UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-01700

Franklin Gold and Precious Metals Fund

(Exact name of registrant as specified in charter)

One Franklin Parkway

, San Mateo, CA  94403-1906

(Address of principal executive offices) (Zip code)

Alison Baur, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code:(650)312-2000

Date of fiscal year end: 7/31

Date of reporting period: 1/31/24

Item 1.  Reports to Stockholders.

a.)

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

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

Semiannual

Report

Franklin

Gold

and

Precious

Metals

Fund

January

31,

2024

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

.

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semiannual

shareholder

reports

beginning

in

July

2024.

If

you

have

previously

elected

to

receive

shareholder

reports

electronically,

you

will

continue

to

do

so

and

need

not

take

any

action.

Otherwise,

paper

copies

of

the

Fund’s

shareholder

reports

will

be

mailed

to

you

beginning

in

July

2024.

If

you

would

like

to

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

of

by

mail,

you

may

make

that

request

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank)

or,

if

you

are

a

direct

investor,

enrolling

at

franklintempleton.com.

You

may

access

franklintempleton.com

by

scanning

the

code

below.

franklintempleton.com

Semiannual

Report

1

Contents

Fund

Overview

2

Performance

Summary

4

Your

Fund’s

Expenses

6

Financial

Highlights

and

Schedule

of

Investments

7

Financial

Statements

16

Notes

to

Financial

Statements

20

Shareholder

Information

33

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

2

franklintempleton.com

Semiannual

Report

Franklin

Gold

and

Precious

Metals

Fund

This

semiannual

report

for

Franklin

Gold

and

Precious

Metals

Fund

covers

the

period

ended

January

31,

2024

.

Fund

Overview

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

capital

appreciation.

Its

secondary

goal

is

to

provide

shareholders

with

current

income

through

dividends

or

interest

received

from

its

investments.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

net

assets

in

securities

of

gold

and

precious

metals

operation

companies.

The

Fund

primarily

invests

in

equity

securities,

primarily

common

stock.

The

Fund

also

invests

in

American,

Global

and

European

Depositary

Receipts.

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

-9.33%

cumulative

total

return

for

the

six

months

under

review.

In

comparison,

the

Fund’s

primary

benchmark,

the

sector-specific

FTSE

Gold

Mines

Index,

which

comprises

companies

whose

principal

activity

is

gold

mining,

posted

a

-8.55%

cumulative

total

return.

1

The

Fund’s

secondary

benchmark,

the

Standard

&

Poor’s

®

500

Index

(S&P

500

®

),

which

is

a

broad

measure

of

U.S.

stock

performance,

posted

a

+6.43%

cumulative

total

return.

1

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

4

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Precious

Metals

Prices

(7/31/23–1/31/24)*

*Source:

Bloomberg

LP.

Amounts

shown

are

based

on

spot

prices

quoted

in

U.S.

dollars

per

troy

ounce.

For

illustrative

purposes

only;

not

representative

of

the

Fund’s

portfolio

composition

or

performance.

Geographic

Composition

1/31/24

%

of

Total

Net

Assets

Canada

54.7%

Australia

24.8%

United

States

7.4%

South

Africa

4.0%

Burkina

Faso

3.7%

Egypt

1.9%

United

Kingdom

1.3%

Türkiye

1.3%

Other

0.5%

Short-Term

Investments

&

Other

Net

Assets

0.4%

1.

Source:

Morningstar.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Net

Return

(NR)

reflects

no

deduction

for

fees,

expenses

or

taxes

but

are

net

of

dividend

tax

withholding.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).The

SOI

begins

on

page

11

.

Franklin

Gold

and

Precious

Metals

Fund

3

franklintempleton.com

Semiannual

Report

Thank

you

for

your

continued

participation

in

Franklin

Gold

and

Precious

Metals

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Stephen

M.

Land,

CFA

Lead

Portfolio

Manager

Frederick

G.

Fromm,

CFA

Portfolio

Manager

Portfolio

Composition

1/31/24

%

of

Total

Net

Assets

Gold

81.0%

Diversified

Metals

&

Mining

11.3%

Precious

Metals

&

Minerals

4.0%

Silver

2.3%

Other

*

1.0%

Short-Term

Investments

&

Other

Net

Assets

0.4%

*

Categories

within

the

Other

category

are

listed

in

full

in

the

Fund's

Schedule

of

Investments

(SOI),

which

can

be

found

later

in

this

report.

Top

10

Holdings

1/31/24

Company

Sub-Industry

%

of

Total

Net

Assets

a

a

Newmont

Corp.

6.6%

Gold

Agnico

Eagle

Mines

Ltd.

4.4%

Gold

Barrick

Gold

Corp.

4.2%

Gold

Alamos

Gold,

Inc.

4.1%

Gold

Endeavour

Mining

plc

3.8%

Gold

Red

5

Ltd.

3.7%

Gold

Perseus

Mining

Ltd.

3.7%

Gold

Emerald

Resources

NL

3.2%

Gold

G

Mining

Ventures

Corp.

3.0%

Diversified

Metals

&

Mining

SSR

Mining,

Inc.

2.3%

Gold

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

January

31,

2024

Franklin

Gold

and

Precious

Metals

Fund

4

franklintempleton.com

Semiannual

Report

The

performance

table

does

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

1/31/24

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A

:

5.50%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

6-Month

-9.33%

-14.30%

1-Year

-14.90%

-19.58%

5-Year

+36.10%

+5.16%

10-Year

+21.84%

+1.42%

Advisor

6-Month

-9.20%

-9.20%

1-Year

-14.66%

-14.66%

5-Year

+37.80%

+6.62%

10-Year

+24.95%

+2.25%

See

page

5

for

Performance

Summary

footnotes.

Franklin

Gold

and

Precious

Metals

Fund

Performance

Summary

5

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

To

the

extent

the

portfolio

invests

in

a

concentration

of

certain

securities,

regions

or

industries,

it

is

subject

to

increased

volatility.

International

investments

are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

in

emerging

markets.

Small-

and

mid-cap

stocks

involve

greater

risks

and

volatility

than

large-cap

stocks.

The

portfolio

is

non-diversified

and

may

invest

in

a

relatively

small

number

of

issuers,

which

may

negatively

impact

the

Fund's

performance

and

result

in

greater

fluctuation

in

the

value

of

the

Fund's

shares.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

in

the

research

or

investment

process;

however,

ESG

consider-

ations

may

not

be

a

determinative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

The

total

annual

operating

expenses

are

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

Distributions

(8/1/23–1/31/24)

Share

Class

Net

Investment

Income

A

$0.5186

C

$0.3980

R6

$0.5827

Advisor

$0.5586

Total

Annual

Operating

Expenses

5

Share

Class

A

0.92%

Advisor

0.67%

Your

Fund’s

Expenses

Franklin

Gold

and

Precious

Metals

Fund

6

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/366

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

8/1/23

Ending

Account

Value

1/31/24

Expenses

Paid

During

Period

8/1/23–1/31/24

1,2

Ending

Account

Value

1/31/24

Expenses

Paid

During

Period

8/1/23–1/31/24

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$906.70

$4.42

$1,020.50

$4.69

0.92%

C

$1,000

$903.30

$8.00

$1,016.73

$8.48

1.67%

R6

$1,000

$909.00

$2.68

$1,022.33

$2.84

0.56%

Advisor

$1,000

$908.00

$3.23

$1,021.76

$3.42

0.67%

Franklin

Gold

and

Precious

Metals

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

7

a

Six

Months

Ended

January

31,

2024

(unaudited)

Year

Ended

July

31,

2023

2022

2021

2020

2019

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$17.42

$16.40

$24.23

$28.04

$16.68

$13.56

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.09

0.10

0.13

0.04

(0.04)

(0.02)

Net

realized

and

unrealized

gains

(losses)

(1.68)

0.92

(5.90)

(1.20)

11.40

3.14

Total

from

investment

operations

........

