Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

132-Q1PH

1

Schedule

of

Investments

(unaudited)

Franklin

Gold

and

Precious

Metals

Fund

2

Notes

to

Schedule

of

Investments

7

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited),

October

31,

2024

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

a

Common

Stocks

98.8%

Copper

0.7%

a

Faraday

Copper

Corp.

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

Canada

4,400,000

$

2,844,112

a

Imperial

Metals

Corp.

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

Canada

1,765,330

2,738,617

a

SolGold

plc

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

Australia

20,000,000

2,153,047

7,735,776

Diversified

Metals

&

Mining

5.5%

a

Aclara

Resources,

Inc.

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

United

Kingdom

444,972

148,606

a

Andean

Silver

Ltd.

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

Australia

1,400,000

1,283,867

a

Arizona

Metals

Corp.

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

Canada

150,000

174,525

a,b

Arizona

Metals

Corp.

,

144A

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

Canada

1,244,000

1,447,395

a

Aston

Minerals

Ltd.

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

Australia

36,000,000

242,602

a

AuMega

Metals

Ltd.

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

Australia

10,813,044

391,324

a

Azimut

Exploration,

Inc.

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

Canada

1,700,000

818,041

a,b

Bluestone

Resources,

Inc.

,

144A

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

Canada

5,038,216

1,085,550

a

Bravo

Mining

Corp.

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

Canada

2,830,000

4,471,577

a,b

Bravo

Mining

Corp.

,

144A

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

Canada

415,000

655,726

a

Chalice

Mining

Ltd.

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

Australia

2,522,810

2,978,232

a

Collective

Mining

Ltd.

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

Canada

700,000

2,569,038

a

Contango

ORE,

Inc.

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

United

States

156,457

3,365,390

a

Ivanhoe

Electric,

Inc.

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

United

States

408,900

4,150,335

a

Magna

Mining,

Inc.

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

Canada

2,210,000

1,777,714

a,c,d

Magna

Mining,

Inc.

,

144A

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

Canada

1,380,000

1,027,944

a

Max

Resource

Corp.

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

Canada

6,000,000

290,875

a

Meridian

Mining

UK

Societas

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

Netherlands

7,700,000

2,377,994

a,b

NorthIsle

Copper

&

Gold,

Inc.

,

144A

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

Canada

4,430,000

1,479,477

a,c,d

Phoenix

Industrial

Minerals

Pty.

Ltd.

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

Australia

45,900,000

51,344

a

Prime

Mining

Corp.

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

Canada

5,290,000

7,142,744

a

Sunrise

Energy

Metals

Ltd.

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

Australia

659,281

147,964

a

Vizsla

Silver

Corp.

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

Canada

4,100,000

8,333,393

a,b

Vizsla

Silver

Corp.

,

144A

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

Canada

6,500,000

13,211,477

a

Western

Copper

&

Gold

Corp.

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

Canada

3,360,000

3,571,516

63,194,650

Environmental

&

Facilities

Services

0.0%

†

a

Clean

TeQ

Water

Ltd.

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

Australia

679,999

149,871

a

Gold

86.0%

Agnico

Eagle

Mines

Ltd.

,

(

CAD

Traded)

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

Canada

169,559

14,635,401

Agnico

Eagle

Mines

Ltd.

,

(

USD

Traded)

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

Canada

435,000

37,536,150

Alamos

Gold,

Inc.

,

(

CAD

Traded)

,

A

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

Canada

1,387,316

28,028,297

Alamos

Gold,

Inc.

,

(

USD

Traded)

,

A

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

Canada

1,134,500

22,894,210

a

Allied

Gold

Corp.

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

Canada

2,163,859

5,750,190

e

Anglogold

Ashanti

plc

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

United

Kingdom

549,823

15,285,079

a

Artemis

Gold,

Inc.

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

Canada

3,066,800

30,880,552

a,c,d,f

Ascot

Resources

Ltd.

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

Canada

3,300,000

555,322

a,b,f

Ascot

Resources

Ltd.

,

144A

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

Canada

32,420,000

5,821,094

a

Atex

Resources,

Inc.

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

Canada

6,970,000

8,259,777

a

Aurum

Resources

Ltd.

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

Australia

4,500,000

1,421,280

a

Ausgold

Ltd.

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

Australia

11,666,666

4,247,487

a

Awale

Resources

Ltd.

,

(

CAD

Traded)

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

Canada

3,500,000

1,043,200

B2Gold

Corp.

