcore
Gold
Ltd.
....................................
Canada
11,480,000
1,200,317
d
Newcrest
Mining
Ltd.,
(AUD
Traded)
.......................
Australia
2,511,914
37,648,567
d
Newcrest
Mining
Ltd.,
(CAD
Traded)
.......................
Australia
301,129
4,513,322
Newmont
Corp.
.......................................
United
States
568,614
21,305,967
a,c,d,e
Nighthawk
Gold
Corp.
..................................
Canada
1,000,000
264,639
a,c
Nighthawk
Gold
Corp.
..................................
Canada
5,761,000
1,620,126
Northern
Star
Resources
Ltd.
............................
Australia
772,254
5,654,604
a,c
O3
Mining,
Inc.
.......................................
Canada
5,100,000
5,736,948
OceanaGold
Corp.
....................................
Australia
8,463,488
14,158,705
a,c
Onyx
Gold
Corp.
......................................
Canada
1,400,750
424,225
a,c,d,e
Onyx
Gold
Corp.,
144A
.................................
Canada
1,300,000
382,791
a
Ora
Banda
Mining
Ltd.
.................................
Australia
38,107,692
3,867,473
a
Orla
Mining
Ltd.
......................................
Canada
3,620,653
11,095,886
a,b
Orla
Mining
Ltd.,
144A
..................................
Canada
2,000,000
6,129,218
a,b
Osisko
Development
Corp.,
144A
.........................
Canada
930,849
2,946,659
a
Osisko
Mining,
Inc.
....................................
Canada
7,526,923
14,600,103
a,c
Pantoro
Ltd.
.........................................
Australia
353,944,739
7,149,432
a
Perpetua
Resources
Corp.
..............................
United
States
403,000
1,444,267
Perseus
Mining
Ltd.
...................................
Australia
27,358,141
29,228,763
a
Predictive
Discovery
Ltd.
................................
Australia
71,569,192
10,668,139
a
Probe
Gold,
Inc.
......................................
Canada
705,000
716,794
a,b
Probe
Gold,
Inc.,
144A
.................................
Canada
5,200,000
5,286,992
Ramelius
Resources
Ltd.
...............................
Australia
4,787,234
4,971,736
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
a
Red
5
Ltd.
...........................................
Australia
167,846,622
$
33,830,942
a
Resolute
Mining
Ltd.
...................................
Australia
28,033,333
6,331,088
a
Reunion
Gold
Corp.
...................................
Canada
15,250,000
4,728,512
a,c
RTG
Mining,
Inc.
......................................
Australia
1,769,918
31,907
a,b,c
RTG
Mining,
Inc.,
144A
.................................
Australia
2,397,790
43,225
a,c
RTG
Mining,
Inc.,
CDI
..................................
Australia
82,487,582
1,396,095
a,c
Saturn
Metals
Ltd.
.....................................
Australia
11,086,957
984,157
a
Skeena
Resources
Ltd.
.................................
Canada
2,543,550
9,170,573
a
Southern
Cross
Gold
Ltd.
...............................
Canada
4,200,000
2,344,373
a
Spartan
Resources
Ltd.
.................................
Australia
14,190,800
3,690,502
SSR
Mining,
Inc.
......................................
Canada
2,116,555
29,288,066
a
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded)
............
United
States
4,137,336
231,211
a,b
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded),
144A
.......
United
States
16,383,333
915,567
a,b
St.
Augustine
Gold
and
Copper
Ltd.,
(USD
Traded),
144A
.......
United
States
10,000,000
558,841
a
St.
Barbara
Ltd.
.......................................
Australia
9,008,021
992,601
a,b
Torex
Gold
Resources,
Inc.,
144A
.........................
Canada
1,275,000
12,292,147
a
Victoria
Gold
Corp.
....................................
Canada
1,525,000
6,366,996
a
West
African
Resources
Ltd.
.............................