(1.59)

1.02

(5.77)

(1.16)

11.36

3.12

Less

distributions

from:

Net

investment

income

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

(0.52)

—

(2.06)

(2.65)

—

—

Net

asset

value,

end

of

period

..........

$15.31

$17.42

$16.40

$24.23

$28.04

$16.68

Total

return

c

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

(9.33)%

6.22%

(25.63)%

(3.80)%

68.05%

23.01%

Ratios

to

average

net

assets

d

Expenses

e

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

0.92%

f

0.92%

f

0.88%

0.90%

f

0.93%

f

0.98%

f

Net

investment

income

(loss)

..........

1.13%

0.58%

0.58%

0.17%

(0.20)%

(0.15)%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$586,034

$679,841

$656,071

$921,127

$938,555

$645,108

Portfolio

turnover

rate

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

8.48%

12.92%

17.60%

18.91%

17.00%

12.82%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Gold

and

Precious

Metals

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

Six

Months

Ended

January

31,

2024

(unaudited)

Year

Ended

July

31,

2023

2022

2021

2020

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.29

$14.50

$21.71

$25.42

$15.24

$12.49

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.03

(0.02)

(0.03)

(0.13)

(0.16)

(0.11)

Net

realized

and

unrealized

gains

(losses)

(1.48)

0.81

(5.23)

(1.09)

10.34

2.86

Total

from

investment

operations

........

(1.45)

0.79

(5.26)

(1.22)

10.18

2.75

Less

distributions

from:

Net

investment

income

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

(0.40)

—

(1.95)

(2.49)

—

—

Net

asset

value,

end

of

period

..........

$13.44

$15.29

$14.50

$21.71

$25.42

$15.24

Total

return

c

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

(9.67)%

5.45%

(26.18)%

(4.53)%

66.80%

22.02%

Ratios

to

average

net

assets

d

Expenses

e

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

1.67%

f

1.67%

f

1.63%

1.65%

f

1.68%

f

1.73%

f

Net

investment

income

(loss)

..........

0.40%

(0.15)%

(0.17)%

(0.59)%

(0.94)%

(0.90)%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$41,061

$51,872

$58,538

$93,615

$106,271

$75,129

Portfolio

turnover

rate

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

8.48%

12.92%

17.60%

18.91%

17.00%

12.82%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Gold

and

Precious

Metals

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

Six

Months

Ended

January

31,

2024

(unaudited)

Year

Ended

July

31,

2023

2022

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$19.17

$17.98

$26.32

$30.20

$17.90

$14.50

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.13

0.17

0.22

0.13

0.03

0.04

Net

realized

and

unrealized

gains

(losses)

(1.84)

1.02

(6.45)

(1.28)

12.27

3.36

Total

from

investment

operations

........

(1.71)

1.19

(6.23)

(1.15)

12.30

3.40

Less

distributions

from:

Net

investment

income

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

(0.58)

—

(2.11)

(2.73)

—

—

Net

asset

value,

end

of

period

..........

$16.88

$19.17

$17.98

$26.32

$30.20

$17.90

Total

return

c

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

(9.10)%

6.62%

(25.36)%

(3.46)%

68.66%

23.45%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

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

0.63%

0.64%

0.64%

0.69%

0.72%

0.83%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.56%

e

0.53%

e

0.52%

0.56%

e

0.56%

e

0.58%

e

Net

investment

income

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

1.48%

0.94%

0.94%

0.49%

0.17%

0.25%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$36,989

$40,916

$30,969

$25,458

$20,574

$10,808

Portfolio

turnover

rate

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

8.48%

12.92%

17.60%

18.91%

17.00%

12.82%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Gold

and

Precious

Metals

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Six

Months

Ended

January

31,

2024

(unaudited)

Year

Ended

July

31,

2023

2022

2021

2020

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$18.89

$17.74

$26.00

$29.88

$17.73

$14.38

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.12

0.15

0.20

0.11

0.01

0.01

Net

realized

and

unrealized

gains

(losses)

(1.82)

1.00

(6.36)

(1.28)

12.14

3.34

Total

from

investment

operations

........

(1.70)

1.15

(6.16)

(1.17)

12.15

3.35

Less

distributions

from:

Net

investment

income

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

(0.56)

—

(2.10)

(2.71)

—

—

Net

asset

value,

end

of

period

..........

$16.63

$18.89

$17.74

$26.00

$29.88

$17.73

Total

return

c

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

(9.20)%

6.48%

(25.42)%

(3.59)%

68.47%

23.30%

Ratios

to

average

net

assets

d

Expenses

e

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

0.67%

f

0.67%

f

0.63%

0.65%

f

0.68%

f

0.73%

f

Net

investment

income

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

1.39%

0.83%

0.84%

0.41%

0.05%

0.10%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$194,377

$236,987

$239,115

$307,110

$280,317

$143,589

Portfolio

turnover

rate

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

8.48%

12.92%

17.60%

18.91%

17.00%

12.82%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited),

January

31,

2024

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

a

Country

Shares

a

Value

a

Common

Stocks

99.2%

Copper

0.8%

a

Faraday

Copper

Corp.

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

Canada

4,400,000

$

1,865,516

a

Imperial

Metals

Corp.

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

Canada

1,865,330

3,246,707

a

SolGold

plc

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

Australia

21,300,000

2,105,658

a

Vizsla

Copper

Corp.

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

Canada

528,571

37,351

7,255,232

Diversified

Metals

&

Mining

11.1%

a

Aclara

Resources,

Inc.

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

United

Kingdom

444,972

148,942

a

Adventus

Mining

Corp.

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

Canada

3,850,000

773,208

a,b

Adventus

Mining

Corp.,

144A

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

Canada

4,000,000

803,332

a

Arizona

Metals

Corp.

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

Canada

150,000

228,727

a,b

Arizona

Metals

Corp.,

144A

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

Canada

1,244,000

1,896,906

a

Aston

Minerals

Ltd.

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

Australia

36,000,000

425,153

a

Azimut

Exploration,

Inc.

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

Canada

1,700,000

897,798

a,b

Bluestone

Resources,

Inc.,

144A

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

Canada

7,050,000

1,992,710

a

Bravo

Mining

Corp.

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

Canada

2,830,000

5,683,576

a,b

Bravo

Mining

Corp.,

144A

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

Canada

415,000

833,457

a

Chalice

Mining

Ltd.

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

Australia

2,522,810

1,813,982

a,c

Clean

Air

Metals,

Inc.

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

Canada

10,315,600

460,381

a,b

G

Mining

Ventures

Corp.,

144A

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

Canada

16,970,000

24,740,553

a

Ivanhoe

Electric,

Inc.