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

Canada

6,113,694

20,198,221

a,f

Banyan

Gold

Corp.

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

Canada

22,517,629

3,477,064

Barrick

Gold

Corp.

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

Canada

1,888,383

36,483,560

a

Bellevue

Gold

Ltd.

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

Australia

13,894,000

14,741,834

a

Belo

Sun

Mining

Corp.

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

Canada

3,500,000

138,255

a,b

Belo

Sun

Mining

Corp.

,

144A

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

Canada

3,800,000

150,106

a

Black

Cat

Syndicate

Ltd.

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

Australia

21,392,045

8,220,353

a

Calibre

Mining

Corp.

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

Canada

12,044,343

21,885,437

a

Catalyst

Metals

Ltd.

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

Australia

6,588,915

14,949,015

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Gold

(continued)

Centamin

plc

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

Egypt

8,703,716

$

17,819,369

Centerra

Gold,

Inc.

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

Canada

162,100

1,145,591

a

Cerrado

Gold,

Inc.

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

Canada

2,709,000

797,709

a

De

Grey

Mining

Ltd.

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

Australia

9,828,393

9,782,429

Dundee

Precious

Metals,

Inc.

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

Canada

167,415

1,702,587

a

Eldorado

Gold

Corp.

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

Turkiye

656,724

11,423,748

a

Emerald

Resources

NL

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

Australia

8,250,000

22,655,695

Endeavour

Mining

plc

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

Burkina

Faso

1,268,114

28,079,114

a,f

Falcon

Metals

Ltd.

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

Australia

9,225,414

1,062,306

a,c,d

Firefinch

Ltd.

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

Australia

18,028,500

533,824

a

FireFly

Metals

Ltd.

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

Australia

9,137,185

7,619,238

a

Florida

Canyon

Gold,

Inc.

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

United

States

1,400,000

683,736

a

Founders

Metals,

Inc.

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

Canada

500,000

1,411,283

a,c,d

Founders

Metals,

Inc.

,

144A

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

Canada

980,000

2,525,885

G

Mining

Ventures

Corp.

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

Canada

6,165,312

52,648,802

a

Galiano

Gold,

Inc.

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

Canada

5,614,362

9,677,501

a

Genesis

Minerals

Ltd.

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

Australia

8,316,549

13,277,386

a,f

Geopacific

Resources

Ltd.

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

Australia

60,464,743

1,233,360

Gold

Fields

Ltd.

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

South

Africa

439,800

7,252,959

a

Greatland

Gold

plc

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

United

Kingdom

201,575,000

16,632,355

a

Greenheart

Gold,

Inc.

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

Canada

137,500

71,103

a

Greenheart

Gold,

Inc.

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

Canada

975,000

504,183

a,f

Heliostar

Metals

Ltd.

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

Canada

16,787,500

6,872,464

a,c,d,f

Heliostar

Metals

Ltd.

,

144A

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

Canada

1,180,000

442,552

a

Hochschild

Mining

plc

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

Peru

2,688,520

7,954,870

a,f

Integra

Resources

Corp.

,

(

CAD

Traded)

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

Canada

4,439,520

4,942,188

a,c,d,f

Integra

Resources

Corp.

,

(

CAD

Traded)

,

144A

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

Canada

2,100,000

2,130,322

a,f

Integra

Resources

Corp.

,

(

USD

Traded)

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

Canada

740,000

836,200

a

K92

Mining,

Inc.

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

Canada

1,841,571

12,247,601

a

Kingsgate

Consolidated

Ltd.

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

Australia

2,800,000

2,926,468

a,f

Liberty

Gold

Corp.

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

Canada

16,329,800

4,163,521

a,b,f

Liberty

Gold

Corp.

,

144A

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

Canada

6,500,000

1,657,270

a

Lion

One

Metals

Ltd.

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

Canada

5,544,310

1,333,963

a

Mawson

Gold

Ltd.

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

Canada

13,426,000

10,414,106

a,c

Meeka

Metals

Ltd.

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

Australia

63,000,000

3,559,240

a,c,d,f

Monarch

Mining

Corp.

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

Canada

15,500,000

—

a

Montage

Gold

Corp.

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

Canada

6,000,000

10,686,968

a

New

Gold,

Inc.

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

Canada

5,800,000

15,950,000

a,f

Newcore

Gold

Ltd.

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

Canada

12,620,000

3,262,973

Newmont

Corp.

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

United

States

543,614

24,701,820

Newmont

Corp.