Australia
12,264,984
5,698,338
a
Westhaven
Gold
Corp.
.................................
Canada
1,769,078
223,240
a,c,d
Wiluna
Mining
Corp.
Ltd.
................................
Australia
19,510,000
253,692
714,876,152
Precious
Metals
&
Minerals
3.9%
Anglo
American
Platinum
Ltd.
............................
South
Africa
88,556
2,958,669
a,c
Aurion
Resources
Ltd.
..................................
Canada
6,900,000
2,338,477
Impala
Platinum
Holdings
Ltd.
............................
South
Africa
1,470,000
6,123,157
Impala
Platinum
Holdings
Ltd.,
ADR
.......................
South
Africa
1,206,100
5,065,620
Northam
Platinum
Holdings
Ltd.
..........................
South
Africa
874,019
5,275,073
a,c
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..................
South
Africa
3,822,698
4,189,862
a,b,c
Platinum
Group
Metals
Ltd.,
(CAD
Traded),
144A
.............
South
Africa
97,760
107,150
a,c
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..................
South
Africa
3,418,243
3,708,794
a,b,c
Platinum
Group
Metals
Ltd.,
(USD
Traded),
144A
.............
South
Africa
36,628
40,146
a
Sable
Resources
Ltd.
..................................
Canada
12,000,000
389,386
a,c
TDG
Gold
Corp.
......................................
Canada
2,080,000
284,973
a,c,d,e
TDG
Gold
Corp.,
144A
.................................
Canada
620,000
81,871
a,b,c
TDG
Gold
Corp.,
144A
.................................
Canada
4,750,000
650,779
a
Thesis
Gold,
Inc.
......................................
Canada
3,765,500
1,357,622
a
Thesis
Gold,
Inc.
......................................
Canada
4,273,553
1,540,796
34,112,375
Silver
2.1%
a
Aya
Gold
&
Silver,
Inc.
..................................
Canada
690,000
3,736,588
a
GoGold
Resources,
Inc.
................................
Canada
9,262,858
8,549,508
Pan
American
Silver
Corp.
..............................
Canada
148,021
2,162,464
a,c
Silver
Tiger
Metals,
Inc.
.................................
Canada
3,560,000
500,577
a,b,c
Silver
Tiger
Metals,
Inc.,
144A
............................
Canada
21,500,000
3,023,147
17,972,284
Total
Common
Stocks
(Cost
$954,938,568)
.....................................
851,077,024
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Rights
a
Value
a
a
a
Rights
0.1%
Gold
0.0%
†
a,d
Kinross
Gold
Corp.,
CVR
,
2/24/32
.........................
Canada
660,000
$
47,591
Silver
0.1%
a
Pan
American
Silver
Corp.,
CVR
,
2/22/29
...................
Canada
1,850,600
927,151
Total
Rights
(Cost
$856,772)
..................................................
974,742
Warrants
a
a
a
Warrants
0.2%
Diversified
Metals
&
Mining
0.1%
a,c,d,e
Clean
Air
Metals,
Inc.,
144A,
2/23/24
.......................
Canada
3,600,000
364
a,d,e
G
Mining
Ventures
Corp.,
144A,
8/20/24
....................
Canada
3,750,000
128,946
a,d,e
Prime
Mining
Corp.,
144A,
4/27/24
........................
Canada
650,000
617
a,b,c
Silver
Mountain
Resources,
Inc.,
144A,
1/31/24
...............
Canada
3,650,000
13,160
a,c,e
Silver
Mountain
Resources,
Inc.,
2/09/26
....................
Canada
1,500,000
24,336
a,b,c,d
Talisker
Resources
Ltd.,
144A,
1/11/25
.....................
Canada
4,500,000
857
a,c,d,e
Vizsla
Silver
Corp.,
144A,
11/15/24
........................
Canada
1,500,000
166,283
334,563
Gold
0.1%
a,c,d,e
Ascot
Resources
Ltd.,
144A,
3/08/24
.......................