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

United

States

448,900

3,752,804

a

Ivanhoe

Mines

Ltd.,

A

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

Canada

1,210,000

12,699,420

a

Magna

Mining,

Inc.

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

Canada

2,210,000

731,516

a

Matador

Mining

Ltd.

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

Australia

10,813,044

234,116

a

Max

Resource

Corp.

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

Canada

6,000,000

446,296

a,d,e

NorthIsle

Copper

&

Gold,

Inc.,

144A

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

Canada

4,430,000

1,263,608

a,d,e

Phoenix

Industrial

Minerals

Pty.

Ltd.

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

Australia

45,900,000

51,195

a

Prime

Mining

Corp.

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

Canada

5,290,000

8,735,347

a,c

Silver

Mountain

Resources,

Inc.

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

Canada

10,300,000

727,834

a

Sunrise

Energy

Metals

Ltd.

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

Australia

1,159,999

285,403

a,c

Talisker

Resources

Ltd.

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

Canada

5,280,000

1,256,769

a

Troilus

Gold

Corp.

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

Canada

12,900,000

4,701,726

a,c

Vizsla

Silver

Corp.

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

Canada

10,850,000

15,576,093

a

Western

Copper

&

Gold

Corp.

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

Canada

3,360,000

3,723,892

94,884,744

Diversified

Support

Services

0.2%

a

Chrysos

Corp.

Ltd.

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

Australia

490,000

2,160,406

a

Environmental

&

Facilities

Services

0.0%

†

a

Clean

TeQ

Water

Ltd.

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

Australia

679,999

156,152

a

Gold

80.9%

Agnico

Eagle

Mines

Ltd.,

(CAD

Traded)

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

Canada

310,859

15,279,353

Agnico

Eagle

Mines

Ltd.,

(USD

Traded)

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

Canada

450,000

22,122,000

Alamos

Gold,

Inc.,

(CAD

Traded),

A

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

Canada

1,633,316

19,778,626

Alamos

Gold,

Inc.,

(USD

Traded),

A

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

Canada

1,289,500

15,615,845

a

Allied

Gold

Corp.

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

Canada

2,163,859

5,086,130

Anglogold

Ashanti

plc

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

United

Kingdom

634,823

11,185,581

a

Artemis

Gold,

Inc.

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

Canada

3,505,000

16,424,799

a,b,c

Ascot

Resources

Ltd.,

144A

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

Canada

28,720,000

13,885,748

B2Gold

Corp.

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

Canada

6,783,694

18,922,086

a,c

Banyan

Gold

Corp.

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

Canada

20,167,629

4,950,400

Barrick

Gold

Corp.

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

Canada

2,305,383

35,963,975

a

Bellevue

Gold

Ltd.

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

Australia

12,844,000

11,111,159

a

Belo

Sun

Mining

Corp.

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

Canada

3,500,000

123,661

a,b

Belo

Sun

Mining

Corp.,

144A

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

Canada

3,800,000

134,261

a

Black

Cat

Syndicate

Ltd.

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

Australia

11,522,800

1,890,027

a

Calibre

Mining

Corp.

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

Canada

3,490,673

3,557,142

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Gold

(continued)

a

Calibre

Mining

Corp.

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

Canada

3,975,780

$

4,051,487

a

Catalyst

Metals

Ltd.

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

Australia

6,588,915

2,627,970

Centamin

plc

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

Egypt

13,415,200

16,344,022

Centerra

Gold,

Inc.

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

Canada

2,589,100

13,654,209

a

Cerrado

Gold,

Inc.

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

Canada

2,709,000

735,484

a

De

Grey

Mining

Ltd.

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

Australia

6,636,905

5,281,946

Dundee

Precious

Metals,

Inc.

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

Canada

1,127,415

7,220,353

a

Eldorado

Gold

Corp.

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

Türkiye

895,724

10,946,701

a

Emerald

Resources

NL

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

Australia

12,620,000

27,431,951

Endeavour

Mining

plc

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

Burkina

Faso

1,857,114

32,172,110

a,c

Falcon

Metals

Ltd.

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

Australia

9,225,414

756,599

a,d

Firefinch

Ltd.

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

Australia

18,028,500

709,710

a

FireFly

Metals

Ltd.

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

Australia

7,737,185

2,667,023

a

First

Mining

Gold

Corp.

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

Canada

7,500,000

641,550

a

Galiano

Gold,

Inc.

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

Canada

5,764,362

5,059,467

a

Genesis

Minerals

Ltd.

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

Australia

8,556,549

9,071,297

a,c

Geopacific

Resources

Ltd.

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

Australia

60,464,743

598,306

Gold

Fields

Ltd.

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

South

Africa

454,800

6,710,948

a,c

Heliostar

Metals

Ltd.

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

Canada

16,787,500

2,747,136

a,c

HighGold

Mining,

Inc.

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

Canada

5,603,000

1,187,783

a

Hochschild

Mining

plc

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

Peru

2,338,520

3,074,776

a

i-80

Gold

Corp.

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

Canada

2,015,000

3,252,417

a,b

i-80

Gold

Corp.,

144A

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

Canada

675,000

1,089,520

a,c

Integra

Resources

Corp.,

(CAD

Traded)

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

Canada

3,439,520

2,967,750

a,c

Integra

Resources

Corp.,

(USD

Traded)

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

Canada

740,000

629,000

a

K92

Mining,

Inc.

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

Canada

1,620,357

7,761,901

a

Kingsgate

Consolidated

Ltd.

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

Australia

2,800,000

2,612,655

a,c

Liberty

Gold

Corp.

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

Canada

16,329,800

2,793,703

a,b,c

Liberty

Gold

Corp.,

144A

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

Canada

2,600,000

444,808

a

Lion

One

Metals

Ltd.

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

Canada

7,301,900

4,073,509

a

Mawson

Gold

Ltd.

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

Canada

13,451,000

3,451,796

b

Mineros

SA,

144A

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

Colombia

3,015,000

1,468,927

a,c,d

Monarch

Mining

Corp.

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

Canada

15,500,000

57,647

a

Moneta

Gold,

Inc.

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

Canada

4,400,000

2,061,886

a

Montage

Gold

Corp.

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

Canada

4,000,000

2,142,220

a,c

Newcore

Gold

Ltd.

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

Canada

11,480,000

939,304

Newmont

Corp.,

(CAD

Traded)

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

United

States

87,451

3,015,641

Newmont

Corp.,

(USD

Traded)

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

United

States

553,614

19,105,219

Newmont

Corp.,

CDI

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

United

States

1,004,765

34,489,137

a,c

Nighthawk

Gold

Corp.

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

Canada

6,761,000

1,357,833

a,c,d,e

Nighthawk

Gold

Corp.,

144A

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

Canada

5,120,000

1,294,853

Northern

Star

Resources

Ltd.

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

Australia

717,254

6,152,935

a,c

O3

Mining,

Inc.

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

Canada

5,100,000

5,500,595

OceanaGold

Corp.

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

Australia

8,613,488

17,234,664

a,c

Onyx

Gold

Corp.

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

Canada

1,400,750

224,012

a,c

Onyx

Gold

Corp.