,

CDI

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

United

States

912,765

42,289,252

Northern

Star

Resources

Ltd.

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

Australia

662,254

7,683,888

a,f

O3

Mining,

Inc.

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

Canada

6,280,000

4,961,396

OceanaGold

Corp.

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

Australia

7,558,488

21,442,904

a

Omai

Gold

Mines

Corp.

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

Canada

17,500,000

2,136,675

a,f

Onyx

Gold

Corp.

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

Canada

1,300,000

168,061

a,f

Onyx

Gold

Corp.

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

Canada

1,400,750

181,086

a

Ora

Banda

Mining

Ltd.

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

Australia

38,707,692

23,623,620

a

Orla

Mining

Ltd.

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

Canada

3,246,364

15,598,215

a,b

Orla

Mining

Ltd.

,

144A

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

Canada

2,000,000

9,609,653

a,b

Osisko

Development

Corp.

,

144A

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

Canada

804,049

1,472,564

a,f

Pantoro

Ltd.

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

Australia

329,543,083

27,023,341

Perseus

Mining

Ltd.

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

Australia

21,916,211

40,969,121

a

Predictive

Discovery

Ltd.

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

Australia

78,157,421

14,281,373

a

Probe

Gold,

Inc.

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

Canada

705,000

825,331

a,b

Probe

Gold,

Inc.

,

144A

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

Canada

5,800,000

6,789,959

Ramelius

Resources

Ltd.

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

Australia

1,467,234

2,288,871

a

Resolute

Mining

Ltd.

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

Australia

27,033,333

14,452,255

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Gold

(continued)

a

Rio2

Ltd.

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

Canada

3,530,000

$

1,749,345

a

Robex

Resources,

Inc.

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

Canada

3,050,000

5,695,407

a,f

RTG

Mining,

Inc.

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

Australia

4,167,708

104,765

a,f

RTG

Mining,

Inc.

,

CDI

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

Australia

82,487,582

1,411,198

a,f

Saturn

Metals

Ltd.

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

Australia

17,486,957

3,202,107

a

Skeena

Resources

Ltd.

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

Canada

2,210,934

21,484,495

a

Southern

Cross

Gold

Ltd.

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

Canada

3,757,272

7,665,702

a

Spartan

Resources

Ltd.

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

Australia

17,053,207

17,723,746

a

St.

Augustine

Gold

and

Copper

Ltd.

,

(

CAD

Traded)

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

United

States

1,337,336

76,839

a,b

St.

Augustine

Gold

and

Copper

Ltd.

,

(

CAD

Traded)

,

144A

.......

United

States

16,383,333

941,334

a,b

St.

Augustine

Gold

and

Copper

Ltd.

,

(

USD

Traded)

,

144A

.......

United

States

10,000,000

574,568

a

St.

Barbara

Ltd.

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

Australia

9,008,021

2,719,101

a

STLLR

Gold,

Inc.

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

Canada

325,000

287,105

a,b

STLLR

Gold,

Inc.

,

144A

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

Canada

4,370,010

3,860,461

a,f

Talisker

Resources

Ltd.

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

Canada

5,280,000

1,820,232

a

Tolu

Minerals

Ltd.

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

Australia

4,240,000

2,650,424

a

Torex

Gold

Resources,

Inc.

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

Canada

1,165,000

25,126,549

a,b

Torex

Gold

Resources,

Inc.

,

144A

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

Canada

180,000

3,882,214

a

Troilus

Gold

Corp.

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

Canada

18,125,000

3,840,180

a

Vault

Minerals

Ltd.

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

Australia

102,833,903

26,482,837

a

West

African

Resources

Ltd.

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

Australia

7,579,984

9,098,338

a,c,d,f

Wiluna

Mining

Corp.

Ltd.

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

Australia

19,510,000

263,170

995,682,255

Precious

Metals

&

Minerals

4.0%

Anglo

American

Platinum

Ltd.

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

South

Africa

66,556

2,616,211

a,f

Aurion

Resources

Ltd.

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

Canada

7,475,000

3,596,976

a

Impala

Platinum

Holdings

Ltd.

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

South

Africa

1,590,000

10,495,111

a

Impala

Platinum

Holdings

Ltd.

,

ADR

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

South

Africa

1,206,100

8,104,992

Northam

Platinum

Holdings

Ltd.

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

South

Africa

689,019

5,089,413

a

Platinum

Group

Metals

Ltd.

,

(

CAD

Traded)

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

South

Africa

2,620,458

4,780,381

a

Platinum

Group

Metals

Ltd.