Canada
1,650,000
25
a,c,d,e
Gold
Mountain
Mining
Corp.,
144A,
4/21/24
..................
Canada
1,025,000
—
a,c,d,e
Heliostar
Metals
Ltd.,
144A,
1/11/25
.......................
Canada
650,000
8,629
a,c,d,e
Heliostar
Metals
Ltd.,
144A,
3/09/26
.......................
Canada
5,162,500
269,702
a,c,d,e
Integra
Resources
Corp.,
144A,
5/18/24
....................
Canada
2,650,000
11,299
a,d
Marathon
Gold
Corp.,
9/19/24
............................
Canada
3,225,000
30,071
a,c,d,e
Monarch
Mining
Corp.,
144A,
4/06/27
......................
Canada
6,000,000
20,798
a,c,d,e
Newcore
Gold
Ltd.,
144A,
6/28/24
.........................
Canada
1,140,000
8,539
a,c
Nighthawk
Gold
Corp.,
5/03/24
...........................
Canada
1,250,000
36,054
a,c,d,e
Onyx
Gold
Corp.,
144A,
7/06/25
..........................
Canada
650,000
37,278
a
Osisko
Development
Corp.,
12/01/23
......................
Canada
737,500
6,647
a,b
Osisko
Development
Corp.,
144A,
3/27/27
..................
Canada
608,333
275,259
a,d
Osisko
Mining,
Inc.,
8/28/24
.............................
Canada
350,000
62,033
a,d,e
Probe
Gold,
Inc.,
144A,
3/08/24
...........................
Canada
900,000
7,451
a,d,e
Reunion
Gold
Corp.,
144A,
6/14/24
........................
Canada
6,500,000
385,219
a,b,c,d
RTG
Mining,
Inc.,
144A,
9/08/24
..........................
Australia
12,000,000
15,353
a,c,d
Wiluna
Mining
Corp.
Ltd.,
12/31/24
........................
Australia
9,755,000
—
1,174,357
Precious
Metals
&
Minerals
0.0%
†
a,c,d,e
TDG
Gold
Corp.,
144A,
7/07/26
...........................
Canada
310,000
14,135
a,b,d
Thesis
Gold,
Inc.,
144A,
12/09/23
.........................
Canada
750,000
—
a,b,d
Thesis
Gold,
Inc.,
144A,
9/29/24
..........................
Canada
1,000,000
203
14,338
Total
Warrants
(Cost
$–)
......................................................
1,523,258
Total
Long
Term
Investments
(Cost
$955,795,340)
...............................
853,575,024
a
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
See
Abbreviations
on
page
13
.
Short
Term
Investments
0.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.6%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.035%
....
United
States
5,187,937
$
5,187,937
Total
Money
Market
Funds
(Cost
$5,187,937)
...................................
5,187,937
Total
Short
Term
Investments
(Cost
$5,187,937
)
.................................
5,187,937
a
Total
Investments
(Cost
$960,983,277)
99.9%
...................................
$858,762,961
Other
Assets,
less
Liabilities
0.1%
.............................................
569,001
Net
Assets
100.0%
...........................................................
$859,331,962
†
Rounds
to
less
than
0.1%
of
net
assets.
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,
2023,
the
aggregate
value
of
these
securities
was
$65,517,734,
representing
7.6%
of
net
assets.
c
See
Note
4
regarding
holdings
of
5%
voting
securities.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
See
Note
3
regarding
restricted
securities.
f
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Gold
and
Precious
Metals
Fund
7
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Franklin
Gold
and
Precious
Metals
Fund
(Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946. 
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the Fund.
As
a
result,
differences
may
arise
between
the
value
of
the Fund’s
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
minimize
the
potential
for
these
differences, an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At October
31,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
3.
Restricted
Securities
At
October
31,
2023,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933
(1933
Act),
were
as
follows:
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Gold
And
Precious
Metals
Fund
1,650,000
a
Ascot
Resources
Ltd.,
144A,
3/08/24
.............
