NPORT-EX 2 FGPMF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
132-Q3PH
1
Schedule
of
Investments
(unaudited)
Franklin
Gold
and
Precious
Metals
Fund
2
Notes
to
Schedule
of
Investments
7
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited),
April
30,
2024
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
$
2,396,949
a
Imperial
Metals
Corp.
..................................
Canada
1,765,330
3,397,948
a
SolGold
plc
..........................................
Australia
21,300,000
2,448,814
a
Vizsla
Copper
Corp.
...................................
Canada
528,571
36,473
8,280,184
Diversified
Metals
&
Mining
9.1%
a
Aclara
Resources,
Inc.
.................................
United
Kingdom
444,972
187,459
a
Adventus
Mining
Corp.
.................................
Canada
3,850,000
1,188,488
a,b
Adventus
Mining
Corp.,
144A
............................
Canada
4,000,000
1,234,792
a
Arizona
Metals
Corp.
...................................
Canada
150,000
248,411
a,b
Arizona
Metals
Corp.,
144A
..............................
Canada
1,244,000
2,060,156
a
Aston
Minerals
Ltd.
....................................
Australia
36,000,000
284,932
a
Azimut
Exploration,
Inc.
.................................
Canada
1,700,000
740,875
a,b
Bluestone
Resources,
Inc.,
144A
..........................
Canada
6,450,000
2,342,473
a
Bravo
Mining
Corp.
....................................
Canada
2,830,000
4,111,131
a,b
Bravo
Mining
Corp.,
144A
...............................
Canada
415,000
602,869
a
Chalice
Mining
Ltd.
....................................
Australia
2,522,810
1,922,473
a
Clean
Air
Metals,
Inc.
..................................
Canada
10,315,600
374,636
a,b
G
Mining
Ventures
Corp.,
144A
...........................
Canada
16,500,000
25,167,968
a
Ivanhoe
Electric,
Inc.
...................................
United
States
448,900
4,533,890
a
Ivanhoe
Mines
Ltd.,
A
..................................
Canada
540,000
7,318,976
a
Magna
Mining,
Inc.
....................................
Canada
2,210,000
1,332,341
a
Matador
Mining
Ltd.
...................................
Australia
10,813,044
476,282
a
Max
Resource
Corp.
...................................
Canada
6,000,000
936,989
a
Meridian
Mining
UK
Societas
.............................
Netherlands
7,000,000
2,262,575
a,b
NorthIsle
Copper
&
Gold,
Inc.,
144A
.......................
Canada
4,430,000
1,447,975
a,c,d
Phoenix
Industrial
Minerals
Pty.
Ltd.
.......................
Australia
45,900,000
50,544
a
Prime
Mining
Corp.
....................................
Canada
5,290,000
8,261,122
a
Sunrise
Energy
Metals
Ltd.
..............................
Australia
1,159,999
510,945
a,e
Vizsla
Silver
Corp.
.....................................
Canada
11,850,000
15,320,864
a
Western
Copper
&
Gold
Corp.
............................
Canada
3,360,000
5,003,087
87,922,253
Diversified
Support
Services
0.2%
a
Chrysos
Corp.
Ltd.
....................................
Australia
490,000
1,799,644
a
Environmental
&
Facilities
Services
0.0%
†
a
Clean
TeQ
Water
Ltd.
..................................
Australia
679,999
150,248
a
Gold
82.4%
Agnico
Eagle
Mines
Ltd.,
(CAD
Traded)
.....................
Canada
276,559
17,512,558
Agnico
Eagle
Mines
Ltd.,
(USD
Traded)
.....................
Canada
440,000
27,874,000
Alamos
Gold,
Inc.,
(CAD
Traded),
A
........................
Canada
1,576,316
23,185,327
Alamos
Gold,
Inc.,
(USD
Traded),
A
........................
Canada
1,134,500
16,688,495
a
Allied
Gold
Corp.
......................................
Canada
2,163,859
5,815,345
Anglogold
Ashanti
plc
..................................
United
Kingdom
634,823
14,594,581
a
Artemis
Gold,
Inc.
.....................................
Canada
3,491,800
22,750,279
a,c,d,e
Ascot
Resources
Ltd.,
144A
.............................
Canada
4,000,000
1,978,828
a,b,e
Ascot
Resources
Ltd.,
144A
.............................