,

(

USD

Traded)

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

South

Africa

2,268,243

4,105,520

a,b

Platinum

Group

Metals

Ltd.

,

(

USD

Traded)

,

144A

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

South

Africa

36,628

66,819

a

Sable

Resources

Ltd.

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

Canada

12,000,000

387,834

a,f

TDG

Gold

Corp.

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

Canada

2,080,000

201,673

a,b,f

TDG

Gold

Corp.

,

144A

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

Canada

5,370,000

520,666

a,f

Thesis

Gold,

Inc.

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

Canada

11,144,053

6,403,018

a

Vizsla

Royalties

Corp.

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

Canada

175,833

236,153

a,b

Vizsla

Royalties

Corp.

,

144A

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

Canada

216,667

290,995

46,895,762

Research

&

Consulting

Services

0.2%

a

Chrysos

Corp.

Ltd.

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

Australia

490,000

1,753,965

a

Silver

2.4%

a

Aya

Gold

&

Silver,

Inc.

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

Canada

670,000

8,608,683

a

GoGold

Resources,

Inc.

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

Canada

9,402,458

10,804,706

Pan

American

Silver

Corp.

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

Canada

148,021

3,461,460

a

Silver

Mountain

Resources,

Inc.

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

Canada

13,400,000

625,561

a,f

Silver

Tiger

Metals,

Inc.

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

Canada

3,560,000

664,776

a,b,f

Silver

Tiger

Metals,

Inc.

,

144A

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

Canada

21,500,000

4,014,795

28,179,981

Total

Common

Stocks

(Cost

$

816,922,167

)

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

1,143,592,260

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Rights

a

Value

a

a

a

Rights

0.1%

Silver

0.1%

a

Pan

American

Silver

Corp.,

CVR

,

2/22/29

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

Canada

1,850,600

$

869,782

Total

Rights

(Cost

$

856,772

)

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

869,782

Warrants

a

a

a

Warrants

0.3%

Diversified

Metals

&

Mining

0.1%

a,b,c

Aston

Minerals

Ltd.

,

144A,

10/16/25

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

Australia

5,500,000

297

a,c,d

Contango

ORE,

Inc.

,

6/11/27

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

United

States

25,000

124,978

a,c,d

Vizsla

Silver

Corp.

,

144A,

11/15/24

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

Canada

1,500,000

894,171

1,019,446

Gold

0.2%

a,c,d,f

Ascot

Resources

Ltd.

,

7/25/26

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

Canada

3,300,000

143,419

a,c,d

Awale

Resources

Ltd.

,

5/08/26

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

Canada

1,750,000

7,275

a,c,d,f

Heliostar

Metals

Ltd.

,

144A,

1/11/25

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

Canada

650,000

19,300

a,c,d,f

Heliostar

Metals

Ltd.

,

144A,

12/08/25

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

Canada

1,720,833

267,330

a,f

Integra

Resources

Corp.

,

3/13/27

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

Canada

500,000

283,693

a,c,d,f

Liberty

Gold

Corp.

,

5/17/26

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

Canada

1,950,000

84,742

a,c,d,f

Monarch

Mining

Corp.

,

144A,

4/06/27

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

Canada

6,000,000

—

a,b,c

O3

Mining,

Inc.

,

144A,

8/28/26

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

Canada

440,000

30,491

a,c,d,f

Onyx

Gold

Corp.

,

144A,

7/06/25

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

Canada

650,000

2,973

a,b

Osisko

Development

Corp.

,

144A,

3/27/27

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

Canada

608,333

64,444

a,c,d

Robex

Resources,

Inc.

,

6/26/26

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

Canada

3,050,000

1,092,309

a,b,c

STLLR

Gold,

Inc.

,

144A,

11/28/26

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

Canada

537,600

65,674

a,c,d,f

Talisker

Resources

Ltd.

,

144A,

2/11/25

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

Canada

4,500,000

1,005

a,c,d

Troilus

Gold

Corp.

,

144A,

11/20/25

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

Canada

2,000,000

22,584

b,c

Troilus

Gold

Corp.

,

144A,

10/18/26

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

Canada

1,800,000

50,700

a,c,d,f

Wiluna

Mining

Corp.

Ltd.

,

12/31/24

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

Australia

9,755,000

—

2,135,939

Precious

Metals

&

Minerals

0.0%

†

a,c,d,f

TDG

Gold

Corp.