3/09/22
$
—
$
25
3,600,000
b
Clean
Air
Metals,
Inc.,
144A,
2/23/24
.............
2/24/22
—
364
3,750,000
c
G
Mining
Ventures
Corp.,
144A,
8/20/24
...........
9/16/21
—
128,946
1,025,000
d
Gold
Mountain
Mining
Corp.,
144A,
4/21/24
........
4/22/22
—
—
1,300,000
e
Heliostar
Metals
Ltd.,
144A
.....................
7/07/23
362,226
261,044
650,000
e
Heliostar
Metals
Ltd.,
144A,
1/11/25
..............
7/12/23
—
8,629
5,162,500
e
Heliostar
Metals
Ltd.,
144A,
3/09/26
..............
3/20/23
—
269,702
2,650,000
f
Integra
Resources
Corp.,
144A,
5/18/24
...........
6/17/22
—
11,299
6,000,000
g
Monarch
Mining
Corp.,
144A,
4/06/27
.............
4/07/22
—
20,798
1,140,000
h
Newcore
Gold
Ltd.,
144A,
6/28/24
...............
6/29/23
—
8,539
1,000,000
i
Nighthawk
Gold
Corp.
........................
7/31/23
303,352
264,639
1,300,000
j
Onyx
Gold
Corp.,
144A
.......................
6/28/23
490,455
382,791
650,000
j
Onyx
Gold
Corp.,
144A,
7/06/25
.................
7/07/23
—
37,278
650,000
k
Prime
Mining
Corp.,
144A,
4/27/24
...............
4/28/21
—
617
900,000
l
Probe
Gold,
Inc.,
144A,
3/08/24
.................
3/09/22
—
7,451
6,500,000
m
Reunion
Gold
Corp.,
144A,
6/14/24
..............
7/11/22
—
385,219
1,500,000
n
Silver
Mountain
Resources,
Inc.,
2/09/26
..........
2/10/23
—
24,336
620,000
o
TDG
Gold
Corp.,
144A
........................
6/28/23
140,345
81,871
310,000
o
TDG
Gold
Corp.,
144A,
7/07/26..
................
7/10/23
—
14,135
1,500,000
p
Vizsla
Silver
Corp.,
144A,
11/15/24
...............
11/16/22
—
166,283
Total
Restricted
Securities
(Value
is
0.2%
of
Net
Assets)
..............
$1,296,378
$2,073,966
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$8,076,723
as
of
October
31,
2023.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$297,537
as
of
October
31,
2023.
c
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$17,033,458
as
of
October
31,
2023.
d
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$386,141
as
of
October
31,
2023.
e
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,121,882
as
of
October
31,
2023.
f
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,127,732
as
of
October
31,
2023.
g
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$139,710
as
of
October
31,
2023.
h
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,200,317
as
of
October
31,
2023.
2. Financial
Instrument
Valuation
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
9
Quarterly
Schedule
of
Investments
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
October
31,
2023,
investments
in
“affiliated
companies”
were
as
follows: 
i
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,656,180
as
of
October
31,
2023.
j
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$424,225
as
of
October
31,
2023.
k
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,203,418
as
of
October
31,
2023.
l
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,003,786
as
of
October
31,
2023.
m
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,728,512
as
of
October
31,
2023.
n
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$570,198
as
of
October
31,
2023.
o
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$935,752
as
of
October
31,
2023.
p
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$11,394,217
as
of
October
31,
2023.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
And
Precious
Metals
Fund
Non-Controlled
Affiliates
Dividends
Ascot
Resources
Ltd.,
144A
...........
$
12,197,179
$
—
$
—
$
—
$
(4,120,456)
$
8,076,723
28,720,000
$
—
Ascot
Resources
Ltd.,
144A,
3/08/24
.....
924
—
—
—
(899)
25
1,650,000
—
Aurion
Resources
Ltd.