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

Canada

1,300,000

207,899

a

Ora

Banda

Mining

Ltd.

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

Australia

38,107,692

5,491,145

a

Orla

Mining

Ltd.

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

Canada

3,620,653

12,065,253

a,b

Orla

Mining

Ltd.,

144A

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

Canada

2,000,000

6,664,683

a,b

Osisko

Development

Corp.,

144A

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

Canada

930,849

2,354,126

a

Osisko

Mining,

Inc.

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

Canada

7,526,923

13,548,909

a,c

Pantoro

Ltd.

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

Australia

353,944,739

9,187,862

a

Perpetua

Resources

Corp.

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

United

States

403,000

1,163,077

Perseus

Mining

Ltd.

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

Australia

26,608,141

31,333,446

a

Predictive

Discovery

Ltd.

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

Australia

71,569,192

9,626,092

a

Probe

Gold,

Inc.

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

Canada

705,000

676,473

a,b

Probe

Gold,

Inc.,

144A

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

Canada

5,200,000

4,989,586

Ramelius

Resources

Ltd.

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

Australia

4,787,234

4,972,747

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Gold

(continued)

a

Red

5

Ltd.

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

Australia

155,307,082

$

31,859,145

a

Resolute

Mining

Ltd.

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

Australia

28,033,333

7,875,662

a

Reunion

Gold

Corp.

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

Canada

16,250,000

4,472,255

a,c

RTG

Mining,

Inc.

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

Australia

4,167,708

77,501

a,c

RTG

Mining,

Inc.,

CDI

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

Australia

82,487,582

1,296,728

a

Saturn

Metals

Ltd.

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

Australia

11,086,957

1,185,267

a

Skeena

Resources

Ltd.

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

Canada

2,543,550

11,559,871

a

Southern

Cross

Gold

Ltd.

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

Canada

4,200,000

3,389,413

a

Spartan

Resources

Ltd.

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

Australia

17,330,800

5,186,836

SSR

Mining,

Inc.

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

Canada

2,116,555

19,947,004

a

St.

Augustine

Gold

and

Copper

Ltd.,

(CAD

Traded)

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

United

States

4,135,336

230,698

a,b

St.

Augustine

Gold

and

Copper

Ltd.,

(CAD

Traded),

144A

.......

United

States

16,383,333

913,977

a,b

St.

Augustine

Gold

and

Copper

Ltd.,

(USD

Traded),

144A

.......

United

States

10,000,000

557,870

a

St.

Barbara

Ltd.

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

Australia

9,008,021

999,077

a

Torex

Gold

Resources,

Inc.

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

Canada

1,095,000

11,248,103

a,b

Torex

Gold

Resources,

Inc.,

144A

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

Canada

180,000

1,849,003

a

Victoria

Gold

Corp.

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

Canada

1,525,000

7,089,594

a

West

African

Resources

Ltd.

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

Australia

12,264,984

7,774,527

a

Westhaven

Gold

Corp.

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

Canada

1,769,078

256,598

a,c,d

Wiluna

Mining

Corp.

Ltd.

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

Australia

19,510,000

262,411

694,156,391

Precious

Metals

&

Minerals

4.0%

Anglo

American

Platinum

Ltd.

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

South

Africa

88,556

3,749,278

a,c

Aurion

Resources

Ltd.

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

Canada

6,900,000

2,514,876

Impala

Platinum

Holdings

Ltd.

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

South

Africa

1,470,000

5,706,246

Impala

Platinum

Holdings

Ltd.,

ADR

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

South

Africa

1,206,100

4,619,363

Northam

Platinum

Holdings

Ltd.

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

South

Africa

874,019

5,888,323

a,c

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

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

South

Africa

3,920,458

3,878,466

a,c

Platinum

Group

Metals

Ltd.,

(USD

Traded)

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

South

Africa

3,418,243

3,418,243

a,b,c

Platinum

Group

Metals

Ltd.,

(USD

Traded),

144A

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

South

Africa

36,628

36,236

a

Sable

Resources

Ltd.

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

Canada

12,000,000

401,666

a,c

TDG

Gold

Corp.

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

Canada

2,080,000

263,017

a,b,c

TDG

Gold

Corp.,

144A

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

Canada

5,370,000

679,039

a,c

Thesis

Gold,

Inc.

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

Canada

5,265,500

1,762,478

a,c

Thesis

Gold,

Inc.

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

Canada

4,273,553

1,430,451

34,347,682

Silver

2.2%

a

Aya

Gold

&

Silver,

Inc.

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

Canada

690,000

5,291,505

a

GoGold

Resources,

Inc.

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

Canada

9,262,858

8,681,346

Pan

American

Silver

Corp.

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

Canada

148,021

2,003,855

a,c

Silver

Tiger

Metals,

Inc.

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

Canada

3,560,000

423,683

a,b,c

Silver

Tiger

Metals,

Inc.,

144A

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

Canada

21,500,000

2,558,762

18,959,151

Total

Common

Stocks

(Cost

$931,658,225)

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

851,919,758

Rights

a

a

Rights

0.1%

Gold

0.0%

†

a,d

Kinross

Gold

Corp.,

CVR

,

2/24/32

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

Canada

660,000

49,093

Silver

0.1%

a

Pan

American

Silver

Corp.,

CVR

,

2/22/29

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

Canada

1,850,600

869,782

Total

Rights

(Cost

$856,772)

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

918,875

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Country

Warrants

a

Value

a

a

a

a

a

a

Warrants

0.3%

Diversified

Metals

&

Mining

0.2%

b,d

Aston

Minerals

Ltd.,

144A,

10/16/25

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

Australia

5,500,000

$

5,958

a,c,d,e

Clean

Air

Metals,

Inc.,

144A,

2/23/24

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

Canada

3,600,000

—

a,d,e

G

Mining

Ventures

Corp.,

144A,

8/20/24

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

Canada

3,750,000

871,102

a,d,e

Prime

Mining

Corp.,

144A,

4/27/24

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

Canada

650,000

3,515

a,c

Silver

Mountain

Resources,

Inc.,

2/09/26

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

Canada

1,500,000

41,840

a,c,d,e

Talisker

Resources

Ltd.,

144A,

1/11/25

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

Canada

4,500,000

1,603

a,d,e

Troilus

Gold

Corp.,

144A,

11/20/25

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

Canada

2,000,000

217,237

a,c,d,e

Vizsla

Silver

Corp.,

144A,

11/15/24

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

Canada

1,500,000

495,248

1,636,503

Gold

0.1%

a,c,d,e

Ascot

Resources

Ltd.,

144A,

3/08/24

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

Canada

1,650,000

3,435

a,d,e

Gold

Mountain

Mining

Corp.,

(CAD

Traded),

144A,

4/21/24

......