Canada
28,420,000
14,656,401
a
Atex
Resources,
Inc.
...................................
Canada
6,000,000
5,839,840
B2Gold
Corp.
........................................
Canada
6,593,694
16,666,828
a,e
Banyan
Gold
Corp.
....................................
Canada
20,167,629
4,834,078
Barrick
Gold
Corp.
....................................
Canada
2,120,383
35,283,173
a
Bellevue
Gold
Ltd.
.....................................
Australia
12,314,000
13,912,432
a
Belo
Sun
Mining
Corp.
.................................
Canada
3,500,000
114,400
a,b
Belo
Sun
Mining
Corp.,
144A
.............................
Canada
3,800,000
124,205
a
Black
Cat
Syndicate
Ltd.
................................
Australia
11,522,800
2,033,592
a
Calibre
Mining
Corp.
...................................
Canada
9,216,453
12,987,048
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
a
Catalyst
Metals
Ltd.
...................................
Australia
6,588,915
$
3,969,212
Centamin
plc
.........................................
Egypt
12,303,716
18,581,016
Centerra
Gold,
Inc.
....................................
Canada
1,803,488
10,977,468
a
Cerrado
Gold,
Inc.
.....................................
Canada
2,709,000
324,667
a
De
Grey
Mining
Ltd.
...................................
Australia
6,636,905
5,522,589
Dundee
Precious
Metals,
Inc.
............................
Canada
1,082,415
8,192,311
a
Eldorado
Gold
Corp.
...................................
Turkiye
790,724
11,268,571
a
Emerald
Resources
NL
.................................
Australia
10,160,000
22,869,375
Endeavour
Mining
plc
..................................
Burkina
Faso
1,564,114
32,685,353
a,e
Falcon
Metals
Ltd.
.....................................
Australia
9,225,414
806,728
a,c
Firefinch
Ltd.
.........................................
Australia
18,028,500
700,678
a
FireFly
Metals
Ltd.
....................................
Australia
9,137,185
4,931,159
a
Galiano
Gold,
Inc.
.....................................
Canada
5,614,362
9,053,120
a
Genesis
Minerals
Ltd.
..................................
Australia
8,556,549
9,567,720
a,e
Geopacific
Resources
Ltd.
..............................
Australia
60,464,743
979,151
Gold
Fields
Ltd.
.......................................
South
Africa
439,800
7,115,941
a,e
Heliostar
Metals
Ltd.
...................................
Canada
16,787,500
3,231,297
a,e
HighGold
Mining,
Inc.
..................................
Canada
5,603,000
1,322,662
a
Hochschild
Mining
plc
..................................
Peru
2,688,520
5,190,232
a
i-80
Gold
Corp.
.......................................
Canada
2,015,000
2,400,291
a,b
i-80
Gold
Corp.,
144A
..................................
Canada
675,000
804,068
a,e
Integra
Resources
Corp.,
(CAD
Traded)
....................
Canada
4,439,520
3,353,623
a,e
Integra
Resources
Corp.,
(USD
Traded)
....................
Canada
740,000
562,400
a
K92
Mining,
Inc.
......................................
Canada
1,770,357
9,412,757
a
Kingsgate
Consolidated
Ltd.
.............................
Australia
2,800,000
2,913,801
a,e
Liberty
Gold
Corp.
.....................................
Canada
16,329,800
3,973,476
a,b,e
Liberty
Gold
Corp.,
144A
................................
Canada
2,600,000
632,649
a
Lion
One
Metals
Ltd.
...................................
Canada
7,301,900
2,651,861
a
Mawson
Gold
Ltd.
.....................................
Canada
13,426,000
7,313,964
b
Mineros
SA,
144A
.....................................
Colombia
944,031
795,407
a,c,e
Monarch
Mining
Corp.
..................................
Canada
15,500,000
56,292
a
Montage
Gold
Corp.
...................................
Canada
4,000,000
3,689,849
a,e
Newcore
Gold
Ltd.
....................................
Canada
11,480,000
2,626,621
Newmont
Corp.,
(CAD
Traded)
...........................
United
States
50,451
2,051,020
Newmont
Corp.,
(USD
Traded)
...........................
United
States
553,614
22,498,873
Newmont
Corp.,
CDI
...................................