..
2,964,519
—
a
—
—
(626,042)
2,338,477
6,900,000
—
Auteco
Minerals
Ltd.
...
2,582,604
—
—
—
—
b
—
b
—
b
—
Banyan
Gold
Corp.
...
5,047,260
—
—
—
(975,342)
4,071,918
20,167,629
—
Clean
Air
Metals,
Inc.
..
469,389
—
—
—
(171,852)
297,537
10,315,600
—
Clean
Air
Metals,
Inc.,
144A,
2/23/24
.....
874
—
—
—
(510)
364
3,600,000
—
Falcon
Metals
Ltd.
....
1,307,526
—
—
—
(517,549)
789,977
9,225,414
—
G
Mining
Ventures
Corp.,
144A
...........
17,774,533
—
(143,372)
29,595
—
b
—
b
—
b
—
G
Mining
Ventures
Corp.,
144A,
8/20/24
.....
162,690
—
—
—
—
b
—
b
—
b
—
Geopacific
Resources
Ltd.
527,984
—
—
—
124,013
651,997
60,464,743
—
Gold
Mountain
Mining
Corp.
...........
564,045
—
—
—
(177,904)
386,141
5,950,000
—
Gold
Mountain
Mining
Corp.,
144A,
4/21/24
.
67
—
—
—
(67)
—
1,025,000
—
Heliostar
Metals
Ltd
...
2,270,780
—
—
—
(148,898)
2,121,882
10,325,000
—
Heliostar
Metals
Ltd.,
144A
253,019
—
—
—
8,025
261,044
1,300,000
—
Heliostar
Metals
Ltd.,
144A,
1/11/25
.....
32,734
—
—
—
(24,105)
8,629
650,000
—
Heliostar
Metals
Ltd.,
144A,
3/09/26
.....
446,208
—
—
—
(176,506)
269,702
5,162,500
—
3.
Restricted
Securities
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
10
Quarterly
Schedule
of
Investments
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
And
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
HighGold
Mining,
Inc.
..
$
2,060,864
$
—
$
—
$
—
$
(727,586)
$
1,333,278
5,603,000
$
—
Integra
Resources
Corp.,
(CAD
Traded)
.....
3,260,579
—
—
—
(681,187)
2,579,392
3,439,520
—
Integra
Resources
Corp.,
(USD
Traded)
.....
703,000
—
—
—
(154,660)
548,340
740,000
—
Integra
Resources
Corp.,
144A,
5/18/24
.....
41,462
—
—
—
(30,163)
11,299
2,650,000
—
Liberty
Gold
Corp.
....
4,767,915
—
—
—
(1,647,496)
3,120,419
16,329,800
—
Liberty
Gold
Corp.,
144A
759,139
—
—
—
(262,312)
496,827
2,600,000
—
Lion
One
Metals
Ltd.
..
5,247,393
8,529,502
a
(8,782,311)
(371,216)
—
b
—
b
—
b
—
Mawson
Gold
Ltd.
....
1,921,735
—
(427,545)
(69,050)
2,812,313
4,237,453
16,100,000
—
Monarch
Mining
Corp.
.
411,421
—
—
—
(271,711)
139,710
15,500,000
—
Monarch
Mining
Corp.,
144A,
4/06/27
.....
79,143
—
—
—
(58,345)
20,798
6,000,000
—
Newcore
Gold
Ltd.
....
1,262,400
—
—
—
(62,083)
1,200,317
11,480,000
—
Newcore
Gold
Ltd.,
144A,
6/28/24
..........
11,462
—
—
—
(2,923)
8,539
1,140,000
—
Nighthawk
Gold
Corp.
..
2,269,414
—
—
—
(384,649)
1,884,765
6,761,000
—
Nighthawk
Gold
Corp.,
5/03/24
..........
47,399
—
—
—
(11,345)
36,054
1,250,000
—
O3
Mining,
Inc.