Canada

1,025,000

828

a,c,d,e

Heliostar

Metals

Ltd.,

144A,

1/11/25

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

Canada

650,000

1,083

a,c,d,e

Heliostar

Metals

Ltd.,

144A,

12/08/25

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

Canada

1,720,833

38,875

a,c,d,e

Integra

Resources

Corp.,

144A,

6/15/24

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

Canada

2,650,000

13,453

a,d

Marathon

Gold

Corp.,

9/19/24

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

Canada

3,225,000

75,875

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

3,290

a,c

Nighthawk

Gold

Corp.,

5/03/24

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

Canada

1,250,000

—

a,c,d,e

Onyx

Gold

Corp.,

144A,

7/06/25

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

Canada

650,000

14,898

a,b

Osisko

Development

Corp.,

144A,

3/27/27

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

Canada

608,333

38,462

a,d

Osisko

Mining,

Inc.,

8/28/24

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

Canada

350,000

8,526

a,d,e

Probe

Gold,

Inc.,

144A,

3/08/24

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

Canada

900,000

1

a,d,e

Reunion

Gold

Corp.,

144A,

7/08/24

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

Canada

6,500,000

204,762

a,b,c,d

RTG

Mining,

Inc.,

144A,

9/08/24

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

Australia

12,000,000

3,519

a,c,d

Wiluna

Mining

Corp.

Ltd.,

12/31/24

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

Australia

9,755,000

—

407,007

Precious

Metals

&

Minerals

0.0%

†

a,c,d,e

TDG

Gold

Corp.,

144A,

7/07/26

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

Canada

310,000

11,111

a,c,d,e

Thesis

Gold,

Inc.,

144A,

9/29/24

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

Canada

1,000,000

192

11,303

Total

Warrants

(Cost

$–)

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

2,054,813

Total

Long

Term

Investments

(Cost

$932,514,997)

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

854,893,446

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,

5.003%

....

United

States

3,221,273

3,221,273

Total

Money

Market

Funds

(Cost

$3,221,273)

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

3,221,273

Total

Short

Term

Investments

(Cost

$3,221,273

)

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

3,221,273

a

Total

Investments

(Cost

$935,736,270)

100.0%

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

$858,114,719

Other

Assets,

less

Liabilities

0.0%

†

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

346,679

Net

Assets

100.0%

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

$858,461,398

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

See

Abbreviations

on

page

32

.

†

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

January

31,

2024,

the

aggregate

value

of

these

securities

was

$67,941,443,

representing

7.9%

of

net

assets.

c

See

Note

9

regarding

holdings

of

5%

voting

securities.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

11

regarding

fair

value

measurements.

e

See

Note

8

regarding

restricted

securities.

f

See

Note

3(f)

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

Financial

Statements

Statement

of

Assets

and

Liabilities

January

31,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$661,770,272

Cost

-

Non-controlled

affiliates

(Note

3f

and

9)

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

273,965,998

Value

-

Unaffiliated

issuers

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

$767,910,693

Value

-

Non-controlled

affiliates

(Note

3f

and

9)

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

90,204,026

Foreign

currency,

at

value

(cost

$393)

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

393

Receivables:

Investment

securities

sold

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

1,267,135

Capital

shares

sold

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

828,496

Dividends

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

144,305

Total

assets

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

860,355,048

Liabilities:

Payables:

Investment

securities

purchased

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

3,178

Capital

shares

redeemed

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

937,112

Management

fees

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

349,745

Distribution

fees

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

162,553

Transfer

agent

fees

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

278,198

Trustees'

fees

and

expenses

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

1,961

Accrued

expenses

and

other

liabilities

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

160,903

Total

liabilities

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

1,893,650

Net

assets,

at

value

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

$858,461,398

Net

assets

consist

of:

Paid-in

capital

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

$1,765,229,942

Total

distributable

earnings

(losses)

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

(906,768,544)

Net

assets,

at

value

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

$858,461,398

Franklin

Gold

and

Precious

Metals

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

January

31,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

Franklin

Gold

and

Precious

Metals

Fund

Class

A:

Net

assets,

at

value

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

$586,033,980

Shares

outstanding

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

38,265,692

Net

asset

value

per

share

a,b

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

$15.31

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

b

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

$16.20

Class

C:

Net

assets,

at

value

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

$41,060,907

Shares

outstanding

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

3,054,930

Net

asset

value

and

maximum

offering

price

per

share

a,b

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

$13.44

Class

R6:

Net

assets,

at

value

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

$36,989,081

Shares

outstanding

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

2,191,698

Net

asset

value

and

maximum

offering

price

per

share

b

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

$16.88

Advisor

Class:

Net

assets,

at

value

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

$194,377,430

Shares

outstanding

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

11,686,989

Net

asset

value

and

maximum

offering

price

per

share

b

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

$16.63

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Gold

and

Precious

Metals

Fund

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

January

31,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

Franklin

Gold

and

Precious

Metals

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$534,594)

Unaffiliated

issuers

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

$9,233,309

Non-controlled

affiliates

(Note

3f

and

9)

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

88,991

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

686

Total

investment

income

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

9,322,986

Expenses:

Management

fees

(Note

3

a

)

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

2,170,577

Distribution

fees:

(Note

3c

)

    Class

A

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

767,409

    Class

C

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

225,323

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

442,367

    Class

C

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

32,475

Class

R6

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

18,594

    Advisor

Class

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

150,761

Custodian

fees

(Note

4)

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

34,887

Reports

to

shareholders

fees

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

63,207

Registration

and

filing

fees

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

48,980

Professional

fees

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

36,476

Trustees'

fees

and

expenses

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

7,104

Other

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

40,268

Total

expenses

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

4,038,428

Expense

reductions

(Note

4)

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

(318)

Expenses

waived/paid

by

affiliates

(Note

3f

and

3g)

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

(18,805)

Net

expenses

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

4,019,305

Net

investment

income

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

5,303,681

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

15,060,536

Non-controlled

affiliates

(Note

3

f

and

9

)

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

(1,501,321)

Foreign

currency

transactions

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

(50,328)

Net

realized

gain

(loss)

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

13,508,887

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(97,627,565)

Non-controlled

affiliates

(Note

3

f

and

9

)

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

(13,067,622)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(699)

Net

change

in

unrealized

appreciation

(depreciation)

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

(110,695,886)

Net

realized

and

unrealized

gain

(loss)

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

(97,186,999)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(91,883,318)

Franklin

Gold

and

Precious

Metals

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

Franklin

Gold

and

Precious

Metals

Fund

Six

Months

Ended

January

31,

2024

(unaudited)

Year

Ended

July

31,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$5,303,681

$6,120,009

Net

realized

gain

(loss)

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

13,508,887

16,029,416

Net

change

in

unrealized

appreciation

(depreciation)

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

(110,695,886)

37,514,957

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(91,883,318)

59,664,382

Distributions

to

shareholders:

Class

A

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

(19,697,199)

—

Class

C

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

(1,235,847)

—

Class

R6

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

(1,261,374)

—

Advisor

Class

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

(6,635,570)

—

Total

distributions

to

shareholders

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

(28,829,990)

—

Capital

share

transactions:

(Note

2

)

Class

A

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

(12,519,760)

(17,190,881)

Class

C

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

(4,693,507)

(9,301,017)

Class

R6

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

1,043,846

7,604,636

Advisor

Class

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

(14,271,856)

(15,854,725)

Total

capital

share

transactions

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

(30,441,277)

(34,741,987)

Net

increase

(decrease)

in

net

assets

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

(151,154,585)

24,922,395

Net

assets:

Beginning

of

period

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

1,009,615,983

984,693,588

End

of

period

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

$858,461,398

$1,009,615,983

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

20

franklintempleton.com

Semiannual

Report

1.