United
States
1,004,765
40,678,581
Northern
Star
Resources
Ltd.
............................
Australia
717,254
6,798,135
a,e
O3
Mining,
Inc.
.......................................
Canada
5,100,000
5,371,346
OceanaGold
Corp.
....................................
Australia
8,483,488
18,362,661
a,e
Onyx
Gold
Corp.
......................................
Canada
1,300,000
252,588
a,e
Onyx
Gold
Corp.
......................................
Canada
1,400,750
272,163
a
Ora
Banda
Mining
Ltd.
.................................
Australia
40,907,692
8,876,816
a
Orla
Mining
Ltd.
......................................
Canada
3,540,653
13,758,848
a,b
Orla
Mining
Ltd.,
144A
..................................
Canada
2,000,000
7,771,927
a,b
Osisko
Development
Corp.,
144A
.........................
Canada
804,049
1,676,136
a
Osisko
Mining,
Inc.
....................................
Canada
7,526,923
16,620,190
a,e
Pantoro
Ltd.
.........................................
Australia
343,944,739
19,041,547
Perseus
Mining
Ltd.
...................................
Australia
25,016,211
36,588,948
a
Predictive
Discovery
Ltd.
................................
Australia
71,569,192
9,685,171
a
Probe
Gold,
Inc.
......................................
Canada
705,000
778,355
a,b
Probe
Gold,
Inc.,
144A
.................................
Canada
5,200,000
5,741,057
Ramelius
Resources
Ltd.
...............................
Australia
4,787,234
6,349,829
a
Red
5
Ltd.
...........................................
Australia
130,607,082
37,406,119
a
Resolute
Mining
Ltd.
...................................
Australia
28,033,333
7,615,066
a
Reunion
Gold
Corp.
...................................
Canada
16,250,000
7,317,959
a,e
RTG
Mining,
Inc.
......................................
Australia
4,167,708
75,680
a,e
RTG
Mining,
Inc.,
CDI
..................................
Australia
82,487,582
1,572,925
a
Saturn
Metals
Ltd.
.....................................
Australia
11,086,957
1,796,551
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
Skeena
Resources
Ltd.
.................................
Canada
2,543,550
$
12,008,771
a
Southern
Cross
Gold
Ltd.
...............................
Canada
4,200,000
7,063,850
a
Spartan
Resources
Ltd.
.................................
Australia
18,350,259
6,978,808
a
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded)
............
United
States
3,434,336
187,089
a,b
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded),
144A
.......
United
States
16,383,333
892,500
a,b
St.
Augustine
Gold
and
Copper
Ltd.,
(USD
Traded),
144A
.......
United
States
10,000,000
544,761
a
St.
Barbara
Ltd.
.......................................
Australia
9,008,021
1,519,807
a,e
STLLR
Gold,
Inc.
.....................................
Canada
325,000
335,210
a,b,e
STLLR
Gold,
Inc.,
144A
.................................
Canada
4,370,010
4,507,292
a,e
Talisker
Resources
Ltd.
.................................
Canada
5,280,000
2,147,667
a
Torex
Gold
Resources,
Inc.
..............................
Canada
1,175,000
16,557,109
a,b
Torex
Gold
Resources,
Inc.,
144A
.........................
Canada
180,000
2,536,408
a,e
Troilus
Gold
Corp.
.....................................
Canada
14,525,000
7,068,640
a
Victoria
Gold
Corp.
....................................
Canada
1,500,000
7,528,600
a
West
African
Resources
Ltd.
.............................
Australia
11,564,984
9,798,875
a,c,e
Wiluna
Mining
Corp.
Ltd.
................................
Australia
19,510,000
259,071
794,220,668
Precious
Metals
&
Minerals
4.0%
Anglo
American
Platinum
Ltd.
............................
South
Africa
83,556
2,911,079
a,e
Aurion
Resources
Ltd.
..................................
Canada
6,900,000
3,307,790
Impala
Platinum
Holdings
Ltd.
............................
South
Africa
1,590,000
7,078,968
Impala
Platinum
Holdings
Ltd.,
ADR
.......................
South
Africa
1,206,100
5,632,487
Northam
Platinum
Holdings
Ltd.
..........................
South
Africa
834,019
5,545,620
a,e
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..................
South
Africa
3,604,831
4,555,951
a,e
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..................