......
5,685,576
—
—
—
51,372
5,736,948
5,100,000
—
Onyx
Gold
Corp
......
573,642
—
—
—
(149,417)
424,225
1,400,750
—
Onyx
Gold
Corp.,
144A
.
498,992
—
—
—
(116,201)
382,791
1,300,000
—
Onyx
Gold
Corp.,
144A,
7/06/25
..........
42,422
—
—
—
(5,144)
37,278
650,000
—
Pantoro
Ltd.
........
16,463,004
1,582,449
a
—
—
(10,896,021)
7,149,432
353,944,739
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..
5,160,323
—
—
—
(970,461)
4,189,862
3,822,698
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded),
144A
...........
131,968
—
—
—
(24,818)
107,150
97,760
—
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..
4,614,628
—
—
—
(905,834)
3,708,794
3,418,243
—
Platinum
Group
Metals
Ltd.,
(USD
Traded),
144A
...........
49,445
—
—
—
(9,299)
40,146
36,628
—
Red
5
Ltd.
.........
27,854,334
—
(9,906,263)
2,679,448
—
b
—
b
—
b
—
RTG
Mining,
Inc.
.....
53,691
—
—
—
(21,784)
31,907
1,769,918
—
RTG
Mining,
Inc.,
144A
.
72,737
—
—
—
(29,512)
43,225
2,397,790
—
RTG
Mining,
Inc.,
144A,
9/08/24
..........
—
—
a
—
—
15,353
15,353
12,000,000
—
RTG
Mining,
Inc.,
CDI
..
2,122,713
—
—
—
(726,618)
1,396,095
82,487,582
—
Saturn
Metals
Ltd.
....
1,417,031
—
—
—
(432,874)
984,157
11,086,957
—
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
11
Quarterly
Schedule
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies 
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
October
31,
2023,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
And
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Silver
Mountain
Resources,
Inc.
....
$
1,093,584
$
—
$
—
$
—
$
(536,546)
$
557,038
10,300,000
$
—
Silver
Mountain
Resources,
Inc.,
144A,
1/31/24
..........
—
—
—
—
13,160
13,160
3,650,000
—
Silver
Mountain
Resources,
Inc.,
2/09/26
28,439
—
—
—
(4,103)
24,336
1,500,000
—
Silver
Tiger
Metals,
Inc.
.
553,466
—
—
—
(52,889)
500,577
3,560,000
—
Silver
Tiger
Metals,
Inc.,
144A
...........
3,342,560
—
—
—
(319,413)
3,023,147
21,500,000
—
Talisker
Resources
Ltd.
.
1,701,805
—
a
—
a
—
(654,790)
1,047,015
5,280,000
—
Talisker
Resources
Ltd.,
144A,
1/11/25
.....
21,156
—
—
—
(20,299)
857
4,500,000
—
TDG
Gold
Corp.
.....
366,753
—
—
—
(81,780)
284,973
2,080,000
—
TDG
Gold
Corp.,
144A
.
98,161
—
—
—
(16,290)
81,871
620,000
—
TDG
Gold
Corp.,
144A,
7/07/26..
.........
14,676
—
—
—
(541)
14,135
310,000
—
TDG
Gold
Corp.,
144A.
.
837,536
—
—
—
(186,757)
650,779
4,750,000
—
Thesis
Gold,
Inc.
.....
2,519,775
—
a
—
—
—
b
—
b
—
b
—
Thesis
Gold,
Inc.,
144A,
9/29/24
..........
218
—
a
—
—
—
b
—
b
—
b
—
Vizsla
Silver
Corp.
....
12,570,150
—
—
—
(1,175,933)
11,394,217
11,050,000
—
Vizsla
Silver
Corp.,
144A,
11/15/24
.........
168,392
—
—
—
(2,109)
166,283
1,500,000
—
Wiluna
Mining
Corp.
Ltd.