Organization

and

Significant

Accounting

Policies

Franklin

Gold

and

Precious

Metals

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

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.

The

Fund

offers four

classes

of

shares:

Class

A,

Class

C,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees. 

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

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

January

31,

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

Financial

Statements

(unaudited)

21

franklintempleton.com

Semiannual

Report

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the

Statement

of

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

January

31,

2024,

the

Fund

had

no

securities

on

loan.

d.

Income

and

Deferred

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

22

franklintempleton.com

Semiannual

Report

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

January

31,

2024, the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

e.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis. Estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund. Distributions

to

shareholders

are recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g.

Guarantees

and

Indemnifications

Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

January

31,

2024,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

Six

Months

Ended

January

31,

2024

Year

Ended

July

31,

2023

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

4,403,963

$69,346,198

10,358,663

$175,134,764

Shares

issued

in

reinvestment

of

distributions

..........

994,631

16,292,063

—

—

Shares

redeemed

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

(6,159,980)

(98,158,021)

(11,332,284)

(192,325,645)

Net

increase

(decrease)

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

(761,386)

$(12,519,760)

(973,621)

$(17,190,881)

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Income

and

Deferred

Taxes

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

23

franklintempleton.com

Semiannual

Report

3

.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

a.

Management

Fees

The

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

Six

Months

Ended

January

31,

2024

Year

Ended

July

31,

2023

Shares

Amount

Shares

Amount

Class

C

Shares:

Shares

sold

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

218,700

$2,992,462

573,367

$8,556,995

Shares

issued

in

reinvestment

of

distributions

..........

85,169

1,225,576

—

—

Shares

redeemed

a

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

(642,267)

(8,911,545)

(1,216,846)

(17,858,012)

Net

increase

(decrease)

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

(338,398)

$(4,693,507)

(643,479)

$(9,301,017)

Class

R6

Shares:

Shares

sold

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

541,832

$9,425,698

1,237,472

$22,876,938

Shares

issued

in

reinvestment

of

distributions

..........

67,032

1,209,264

—

—

Shares

redeemed

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

(551,172)

(9,591,116)

(825,713)

(15,272,302)

Net

increase

(decrease)

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

57,692

$1,043,846

411,759

$7,604,636

Advisor

Class

Shares:

Shares

sold

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

1,275,536

$21,872,019

4,959,457

$89,001,904

Shares

issued

in

reinvestment

of

distributions

..........

342,268

6,085,533

—

—

Shares

redeemed

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

(2,476,708)

(42,229,408)

(5,892,099)

(104,856,629)

Net

increase

(decrease)

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

(858,904)

$(14,271,856)

(932,642)

$(15,854,725)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

In

excess

of

$15

billion

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

24

franklintempleton.com

Semiannual

Report

For

the

period

ended

January

31,

2024,

the

annualized

gross

effective

investment

management

fee

rate

was 0.479%

of

the

Fund’s

average daily

net

assets. 

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

Class

A

and

Class

C

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund’s

Class

A

reimbursement

distribution

plan,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class

C

compensation

distribution

plan,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the average

daily

net

assets,

for

each

class,

are

as

follows:

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. Effective

October

1,

2023,

the

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions.

Prior

to

October

1,

2023,

the

fees

were

based

on

an

annualized

asset

based

fee

of

0.016%

plus

a transaction

based

fee.

In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

January

31,

2024,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$217,563

was

retained

by

Investor

Services.

Class

A

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

0.25%

Class

C

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

1.00%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$23,083

CDSC

retained

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

$2,366

3

.

Transactions

with

Affiliates

(continued)

a.

Management

Fees

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

25

franklintempleton.com

Semiannual

Report

f.

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.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

January

31,

2024,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

g.

Waiver

and

Expense

Reimbursements

Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

November

30,

2024.

4.

Expense

Offset

Arrangement

The Fund has

previously

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

January

31,

2024,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective September

21, 2023,

earned

credits,

if

any,

will

be

recognized

as

income.

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2023,

the

capital

loss

carryforwards

were

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,

5.003%

$1,853,409

$64,828,221

$(63,460,357)

$—

$—

$3,221,273

3,221,273

$88,991

Total

Affiliated

Securities

...

$1,853,409

$64,828,221

$(63,460,357)

$—

$—

$3,221,273

$88,991

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$13,027,839

Long

term

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

671,311,932

Total

capital

loss

carryforwards

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

$684,339,771

3

.

Transactions

with

Affiliates

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

26

franklintempleton.com

Semiannual

Report

At

January

31,

2024,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

passive

foreign

investment

company

shares

and

corporate

actions.

6.

Investment

Transactions

Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

January

31,

2024,

aggregated

$77,657,627 and

$134,924,535,

respectively. 

7.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

8.

Restricted

Securities

The

Fund

invests

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The Fund

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

January

31,

2024,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

Cost

of

investments

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

$1,075,902,447

Unrealized

appreciation

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

$269,343,328

Unrealized

depreciation

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

(487,131,056)

Net

unrealized

appreciation

(depreciation)

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

$(217,787,728)

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

$

—

$

3,435

3,600,000

b

Clean

Air

Metals,

Inc.,

144A,

2/23/24

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

2/24/22

—

—

3,750,000

c

G

Mining

Ventures

Corp.,

144A,

8/20/24

...........

9/16/21

—

871,102

1,025,000

Gold

Mountain

Mining

Corp.,

144A,

4/21/24

........

4/22/22

—

828

650,000

d

Heliostar

Metals

Ltd.,

144A,

1/11/25

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

7/12/23

—

1,083

1,720,833

d

Heliostar

Metals

Ltd.,

144A,

12/08/25

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

12/20/23

—

38,875

2,650,000

e

Integra

Resources

Corp.,

144A,

6/15/24

...........

6/17/22

—

13,453

6,000,000

f

Monarch

Mining

Corp.,

144A,

4/06/27

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

4/07/22

—

—

1,140,000

g

Newcore

Gold

Ltd.,

144A,

6/28/24

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

6/29/23

—

3,290

5.

Income

Taxes

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

27

franklintempleton.com

Semiannual

Report

9.

Holdings

of

5%

Voting

Securities

of

Portfolio

Companies

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

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

January

31,

2024,

investments

in

“affiliated

companies”

were

as

follows:

Shares/

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Gold

and

Precious

Metals

Fund

(continued)

5,120,000

h

Nighthawk

Gold

Corp.,

144A

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

12/14/23

$

1,298,620

$

1,294,853

4,430,000

NorthIsle

Copper

&

Gold,

Inc.,

144A

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

12/21/23

934,036

1,263,608

650,000

i

Onyx

Gold

Corp.,

144A,

7/06/25

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

7/07/23

—

14,898

45,900,000

Phoenix

Industrial

Minerals

Pty.

Ltd.

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

3/09/21

-

12/16/22

—

51,195

650,000

j

Prime

Mining

Corp.,

144A,

4/27/24

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

4/28/21

—

3,515

900,000

k

Probe

Gold,

Inc.,

144A,

3/08/24

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

3/09/22

—

1

6,500,000

l

Reunion

Gold

Corp.,

144A,

7/08/24

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

7/11/22

—

204,762

4,500,000

m

Talisker

Resources

Ltd.,

144A,

1/11/25

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

8/12/22

—

1,603

310,000

n

TDG

Gold

Corp.,

144A,

7/07/26..