South
Africa
2,968,243
3,725,145
a,b,e
Platinum
Group
Metals
Ltd.,
(USD
Traded),
144A
.............
South
Africa
36,628
46,292
a
Sable
Resources
Ltd.
..................................
Canada
12,000,000
522,971
a,e
TDG
Gold
Corp.
......................................
Canada
2,080,000
203,959
a,b,e
TDG
Gold
Corp.,
144A
.................................
Canada
5,370,000
526,566
a,e
Thesis
Gold,
Inc.
......................................
Canada
5,265,500
2,753,703
a,e
Thesis
Gold,
Inc.
......................................
Canada
4,273,553
2,234,943
39,045,474
Silver
2.4%
a
Aya
Gold
&
Silver,
Inc.
..................................
Canada
690,000
6,635,628
a
GoGold
Resources,
Inc.
................................
Canada
9,262,858
9,284,724
Pan
American
Silver
Corp.
..............................
Canada
148,021
2,729,801
a,e
Silver
Mountain
Resources,
Inc.
..........................
Canada
13,400,000
778,645
a,e
Silver
Tiger
Metals,
Inc.
.................................
Canada
3,560,000
491,302
a,b,e
Silver
Tiger
Metals,
Inc.,
144A
............................
Canada
21,500,000
2,967,133
22,887,233
Total
Common
Stocks
(Cost
$859,954,278)
.....................................
954,305,704
Rights
a
a
Rights
0.1%
Gold
0.0%
†
a,c
Kinross
Gold
Corp.,
CVR
,
2/24/32
.........................
Canada
660,000
47,939
a
Southern
Cross
Gold
Ltd.
,
5/03/24
.........................
Canada
127,272
64,013
111,952
Silver
0.1%
a
Pan
American
Silver
Corp.,
CVR
,
2/22/29
...................
Canada
1,850,600
943,991
Total
Rights
(Cost
$856,772)
..................................................
1,055,943
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
0.4%
Diversified
Metals
&
Mining
0.2%
a,b,c
Aston
Minerals
Ltd.,
144A,
10/16/25
.......................
Australia
5,500,000
$
3,064
a,c,d
G
Mining
Ventures
Corp.,
144A,
8/20/24
....................
Canada
3,750,000
1,116,690
a,c,d,e
Vizsla
Silver
Corp.,
144A,
11/15/24
........................
Canada
1,500,000
277,973
1,397,727
Gold
0.2%
a,c,d,e
Heliostar
Metals
Ltd.,
144A,
1/11/25
.......................
Canada
650,000
4,442
a,c,d,e
Heliostar
Metals
Ltd.,
144A,
12/08/25
......................
Canada
1,720,833
76,330
a,c,d,e
Integra
Resources
Corp.,
144A,
6/15/24
....................
Canada
2,650,000
1,786
a,e
Integra
Resources
Corp.,
3/13/27
.........................
Canada
500,000
163,429
a,c
Marathon
Gold
Corp.,
9/19/24
............................
Canada
3,225,000
198,768
a,c,d,e
Monarch
Mining
Corp.,
144A,
4/06/27
......................
Canada
6,000,000
—
a,c,d,e
Newcore
Gold
Ltd.,
144A,
6/28/24
.........................
Canada
1,140,000
95,224
a,c,d,e
Onyx
Gold
Corp.,
144A,
7/06/25
..........................
Canada
650,000
30,045
a,b
Osisko
Development
Corp.,
144A,
3/27/27
..................
Canada
608,333
34,244
a,c
Osisko
Mining,
Inc.,
8/28/24
.............................
Canada
350,000
12,989
a,c,d
Reunion
Gold
Corp.,
144A,
7/08/24
........................
Canada
6,500,000
1,085,891
a,b,c,e
RTG
Mining,
Inc.,
144A,
9/08/24
..........................
Australia
12,000,000
2,744
a,b,e
STLLR
Gold,
Inc.,
144A,
5/03/24
..........................
Canada
1,250,000
—
a,b,c,e
STLLR
Gold,
Inc.,
144A,
11/28/26
.........................
Canada
537,600
98,582
a,c,d,e
Talisker
Resources
Ltd.,
144A,
1/11/25
.....................
Canada
4,500,000
48,081
a,c,d,e
Troilus
Gold
Corp.,
144A,
11/20/25
........................