268,650
—
—
—
(14,958)
253,692
19,510,000
—
Wiluna
Mining
Corp.
Ltd.,
12/31/24
.........
—
—
—
—
—
—
9,755,000
—
Total
Affiliated
Securities
(Value
is
9.0%
of
Net
Assets)
..........
$157,771,488
$10,111,951
$(19,259,491)
$2,268,777
$(25,564,745)
$77,151,050
$—
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
other
cost
basis
adjustments
corporate
actions.
b
As
of
October
31,
2023,
no
longer
an
affiliate.
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
6. Fair
Value
Measurements 
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
•
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
•
Level 2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
•
Level 3
–
significant
unobservable
inputs
(including
the
Fund's own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
October
31,
2023,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
    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,
5.035%
$1,853,409
$40,753,007
$(37,418,479)
$—
$—
$5,187,937
5,187,937
$58,340
Total
Affiliated
Securities
...
$1,853,409
$40,753,007
$(37,418,479)
$—
$—
$5,187,937
$58,340
Level
1
Level
2
Level
3
Total
Franklin
Gold
and
Precious
Metals
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Copper
..............................
$
7,576,758
$
—
$
—
$
7,576,758
Diversified
Metals
&
Mining
...............
70,983,634
5,381,243
49,494
76,414,371
Environmental
&
Facilities
Services
.........
125,084
—
—
125,084
Gold
................................
493,542,837
177,323,131
44,010,184
714,876,152
Precious
Metals
&
Minerals
...............
22,757,103
11,273,401
81,871
34,112,375
Silver
...............................
17,972,284
—
—
17,972,284
Rights
:
Gold
................................
—
—
47,591
47,591
Silver
...............................
927,151
—
—
927,151
Warrants
:
Diversified
Metals
&
Mining
...............
24,336
13,160
297,067
334,563
Gold
................................
36,054
281,906
856,397
a
1,174,357
Precious
Metals
&
Minerals
...............
—
—
14,338
a
14,338
Short
Term
Investments
...................
5,187,937
—
—
5,187,937
Total
Investments
in
Securities
...........
$619,133,178
$194,272,841
b
$45,356,942
$858,762,961
a
Includes
financial
instruments
determined
to
have
no
value.
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
13
Quarterly
Schedule
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At October
31,
2023,
the
reconciliation
is
as
follows:
The
Level
3
financial
instruments
include
Newcrest
Mining
Ltd.
valued
at
$37,648,567,
which
is
valued
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
Abbreviations
b
Includes
foreign
securities
valued
at
$190,029,048,
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
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
.........
$
—
$
—
d
$
—
$
—
$
—
$
—
$
—
$
49,494
$
49,494
$
49,494
Gold
............
3,310,826
d
303,352
(1,370,167)
d
50,438,789
—
—
(19,887,211)
11,214,595
44,010,184
8,368,969
Precious
Metals
&
Minerals
........
1,117,435
—
(980,393)
—
—
—
—
(55,171)
81,871
(16,290)
Rights
Gold
............
50,053
—
—
—
—
—
—
(2,462)
47,591
(2,462)
Warrants
Diversified
Metals
&
Mining
.........
365,945
—
—
—
—
—
—
(68,878)
297,067
(68,878)
Gold
............
1,834,910
d
—
d
—
—
—
—
—
(978,513)
856,397
d
(978,513)
Precious
Metals
&
Minerals
........
14,894
d
—
—
—
—
—
—
(556)
14,338
d
(556)
Total
Investments
in
Securities
.
$6,694,063
$303,352
$(2,350,560)
$50,438,789
$—
$—
$(19,887,211)
$10,158,509
$45,356,942
$7,351,764
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
Includes
financial
instruments
determined
to
have
no
value.
Currency
AUD
Australian
Dollar
CAD
Canadian
Dollar
GBP
British
Pound
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
CDI
CREST
Depository
Interest
CVR
Contingent
Value
Right
6. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.