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

7/10/23

—

11,111

1,000,000

o

Thesis

Gold,

Inc.,

144A,

9/29/24

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

9/30/22

—

192

2,000,000

p

Troilus

Gold

Corp.,

144A,

11/20/25

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

11/15/23

—

217,237

1,500,000

q

Vizsla

Silver

Corp.,

144A,

11/15/24

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

11/16/22

—

495,248

Total

Restricted

Securities

(Value

is

0.5%

of

Net

Assets)

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

$2,232,656

$4,490,289

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$13,885,748

as

of

January

31,

2024.

b

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$460,381

as

of

January

31,

2024.

c

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$24,740,553

as

of

January

31,

2024.

d

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$2,747,136

as

of

January

31,

2024.

e

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$3,596,750

as

of

January

31,

2024.

f

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$57,647

as

of

January

31,

2024.

g

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$939,304

as

of

January

31,

2024.

h

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,357,833

as

of

January

31,

2024.

i

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$431,911

as

of

January

31,

2024.

j

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$8,735,347

as

of

January

31,

2024.

k

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$5,666,059

as

of

January

31,

2024.

l

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$4,472,255

as

of

January

31,

2024.

m

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,256,769

as

of

January

31,

2024.

n

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$942,056

as

of

January

31,

2024.

o

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$3,192,929

as

of

January

31,

2024.

p

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$4,701,726

as

of

January

31,

2024.

q

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$15,576,093

as

of

January

31,

2024.

8.

Restricted

Securities

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

28

franklintempleton.com

Semiannual

Report

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

$

—

$

—

$

—

$

1,688,569

$

13,885,748

28,720,000

$

—

Ascot

Resources

Ltd.,

144A,

3/08/24

.....

924

—

—

—

2,511

3,435

1,650,000

—

Aurion

Resources

Ltd.

..

2,964,519

—

—

—

(449,643)

2,514,876

6,900,000

—

Auteco

Minerals

Ltd.

...

2,582,604

—

(5,924,459)

a

—

3,341,855

—

b

—

—

Banyan

Gold

Corp.

...

5,047,260

—

—

—

(96,860)

4,950,400

20,167,629

—

Benchmark

Metals,

Inc.

2,519,775

—

(10,932,617)

a

—

8,412,842

—

b

—

—

Clean

Air

Metals,

Inc.

..

469,389

—

—

—

(9,008)

460,381

10,315,600

—

Clean

Air

Metals,

Inc.,

144A,

2/23/24

.....

874

—

—

—

(874)

—

3,600,000

—

Falcon

Metals

Ltd.

....

1,307,526

—

—

—

(550,927)

756,599

9,225,414

—

G

Mining

Ventures

Corp.,

144A

...........

17,774,533

—

(2,068,639)

718,485

—

c

—

c

—

c

—

G

Mining

Ventures

Corp.,

144A,

8/20/24

.....

162,690

—

—

—

—

c

—

c

—

c

—

Geopacific

Resources

Ltd.

527,984

—

—

—

70,322

598,306

60,464,743

—

Gold

Mountain

Mining

Corp.

...........

564,045

—

(53,166)

(5,338,372)

4,827,493

—

b

—

—

Gold

Mountain

Mining

Corp.,

144A,

4/21/24

.

67

—

—

—

—

c

—

c

—

c

—

Heliostar

Metals

Ltd

...

2,270,780

1,520,732

a

—

—

(1,044,376)

2,747,136

16,787,500

—

Heliostar

Metals

Ltd.,

144A

253,019

—

(362,226)

a

—

109,207

—

b

—

—

Heliostar

Metals

Ltd.,

144A,

1/11/25

.....

32,734

—

—

—

(31,651)

1,083

650,000

—

Heliostar

Metals

Ltd.,

144A,

12/08/25

....

—

—

a

—

—

38,875

38,875

1,720,833

—

Heliostar

Metals

Ltd.,

144A,

3/09/26

.....

446,208

—

—

a

—

(446,208)

—

b

—

—

HighGold

Mining,

Inc.

..

2,060,864

—

—

—

(873,081)

1,187,783

5,603,000

—

Integra

Resources

Corp.,

(CAD

Traded)

.....

3,260,579

—

—

—

(292,829)

2,967,750

3,439,520

—

Integra

Resources

Corp.,

(USD

Traded)

.....

703,000

—

—

—

(74,000)

629,000

740,000

—

Integra

Resources

Corp.,

144A,

6/15/24

.....

41,462

—

—

—

(28,009)

13,453

2,650,000

—

Liberty

Gold

Corp.

....

4,767,915

—

—

—

(1,974,212)

2,793,703

16,329,800

—

Liberty

Gold

Corp.,

144A

759,139

—

—

—

(314,331)

444,808

2,600,000

—

Lion

One

Metals

Ltd.

..

—

8,529,502

a

(656,684)

(1,022,260)

—

c

—

c

—

c

—

Lion

One

Metals

Ltd.,

144A

...........

5,247,393

—

(8,529,502)

a

—

—

c

—

c

—

c

—

Mawson

Gold

Ltd.

....

1,921,735

—

(1,130,093)

(24,241)

—

c

—

c

—

c

—

9.

Holdings

of

5%

Voting

Securities

of

Portfolio

Companies

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

29

franklintempleton.com

Semiannual

Report

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

Monarch

Mining

Corp.

.

$

411,421

$

—

$

—

$

—

$

(353,774)

$

57,647

15,500,000

$

—

Monarch

Mining

Corp.,

144A,

4/06/27

.....

79,143

—

—

—

(79,143)

—

6,000,000

—

Newcore

Gold

Ltd.

....

1,262,400

—

—

—

(323,096)

939,304

11,480,000

—

Newcore

Gold

Ltd.,

144A,

6/28/24

..........

11,462

—

—

—

(8,172)

3,290

1,140,000

—

Nighthawk

Gold

Corp.

..

1,966,063

303,352

a

—

—

(911,582)

1,357,833

6,761,000

—

Nighthawk

Gold

Corp.,

144A

...........

—

1,298,620

—

—

(3,767)

1,294,853

5,120,000

—

Nighthawk

Gold

Corp.,

5/03/24

..........

47,399

—

—

—

(47,399)

—

1,250,000

—

O3

Mining,

Inc.

......

5,685,576

—

—

—

(184,981)

5,500,595

5,100,000

—

Onyx

Gold

Corp

......

—

490,455

a

—

—

(282,556)

207,899

1,300,000

—

Onyx

Gold

Corp.

.....

573,642

—

—

—

(349,630)

224,012

1,400,750

—

Onyx

Gold

Corp.,

144A

.

498,992

—

(490,455)

a

—

(8,537)

—

b

—

—

Onyx

Gold

Corp.,

144A,

7/06/25

..........

42,422

—

—

—

(27,524)

14,898

650,000

—

Pantoro

Ltd.

........

16,463,004

1,582,449

a

—

—

(8,857,591)

9,187,862

353,944,739

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

..

5,160,323

19,267,222

a

(3,000,000)

a

—

(17,549,079)

3,878,466

3,920,458

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded),

144A

...........