,

144A,

7/07/26

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

Canada

310,000

7,372

a

Vizsla

Royalties

Corp.

,

12/26/24

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

Canada

175,833

176,799

a,b

Vizsla

Royalties

Corp.

,

144A,

12/26/24

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

Canada

216,667

217,858

402,029

Silver

0.0%

†

a

Silver

Mountain

Resources,

Inc.

,

2/09/26

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

Canada

1,500,000

5,387

a

Silver

Mountain

Resources,

Inc.

,

4/24/28

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

Canada

3,100,000

44,529

49,916

Total

Warrants

(Cost

$

–

)

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

3,607,330

Units

Limited

Partnerships

0.1%

Gold

0.1%

a,c,d

Greenheart

Gold,

Inc.

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

Canada

2,800,000

1,340,060

Total

Limited

Partnerships

(Cost

$

1,018,737

)

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

1,340,060

Total

Long

Term

Investments

(Cost

$

818,797,676

)

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

1,149,409,432

a

Franklin

Gold

and

Precious

Metals

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

See

Abbreviations

on

page

13

.

Short

Term

Investments

1.0%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.9%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.582

%

....

United

States

10,206,699

$

10,206,699

Total

Money

Market

Funds

(Cost

$

10,206,699

)

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

10,206,699

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Money

Market

Funds

0.1%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.582

%

....

United

States

969,000

969,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

969,000

)

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

969,000

Total

Short

Term

Investments

(Cost

$

11,175,699

)

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

11,175,699

a

Total

Investments

(Cost

$

829,973,375

)

100.3

%

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

$1,160,585,131

Other

Assets,

less

Liabilities

(

0.3

)

%

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

(3,078,051)

Net

Assets

100.0%

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

$1,157,507,080

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

October

31,

2024,

the

aggregate

value

of

these

securities

was

$57,961,587,

representing

5.0%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

d

See

Note

3

regarding

restricted

securities.

e

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2024.

f

See

Note

4

regarding

holdings

of

5%

voting

securities.

g

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Gold

and

Precious

Metals

Fund

7

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

1.

Organization

Franklin

Gold

and

Precious

Metals

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the Fund.

As

a

result,

differences

may

arise

between

the

value

of

the Fund’s

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences, an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At October

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

Schedule

of

Investments

(unaudited)

8

Quarterly

Schedule

of

Investments

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

3.

Restricted

Securities

At

October

31,

2024,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

Shares

/

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Gold

and

Precious

Metals

Fund

3,300,000

a

Ascot

Resources

Ltd.

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

7/19/24

$

1,033,353

$

555,322

3,300,000

a

Ascot

Resources

Ltd.,

7/25/26

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

7/26/24

—

143,419

1,750,000

b

Awale

Resources

Ltd.,

5/08/26

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

5/10/24

—

7,275

25,000

c

Contango

ORE,

Inc.,

6/11/27

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

6/11/24

—

124,978

18,028,500

Firefinch

Ltd.

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

6/28/21

-

12/14/21

2,270,395

533,824

980,000

d

Founders

Metals,

Inc.,

144A

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

10/18/24

1,703,422

2,525,885

2,800,000

e

Greenheart

Gold

Inc

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

10/10/24

1,018,737

1,340,060

1,180,000

f

Heliostar

Metals

Ltd.,

144A

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

6/20/24

228,540

442,552

650,000

f

Heliostar

Metals

Ltd.,

144A,

1/11/25

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

7/12/23

—

19,300

1,720,833

f

Heliostar

Metals

Ltd.,

144A,

12/08/25

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

12/20/23

—

267,330

2,100,000

g

Integra

Resources

Corp.,

144A,

(CAD

Traded)

......

8/14/24

2,066,854

2,130,322

1,950,000

h

Liberty

Gold

Corp.,

5/17/26

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

5/21/24

—

84,742

1,380,000

i

Magna

Mining,

Inc.,

144A

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

10/25/24

1,042,709

1,027,944

15,500,000

Monarch

Mining

Corp.

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

4/04/22

-

1/18/23

3,340,290

—

6,000,000

Monarch

Mining

Corp.,

144A,

4/06/27

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

4/07/22

—

—

650,000

j

Onyx

Gold

Corp.,

144A,

7/06/25

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

7/07/23

—

2,973

45,900,000

Phoenix

Industrial

Minerals

Pty.

Ltd.