Canada
2,000,000
391,526
a,c,e
Wiluna
Mining
Corp.
Ltd.,
12/31/24
........................
Australia
9,755,000
—
2,244,081
Precious
Metals
&
Minerals
0.0%
†
a,c,d,e
TDG
Gold
Corp.,
144A,
7/07/26
...........................
Canada
310,000
10,730
a,c,d,e
Thesis
Gold,
Inc.,
144A,
9/29/24
..........................
Canada
1,000,000
3,436
14,166
Silver
0.0%
†
a,e
Silver
Mountain
Resources,
Inc.,
2/09/26
....................
Canada
1,500,000
16,343
a,c,d,e
Silver
Mountain
Resources,
Inc.,
4/24/28
....................
Canada
3,100,000
108,520
124,863
Total
Warrants
(Cost
$0)
......................................................
3,780,837
Total
Long
Term
Investments
(Cost
$860,811,050)
...............................
959,142,484
a
Short
Term
Investments
0.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.4%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
....
United
States
3,959,756
3,959,756
Total
Money
Market
Funds
(Cost
$3,959,756)
...................................
3,959,756
Total
Short
Term
Investments
(Cost
$3,959,756
)
.................................
3,959,756
a
Total
Investments
(Cost
$864,770,806)
99.9%
...................................
$963,102,240
Other
Assets,
less
Liabilities
0.1%
.............................................
813,435
Net
Assets
100.0%
...........................................................
$963,915,675
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
.
†
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
April
30,
2024,
the
aggregate
value
of
these
securities
was
$77,217,669,
representing
8.0%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
e
See
Note
4
regarding
holdings
of
5%
voting
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 Trust'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.
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
minimize
the
potential
for
these
differences, an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At April
30,
2024,
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.
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
3.
Restricted
Securities
At
April
30,
2024,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Gold
and
Precious
Metals
Fund
4,000,000
a
Ascot
Resources
Ltd.,
144A.
...................
2/02/24
$
1,307,821
$
1,978,828
3,750,000
b
G
Mining
Ventures
Corp.,
144A,
8/20/24
...........
9/16/21
—
1,116,690
650,000
c
Heliostar
Metals
Ltd.,
144A,
1/11/25
..............
7/12/23
—
4,442
1,720,833
c
Heliostar
Metals
Ltd.,
144A,
12/08/25
.............
12/20/23
—
76,330
2,650,000
d
Integra
Resources
Corp.,
144A,
6/15/24
...........
6/17/22
—
1,786
6,000,000
e
Monarch
Mining
Corp.,
144A,
4/06/27
.............
4/07/22
—
—
1,140,000
f
Newcore
Gold
Ltd.,
144A,
6/28/24
...............
6/29/23
—
95,224
650,000
g
Onyx
Gold
Corp.,
144A,
7/06/25
.................
7/07/23
—
30,045
45,900,000
Phoenix
Industrial
Minerals
Pty.
Ltd.
..............
3/09/21
-
12/16/22
—
50,544
6,500,000
h
Reunion
Gold
Corp.,
144A,
7/08/24
..............
7/11/22
—
1,085,891
3,100,000
i
Silver
Mountain
Resources,
Inc.,
4/24/28
..........
4/25/24
—
108,520
4,500,000
j
Talisker
Resources
Ltd.,
144A,
1/11/25
............
8/12/22
—
48,081
310,000
k
TDG
Gold
Corp.,
144A,
7/07/26..
................
7/10/23
—
10,730
1,000,000
l
Thesis
Gold,
Inc.,
144A,
9/29/24
.................
9/30/22
—
3,436
2,000,000
m
Troilus
Gold
Corp.,
144A,
11/20/25
...............
11/15/23
—
391,526
1,500,000
n
Vizsla
Silver
Corp.,
144A,
11/15/24
...............
11/16/22
—
277,973
Total
Restricted
Securities
(Value
is
0.5%
of
Net
Assets)
..............