131,968

—

(16,267,222)

a

—

16,135,254

—

b

—

—

Platinum

Group

Metals

Ltd.,

(USD

Traded)

..

4,614,628

—

—

—

(1,196,385)

3,418,243

3,418,243

—

Platinum

Group

Metals

Ltd.,

(USD

Traded),

144A

...........

49,445

—

—

—

(13,209)

36,236

36,628

—

Red

5

Ltd.

.........

27,854,334

—

(12,782,455)

4,290,092

—

c

—

c

—

c

—

RTG

Mining,

Inc.

.....

53,691

2,661,984

a

—

—

(2,638,174)

77,501

4,167,708

—

RTG

Mining,

Inc.,

144A

.

72,737

—

(2,661,984)

a

—

2,589,247

—

b

—

—

RTG

Mining,

Inc.,

144A,

9/08/24

..........

—

—

a

—

—

3,519

3,519

12,000,000

—

RTG

Mining,

Inc.,

CDI

..

2,122,713

—

—

—

(825,985)

1,296,728

82,487,582

—

Saturn

Metals

Ltd.

....

1,417,031

—

—

—

—

c

—

c

—

c

—

Silver

Mountain

Resources,

Inc.

....

1,093,584

—

—

—

(365,750)

727,834

10,300,000

—

Silver

Mountain

Resources,

Inc.,

144A,

1/31/24

..........

—

—

—

—

—

—

b

—

—

Silver

Mountain

Resources,

Inc.,

2/09/26

28,439

—

—

—

13,401

41,840

1,500,000

—

Silver

Tiger

Metals,

Inc.

.

553,466

—

—

—

(129,783)

423,683

3,560,000

—

9.

Holdings

of

5%

Voting

Securities

of

Portfolio

Companies

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

30

franklintempleton.com

Semiannual

Report

10.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matured

on

February

2,

2024.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Effective

February

2,

2024,

the

Borrowers

renewed

the

Global

Credit

Facility

for

a

one-year

term,

maturing

January

31,

2025,

for

a

total

of

$2.675

billion.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

 Statement

of

Operations.

During

the

period

ended

January

31,

2024,

the Fund

did

not

use

the

Global

Credit

Facility.

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

Tiger

Metals,

Inc.,

144A

...........

$

3,342,560

$

—

$

—

$

—

$

(783,798)

$

2,558,762

21,500,000

$

—

Talisker

Resources

Ltd.

.

1,701,805

—

a

—

a

—

(445,036)

1,256,769

5,280,000

—

Talisker

Resources

Ltd.,

144A,

1/11/25

.....

21,156

—

—

—

(19,553)

1,603

4,500,000

—

TDG

Gold

Corp.

.....

366,753

—

—

—

(103,736)

263,017

2,080,000

—

TDG

Gold

Corp.,

144A

.

98,161

—

(140,346)

a

—

42,185

—

b

—

—

TDG

Gold

Corp.,

144A,

7/07/26..

.........

14,676

—

—

—

(3,565)

11,111

310,000

—

TDG

Gold

Corp.,

144A.

.

837,536

140,346

a

—

—

(298,843)

679,039

5,370,000

—

Thesis

Gold

Inc

......

—

7,423,736

a

—

a

—

(5,661,258)

1,762,478

5,265,500

—

Thesis

Gold

Inc.

.....

—

7,841,030

a

—

—

(6,410,579)

1,430,451

4,273,553

—

Thesis

Gold,

Inc.,

144A,

9/29/24

..........

218

—

—

—

(26)

192

1,000,000

—

Vizsla

Silver

Corp.

....

12,570,150

—

(274,033)

(125,025)

3,405,001

15,576,093

10,850,000

—

Vizsla

Silver

Corp.,

144A,

11/15/24

.........

168,392

—

—

—

326,856

495,248

1,500,000

—

Wiluna

Mining

Corp.

Ltd.

268,650

—

—

—

(6,239)

262,411

19,510,000

—

Wiluna

Mining

Corp.

Ltd.,

12/31/24

.........

—

—

—

—

—

—

9,755,000

—

Total

Affiliated

Securities

(Value

is

10.1%

of

Net

Assets)

..........

$157,468,137

$51,059,428

$(65,273,881)

$(1,501,321)

$(13,067,622)

$86,982,753

$—

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

b

As

of

January

31,

2024,

no

longer

held

by

the

fund.

c

As

of

January

31,

2024,

no

longer

an

affiliate.

9.

Holdings

of

5%

Voting

Securities

of

Portfolio

Companies

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

31

franklintempleton.com

Semiannual

Report

11.

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

January

31,

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

.

12.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

Level

1

Level

2

Level

3

Total

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Copper

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

$

7,255,232

$

—

$

—

$

7,255,232

Diversified

Metals

&

Mining

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

90,922,502

2,647,439

1,314,803

94,884,744

Diversified

Support

Services

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

2,160,406

—

—

2,160,406

Environmental

&

Facilities

Services

.........

156,152

—

—

156,152

Gold

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

456,287,304

235,544,466

2,324,621

694,156,391

Precious

Metals

&

Minerals

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

22,782,668

11,565,014

—

34,347,682

Silver

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

13,667,646

5,291,505

—

18,959,151

Rights

:

Gold

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

—

—

49,093

49,093

Silver

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

869,782

—

—

869,782

Warrants

:

Diversified

Metals

&

Mining

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

41,840

—

1,594,663

a

1,636,503

Gold

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

—

38,462

368,545

a

407,007

Precious

Metals

&

Minerals

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

—

—

11,303

11,303

Short

Term

Investments

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

3,221,273

—

—

3,221,273

Total

Investments

in

Securities

...........

$597,364,805

$255,086,886

b

$5,663,028

$858,114,719

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$245,844,082,

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.

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Financial

Statements

(unaudited)

32

franklintempleton.com

Semiannual

Report

Abbreviations

Currency

CAD

Canadian

Dollar

USD

United

States

Dollar

Selected

Portfolio

ADR

American

Depositary

Receipt

CDI

CREST

Depository

Interest

CVR

Contingent

Value

Right

Franklin

Gold

and

Precious

Metals

Fund

Shareholder

Information

33

franklintempleton.com

Semiannual

Report

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Schedule

of

Investments

The

Fund

files

a

complete

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

132

S

03/24

©

2024

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

Franklin

Gold

and

Precious

Metals

Fund

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2.  Code of Ethics.

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

(c) N/A

(d) N/A

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

Item 3.  Audit Committee Financial Expert.

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

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

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

Item 5.  Audit Committee

 

of Listed Registrants.       N/A

Item 6.  Schedule of Investments.                     N/A

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

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

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

Affiliated Purchasers.     N/A

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

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

Item 11. Controls and Procedures.

(a)

 Evaluation of Disclosure Controls and Procedures

.

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

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

(b)

 Changes in Internal Controls

.

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

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

Item 13. Recovery of Erroneously Awarded Compensation.

(a) N/A

(b) N/A

Item 14. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer

section906

SIGNATURES

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

FRANKLIN GOLD AND PRECIOUS METALS FUND

By S\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  March 28, 2024

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

By S\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  March 28, 2024

By S\JEFFREY WHITE______________________

      Jeffrey White

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  March 28, 2024