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

3/09/21

-

12/16/22

—

51,344

3,050,000

k

Robex

Resources,

Inc.,

6/26/26

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

6/28/24

—

1,092,309

4,500,000

l

Talisker

Resources

Ltd.,

144A,

2/11/25

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

8/12/22

—

1,005

310,000

m

TDG

Gold

Corp.,

144A,

7/07/26

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

7/10/23

—

7,372

2,000,000

n

Troilus

Gold

Corp.,

144A,

11/20/25

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

11/15/23

—

22,584

1,500,000

o

Vizsla

Silver

Corp.,

144A,

11/15/24

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

11/16/22

—

894,171

19,510,000

Wiluna

Mining

Corp.

Ltd.

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

2/28/20

-

6/10/22

9,867,301

263,170

9,755,000

Wiluna

Mining

Corp.

Ltd.,

12/31/24

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

6/10/22

—

—

Total

Restricted

Securities

(Value

is

1.0%

of

Net

Assets)

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

$22,571,601

$11,537,881

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$5,821,094

as

of

October

31,

2024.

b

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,043,200

as

of

October

31,

2024.

c

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$3,365,390

as

of

October

31,

2024.

d

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,411,283

as

of

October

31,

2024.

e

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$575,286

as

of

October

31,

2024.

f

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$6,872,464

as

of

October

31,

2024.

g

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$6,062,081

as

of

October

31,

2024.

h

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$5,820,791

as

of

October

31,

2024.

i

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,777,714

as

of

October

31,

2024.

2. Financial

Instrument

Valuation

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Schedule

of

Investments

(unaudited)

9

Quarterly

Schedule

of

Investments

4.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies’

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

October

31,

2024,

investments

in

“affiliated

companies”

were

as

follows: 

j

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$349,147

as

of

October

31,

2024.

k

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$5,695,407

as

of

October

31,

2024.

l

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,820,232

as

of

October

31,

2024.

m

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$722,339

as

of

October

31,

2024.

n

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$3,890,880

as

of

October

31,

2024.

o

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$21,544,870

as

of

October

31,

2024.

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.

..

$

933,762

$

—

$

—

$

—

$

(378,440)

$

555,322

3,300,000

$

—

Ascot

Resources

Ltd.,

144A

...........

10,447,840

—

—

—

(4,626,746)

5,821,094

32,420,000

—

Ascot

Resources

Ltd.,

7/25/26

..........

371,729

—

—

—

(228,310)

143,419

3,300,000

—

Aurion

Resources

Ltd.

..

3,031,466

229,025

(244,641)

—

581,126

3,596,976

7,475,000

—

Awale

Resources

Ltd.

..

1,456,875

—

(1,577,092)

a

—

120,217

—

b

—

—

Awale

Resources

Ltd.,

5/08/26

..........

246,601

—

—

—

—

c

—

c

—

c

—

Banyan

Gold

Corp.

...

3,098,345

—

—

—

378,719

3,477,064

22,517,629

—

Falcon

Metals

Ltd.

....

1,809,611

—

—

—

(747,305)

1,062,306

9,225,414

—

Geopacific

Resources

Ltd.

948,837

—

—

—

284,523

1,233,360

60,464,743

—

Heliostar

Metals

Ltd.

...

4,133,505

—

a

—

a

—

2,738,959

6,872,464

16,787,500

—

Heliostar

Metals

Ltd.,

144A

266,310

—

—

—

176,242

442,552

1,180,000

—

Heliostar

Metals

Ltd.,

144A,

1/11/25

.....

4,018

—

—

—

15,282

19,300

650,000

—

Heliostar

Metals

Ltd.,

144A,

12/08/25

....

105,965

—

—

—

161,365

267,330

1,720,833

—

Integra

Resources

Corp.,

(CAD

Traded)

.....

4,050,980

—

—

—

891,208

4,942,188

4,439,520

—

Integra

Resources

Corp.,

(USD

Traded)

.....

686,868

—

—

—

149,332

836,200

740,000

—

Integra

Resources

Corp.,

144A,

(CAD

Traded)

.

—

2,066,854

—

—

63,468

2,130,322

2,100,000

—

Integra

Resources

Corp.,

3/13/27

..........

170,185

—

—

—

113,508

283,693

500,000

—

Liberty

Gold

Corp.

....

1,100,343

—

(1,003,197)

a

—

(97,146)

—

b

—

—

Liberty

Gold

Corp.

.

...

4,848,621

—

—

—

(685,100)

4,163,521

16,329,800

—

3.