$1,307,821
$5,280,046
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$14,656,401
as
of
April
30,
2024.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$25,167,968
as
of
April
30,
2024.
c
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,231,297
as
of
April
30,
2024.
d
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,079,452
as
of
April
30,
2024.
e
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$56,292
as
of
April
30,
2024.
f
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,626,621
as
of
April
30,
2024.
g
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$524,751
as
of
April
30,
2024.
h
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$7,317,959
as
of
April
30,
2024.
i
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$794,988
as
of
April
30,
2024.
j
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,147,667
as
of
April
30,
2024.
k
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$730,525
as
of
April
30,
2024.
l
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,988,646
as
of
April
30,
2024.
m
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$7,068,640
as
of
April
30,
2024.
n
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$15,320,864
as
of
April
30,
2024.
2. Financial
Instrument
Valuation
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
9
Quarterly
Schedule
of
Investments
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
April
30,
2024,
investments
in
“affiliated
companies”
were
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
Non-Controlled
Affiliates
Dividends
Ascot
Resources
Ltd.,
144A
...........
$
12,197,179
$
—
$
(178,035)
$
(62,919)
$
2,700,176
$
14,656,401
28,420,000
$
—
Ascot
Resources
Ltd.,
144A,
3/08/24
.....
924
—
—
—
(924)
—
a
—
—
Ascot
Resources
Ltd.,
144A.
...........
—
1,307,821
—
—
671,007
1,978,828
4,000,000
—
Aurion
Resources
Ltd.
..
2,964,519
—
—
—
343,271
3,307,790
6,900,000
—
Auteco
Minerals
Ltd.
...
2,582,604
—
(5,924,459)
b
—
3,341,855
—
a
—
—
Banyan
Gold
Corp.
...
5,047,260
—
—
—
(213,182)
4,834,078
20,167,629
—
Benchmark
Metals,
Inc.
2,519,775
—
(10,932,617)
b
—
8,412,842
—
a
—
—
Clean
Air
Metals,
Inc.
..
469,389
—
—
—
—
c
—
c
—
c
—
Clean
Air
Metals,
Inc.,
144A,
2/23/24
.....
874
—
—
—
(874)
—
a
—
—
Falcon
Metals
Ltd.
....
1,307,526
—
—
—
(500,798)
806,728
9,225,414
—
G
Mining
Ventures
Corp.,
144A
...........
17,774,533
—
(2,788,900)
1,082,245
—
c
—
c
—
c
—
G
Mining
Ventures
Corp.,
144A,
8/20/24
.....
162,690
—
—
—
—
c
—
c
—
c
—
Geopacific
Resources
Ltd.
527,984
—
—
—
451,167
979,151
60,464,743
—
Gold
Mountain
Mining
Corp.
...........
564,045
—
(53,166)
(5,338,372)
4,827,493
—
a
—
—
Gold
Mountain
Mining
Corp.,
144A,
4/21/24
.
67
—
—
—
(67)
—
a
—
—
Heliostar
Metals
Ltd
...
2,270,780
1,520,732
b
—
—
(560,215)
3,231,297
16,787,500
—
Heliostar
Metals
Ltd.,
144A
253,019
—
(362,226)
b
—
109,207
—
a
—
—
Heliostar
Metals
Ltd.,
144A,
1/11/25
.....
32,734
—
—
—
(28,292)
4,442
650,000
—
Heliostar
Metals
Ltd.,
144A,
12/08/25
....
—
—
b
—
—
76,330
76,330
1,720,833
—
Heliostar
Metals
Ltd.,
144A,
3/09/26
.....
446,208
—
—
b
—
(446,208)
—
a
—
—
HighGold
Mining,
Inc.
..
2,060,864
—
—
—
(738,202)
1,322,662
5,603,000
—
Integra
Resources
Corp.,
(CAD
Traded)
.....
3,260,579
667,532
—
—
(574,488)
3,353,623
4,439,520
—
Integra
Resources
Corp.,
(USD
Traded)
.....
703,000
—
—
—
(140,600)
562,400
740,000
—
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
Integra
Resources
Corp.,
144A,
6/15/24
.....
$
41,462
$
—
$
—
$
—
$
(39,676)
$
1,786
2,650,000
$
—
Integra
Resources
Corp.,
3/13/27
..........
—
—
b
—
—
163,429
163,429
500,000
—
Liberty
Gold
Corp.
....
4,767,915
—
—
—
(794,439)
3,973,476
16,329,800
—
Liberty
Gold
Corp.,
144A
759,139
—
—
—
(126,490)
632,649
2,600,000
—
Lion
One
Metals
Ltd.
..
—
8,529,502
b
(656,684)
(1,022,260)
—
c
—
c
—
c
—
Lion
One
Metals
Ltd.,
144A
...........
5,247,393
—
(8,529,502)
b
—
3,282,109
—
a
—
—
Mawson
Gold
Ltd.
....
1,921,735
—
(1,136,629)
(23,913)
—
c
—
c
—
c
—
Monarch
Mining
Corp.
.
411,421
—
—
—
(355,129)
56,292
15,500,000
—
Monarch
Mining
Corp.,
144A,
4/06/27
.....
79,143
—
—
—
(79,143)
—
6,000,000
—
Newcore
Gold
Ltd.
....
1,262,400
—
—
—
1,364,221
2,626,621
11,480,000
—
Newcore
Gold
Ltd.,
144A,
6/28/24
..........
11,462
—
—
—
83,762
95,224
1,140,000
—
O3
Mining,
Inc.
......
5,685,576
—
—
—
(314,230)
5,371,346
5,100,000
—
Onyx
Gold
Corp
......
—
490,455
b
—
—
(237,867)
252,588
1,300,000
—
Onyx
Gold
Corp.
.....
573,642
—
—
—
(301,479)
272,163
1,400,750
—
Onyx
Gold
Corp.,
144A
.
498,992
—
(490,455)
b
—
(8,537)
—
a
—
—
Onyx
Gold
Corp.,
144A,
7/06/25
..........
42,422
—
—
—
(12,377)
30,045
650,000
—
Pantoro
Ltd.
........
16,463,004
1,582,450
b
(347,640)
(1,841,027)
3,184,760
19,041,547
343,944,739
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..
5,160,323
19,267,222
b
(3,397,873)
b
(28,250,436)
11,776,715
4,555,951
3,604,831
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded),
144A
...........
131,968
—
(16,267,222)
b
—
16,135,254
—
a
—
—
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..
4,614,628
—
(647,248)
(760,983)
518,748
3,725,145
2,968,243
—
Platinum
Group
Metals
Ltd.,
(USD
Traded),
144A
...........
49,445
—
—
—
(3,153)
46,292
36,628
—
Red
5
Ltd.
.........
27,854,334
—
(19,271,601)
8,535,953
—
c
—
c
—
c
—
RTG
Mining,
Inc.
.....
53,691
2,661,984
b
—
—
(2,639,995)
75,680
4,167,708
—
RTG
Mining,
Inc.,
144A
.
72,737
—
(2,661,984)
b
—
2,589,247
—
a
—
—
RTG
Mining,
Inc.,
144A,
9/08/24
..........
—
—
b
—
—
2,744
2,744
12,000,000
—
RTG
Mining,
Inc.,
CDI
..
2,122,713
—
—
—
(549,788)
1,572,925
82,487,582
—
Saturn
Metals
Ltd.
....
1,417,031
—
—
—
—
c
—
c
—
c
—
Silver
Mountain
Resources,
Inc.
....
1,093,584
248,869
b
—
—
(563,808)
778,645
13,400,000
—
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
11
Quarterly
Schedule
of
Investments
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Silver
Mountain
Resources,
Inc.,
144A,
1/31/24
..........
$
—
$
—
$
—
$
—
$
—
$
—
a
—
$
—
Silver
Mountain
Resources,
Inc.,
2/09/26
28,439
—
—
—
(12,096)
16,343
1,500,000
—
Silver
Mountain
Resources,
Inc.,
4/24/28
—
—
b
—
—
108,520
108,520
3,100,000
—
Silver
Tiger
Metals,
Inc.
.
553,466
—
—
—
(62,164)
491,302
3,560,000
—
Silver
Tiger
Metals,
Inc.,
144A
...........
3,342,560
—
—
—
(375,427)
2,967,133
21,500,000
—
STLLR
Gold
Inc.
.....
1,966,063
2,089,533
b
(5,989,745)
b
—
2,269,359
335,210
325,000
—
STLLR
Gold
Inc.,
144A
.
—
9,903,693
b
—
—
(5,396,401)
4,507,292
4,370,010
—
STLLR
Gold,
Inc.,
144A,
11/28/26
.........
—
—
b
—
—
98,582
98,582
537,600
—
STLLR
Gold,
Inc.,
5/03/24
47,399
—
b
—
—
(47,399)
—
1,250,000
—
Talisker
Resources
Ltd.