Restricted

Securities

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Schedule

of

Investments

(unaudited)

10

Quarterly

Schedule

of

Investments

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares/Warrants

Held

at

End

of

Period

Investment

Income

Franklin

Gold

and

Precious

Metals

Fund

(continued)

Non-Controlled

Affiliates

Liberty

Gold

Corp.,

144A

$

771,988

$

1,003,197

a

$

—

$

—

$

(117,915)

$

1,657,270

6,500,000

$

—

Liberty

Gold

Corp.,

5/17/26

139,760

—

—

—

(55,018)

84,742

1,950,000

—

Monarch

Mining

Corp.

.

—

—

—

—

—

—

15,500,000

—

Monarch

Mining

Corp.,

144A,

4/06/27

.....

—

—

—

—

—

—

6,000,000

—

Newcore

Gold

Ltd.

....

2,970,272

—

—

—

292,701

3,262,973

12,620,000

—

O3

Mining,

Inc.

......

4,395,119

950,677

a

—

—

(384,400)

4,961,396

6,280,000

—

Onyx

Gold

Corp

......

225,948

—

—

—

(57,887)

168,061

1,300,000

—

Onyx

Gold

Corp.

.....

243,458

—

—

—

(62,372)

181,086

1,400,750

—

Onyx

Gold

Corp.,

144A,

7/06/25

..........

16,116

—

—

—

(13,143)

2,973

650,000

—

Pantoro

Ltd.

........

18,712,673

—

(288,277)

(328,773)

8,927,718

27,023,341

329,543,083

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

..

5,363,734

—

(1,199,214)

113,108

—

c

—

c

—

c

—

Platinum

Group

Metals

Ltd.,

(USD

Traded)

..

3,765,283

—

—

—

—

c

—

c

—

c

—

Platinum

Group

Metals

Ltd.,

(USD

Traded),

144A

...........

60,744

—

—

—

—

c

—

c

—

c

—

RTG

Mining,

Inc.

.....

120,729

—

—

—

(15,964)

104,765

4,167,708

—

RTG

Mining,

Inc.,

144A,

9/08/24

..........

447

—

—

—

(447)

—

b

—

—

RTG

Mining,

Inc.,

CDI

..

2,265,249

—

—

—

(854,051)

1,411,198

82,487,582

—

Saturn

Metals

Ltd.

....

1,618,148

467,582

a

—

—

1,116,377

3,202,107

17,486,957

—

Silver

Mountain

Resources,

Inc.

....

679,292

—

—

—

—

c

—

c

—

c

—

Silver

Mountain

Resources,

Inc.,

2/09/26

5,431

—

—

—

—

c

—

c

—

c

—

Silver

Mountain

Resources,

Inc.,

4/24/28

33,675

—

—

—

—

c

—

c

—

c

—

Silver

Tiger

Metals,

Inc.

.

618,749

—

—

—

46,027

664,776

3,560,000

—

Silver

Tiger

Metals,

Inc.,

144A

...........

3,736,829

—

—

—

277,966

4,014,795

21,500,000

—

Talisker

Resources

Ltd.

.

1,586,849

—

—

—

233,383

1,820,232

5,280,000

—

Talisker

Resources

Ltd.,

144A,

2/11/25

.....

39

—

—

—

966

1,005

4,500,000

—

TDG

Gold

Corp.

.....

180,758

—

—

—

20,915

201,673

2,080,000

—

TDG

Gold

Corp.,

144A,

7/07/26

..........

3,589

—

—

—

3,783

7,372

310,000

—

TDG

Gold

Corp.,

144A.

.

466,669

—

—

—

53,997

520,666

5,370,000

—

Thesis

Gold,

Inc

.....

4,513,882

9,076,722

a

(8,308,572)

a

—

1,120,986

6,403,018

11,144,053

—

Thesis

Gold,

Inc.

.....

614,199

—

(768,151)

a

—

153,952

—

b

—

—

4.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Schedule

of

Investments

(unaudited)

11

Quarterly

Schedule

of

Investments

5.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

October

31,

2024,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

6. Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

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

Troilus

Gold

Corp.

....

$

4,049,770

$

928,347

$

—

$

—

$

—

c

$

—

c

—

c

$

—

Troilus

Gold

Corp.,

144A,

11/20/25

.........

69,708

—

—

—

—

c

—

c

—

c

—

Wiluna

Mining

Corp.

Ltd.

261,511

—

—

—

1,659

263,170

19,510,000

—

Wiluna

Mining

Corp.

Ltd.,

12/31/24

.........