.
1,701,805
—
b
—
b
—
445,862
2,147,667
5,280,000
—
Talisker
Resources
Ltd.,
144A,
1/11/25
.....
21,156
—
—
—
26,925
48,081
4,500,000
—
TDG
Gold
Corp.
.....
366,753
—
—
—
(162,794)
203,959
2,080,000
—
TDG
Gold
Corp.,
144A
.
98,161
—
(140,346)
b
—
42,185
—
a
—
—
TDG
Gold
Corp.,
144A,
7/07/26..
.........
14,676
—
—
—
(3,946)
10,730
310,000
—
TDG
Gold
Corp.,
144A.
.
837,536
140,346
b
—
—
(451,316)
526,566
5,370,000
—
Thesis
Gold
Inc
......
—
7,423,736
b
—
b
—
(4,670,033)
2,753,703
5,265,500
—
Thesis
Gold
Inc.
.....
—
7,841,030
b
—
—
(5,606,087)
2,234,943
4,273,553
—
Thesis
Gold,
Inc.,
144A,
9/29/24
..........
218
—
—
—
3,218
3,436
1,000,000
—
Troilus
Gold
Corp.
....
3,206,052
1,770,484
—
—
2,092,104
7,068,640
14,525,000
—
Troilus
Gold
Corp.,
144A,
11/20/25
.........
—
—
—
—
391,526
391,526
2,000,000
—
Vizsla
Silver
Corp.
....
12,570,150
1,108,606
(274,032)
(125,025)
2,041,165
15,320,864
11,850,000
—
Vizsla
Silver
Corp.,
144A,
11/15/24
.........
168,392
—
—
—
109,581
277,973
1,500,000
—
Wiluna
Mining
Corp.
Ltd.
268,650
—
—
—
(9,579)
259,071
19,510,000
—
Wiluna
Mining
Corp.
Ltd.,
12/31/24
.........
—
—
—
—
—
—
9,755,000
—
Total
Affiliated
Securities
(Value
is
12.3%
of
Net
Assets)
..........
$160,674,189
$66,553,995
$(80,050,364)
$(27,806,737)
$41,636,161
$118,159,819
$—
a
As
of
April
30,
2024,
no
longer
held
by
the
fund.
b
May
include
accretion,
amortization,
and/or
other
cost
basis
adjustments.
c
As
of
April
30,
2024,
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
5.
Investments
in
Affiliated
Management
Investment
Companies 
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
April
30,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
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)
    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,
5.006%
$1,853,409
$96,341,900
$(94,235,553)
$—
$—
$3,959,756
3,959,756
$125,237
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$—
$1,955,000
$(1,955,000)
$—
$—
$—
—
$475
Total
Affiliated
Securities
...
$1,853,409
$98,296,900
$(96,190,553)
$—
$—
$3,959,756
$125,712
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
13
Quarterly
Schedule
of
Investments
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
April
30,
2024,
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.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
Gold
and
Precious
Metals
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Copper
..............................
$
8,280,184
$
—
$
—
$
8,280,184
Diversified
Metals
&
Mining
...............
83,613,460
4,258,249
50,544
87,922,253
Diversified
Support
Services
..............
1,799,644
—
—
1,799,644
Environmental
&
Facilities
Services
.........
—
150,248
—
150,248
Gold
................................
505,441,142
285,784,657
2,994,869
794,220,668
Precious
Metals
&
Minerals
...............
26,293,918
12,751,556
—
39,045,474
Silver
...............................
16,251,605
6,635,628
—
22,887,233
Rights
:
Gold
................................
—
64,013
47,939
111,952
Silver
...............................
943,991
—
—
943,991
Warrants
:
Diversified
Metals
&
Mining
...............
—
—
1,397,727
1,397,727
Gold
................................
—
197,673
2,046,408
a
2,244,081
Precious
Metals
&
Minerals
...............
—
—
14,166
14,166
Silver
...............................
16,343
—
108,520
124,863
Short
Term
Investments
...................
3,959,756
—
—
3,959,756
Total
Investments
in
Securities
...........
$646,600,043
$309,842,024
b
$6,660,173
$963,102,240
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$288,194,598,
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.
Currency
CAD
Canadian
Dollar
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.