—

—

—

—

—

—

9,755,000

—

Total

Affiliated

Securities

(Value

is

7.9%

of

Net

Assets)

..........

$95,202,479

$14,722,404

$(13,389,144)

$(215,665)

$9,600,135

$91,803,730

$—

a

May

include

accretion,

amortization,

and/or

other

cost

basis

adjustments.

b

As

of

October

31,

2024,

no

longer

held

by

the

fund.

c

As

of

October

31,

2024,

no

longer

an

affiliate.

    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,

4.582%

$4,363,217

$55,491,024

$(49,647,542)

$—

$—

$10,206,699

10,206,699

$105,821

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.582%

$44,000

$18,691,000

$(17,766,000)

$—

$—

$969,000

969,000

$13,582

Total

Affiliated

Securities

...

$4,407,217

$74,182,024

$(67,413,542)

$—

$—

$11,175,699

$119,403

4.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Schedule

of

Investments

(unaudited)

12

Quarterly

Schedule

of

Investments

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

October

31,

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.

At October

31,

2024,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Copper

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

$

7,735,776

$

—

$

—

$

7,735,776

Diversified

Metals

&

Mining

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

55,327,494

6,787,868

1,079,288

63,194,650

Environmental

&

Facilities

Services

.........

—

149,871

—

149,871

Gold

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

639,823,280

345,848,660

10,010,315

a

995,682,255

Precious

Metals

&

Minerals

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

33,263,774

13,631,988

—

46,895,762

Research

&

Consulting

Services

...........

1,753,965

—

—

1,753,965

Silver

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

28,179,981

—

—

28,179,981

Rights

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

869,782

—

—

869,782

Warrants

:

Diversified

Metals

&

Mining

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

—

—

1,019,446

1,019,446

Gold

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

348,137

—

1,787,802

a

2,135,939

Precious

Metals

&

Minerals

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

176,799

217,858

7,372

402,029

Silver

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

49,916

—

—

49,916

Limited

Partnerships

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

—

—

1,340,060

1,340,060

Short

Term

Investments

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

11,175,699

—

—

11,175,699

Total

Investments

in

Securities

...........

$778,704,603

$366,636,245

b

$15,244,283

$1,160,585,131

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$357,116,616,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

c

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a          

a

a

a

a

a

a

a

a

a

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

in

Securities:

Common

Stocks

Diversified

Metals

&

Mining

.........

$

221,567

$

1,042,708

$

—

d

$

—

$

(94,145)

$

—

$

—

$

(90,842)

$

1,079,288

$

(14,441)

Gold

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

7,294,790

d

5,881,945

(

4,640,356)

—

(626,009)

—

—

2,099,945

10,010,315

d

2,136,328

6. Fair

Value

Measurements

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

to

Schedule

of

Investments

(unaudited)

13

Quarterly

Schedule

of

Investments

Level

3

financial

instruments

include

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

recent

transactions,

private

transaction

prices

or

non-public

third-party

pricing

information

which

is

unobservable.

Abbreviations

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

c

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a          

a

a

a

a

a

a

a

a

a

Franklin

Gold

and

Precious

Metals

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks

(continued)

Precious

Metals

&

Minerals

........

$

614,199

$

—

$

(768,151)

$

—

$

—

$

—

$

—

$

153,952

$

—

$

—

Warrants

Diversified

Metals

&

Mining

.........

1,164,593

—

—

d

—

—

—

—

(145,147)

1,019,446

(116,722)

Gold

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

4,873,459

d

—

d

—

d

—

—

—

—

(3,085,657)

1,787,802

d

(1,496,864)

Precious

Metals

&

Minerals

........

3,589

d

—

—

d

—

—

—

—

3,783

7,372

3,783

Limited

Partnerships

Gold

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

—

1,018,737

—

—

—

—

—

321,323

1,340,060

321,323

Total

Investments

in

Securities

.

$14,172,197

$7,943,390

$(5,408,507)

$—

$(720,154)

—

—

(742,643)

$15,244,283

833,407

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Transferred

out

of

Level

3

as

a

result

of

the

availability

of

a

quoted

price

in

an

active

market

for

identical

securities

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

d

Includes

financial

instruments

determined

to

have

no

value.

Currency

CAD

Canadian

Dollar

USD

United

States

Dollar

Selected

Portfolio

ADR

American

Depositary

Receipt

CDI

CREST

Depository

Interest

CVR

Contingent

Value

Right

6. Fair

Value

Measurements

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.