NPORT-EX 2 FGPMF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
132-Q3PH
1
Schedule
of
Investments
(unaudited)
Franklin
Gold
and
Precious
Metals
Fund
2
Notes
to
Schedule
of
Investments
7
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited),
April
30,
2025
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
$
2,840,563
a
Imperial
Metals
Corp.
..................................
Canada
1,765,330
4,456,223
a
SolGold
plc
..........................................
Australia
20,000,000
1,801,810
9,098,596
Diversified
Metals
&
Mining
6.3%
a
AbraSilver
Resource
Corp.
..............................
Canada
940,000
2,161,468
a
Aclara
Resources,
Inc.
.................................
United
Kingdom
444,972
258,217
a
Andean
Silver
Ltd.
.....................................
Australia
2,000,000
1,344,462
a
Antipa
Minerals
Ltd.
...................................
Australia
13,000,000
4,435,262
a
Arizona
Metals
Corp.
...................................
Canada
150,000
124,039
a,b
Arizona
Metals
Corp.
,
144A
..............................
Canada
2,294,000
1,896,968
a
Aston
Minerals
Ltd.
....................................
Australia
36,000,000
438,136
a,c
AuMega
Metals
Ltd.
,
(
AUD
Traded)
........................
Australia
10,813,044
256,273
a,c
AuMega
Metals
Ltd.
,
(
CAD
Traded)
........................
Australia
20,000,000
507,762
a
Azimut
Exploration,
Inc.
.................................
Canada
1,691,000
674,634
a
Bravo
Mining
Corp.
....................................
Canada
2,830,000
4,947,265
a,b
Bravo
Mining
Corp.
,
144A
...............................
Canada
415,000
725,482
a
Cerro
de
Pasco
Resources,
Inc.
..........................
Canada
7,400,000
1,649,460
a
Chalice
Mining
Ltd.
....................................
Australia
2,522,810
1,776,484
a
Collective
Mining
Ltd.
..................................
Canada
700,000
6,438,416
a
Contango
ORE,
Inc.
...................................
United
States
156,457
2,199,785
a
Ivanhoe
Electric,
Inc.
...................................
United
States
543,200
3,422,160
a
Magna
Mining,
Inc.
....................................
Canada
3,590,000
3,645,728
a,d,e
Magna
Mining,
Inc.
,
144A
...............................
Canada
1,000,000
938,581
a
Max
Resource
Corp.
...................................
Canada
6,000,000
195,851
a
Meridian
Mining
UK
Societas
.............................
Netherlands
7,700,000
3,798,056
a
Minerals
260
Ltd.
.....................................
Australia
95,754,545
7,973,625
a
Nevada
King
Gold
Corp.
................................
Canada
14,000,000
2,538,808
a,b
NorthIsle
Copper
&
Gold,
Inc.
,
144A
.......................
Canada
7,930,000
4,256,637
a,d,e
Phoenix
Industrial
Minerals
Pty.
Ltd.
.......................
Australia
45,900,000
49,982
a
Prime
Mining
Corp.
....................................
Canada
5,290,000
5,602,350
a,d,e
Vior,
Inc.
,
144A
.......................................
Canada
17,700,000
1,728,465
a
Vizsla
Silver
Corp.
.....................................
Canada
2,275,000
4,785,652
a,b
Vizsla
Silver
Corp.
,
144A
................................
Canada
7,700,000
16,197,592
a
Western
Copper
&
Gold
Corp.
............................
Canada
3,360,000
3,704,628
88,672,228
Environmental
&
Facilities
Services
0.0%
†
a
Clean
TeQ
Water
Ltd.
..................................
Australia
679,999
76,225
a
Gold
85.5%
Agnico
Eagle
Mines
Ltd.
,
(
CAD
Traded)
.....................
Canada
101,559
11,936,461
Agnico
Eagle
Mines
Ltd.
,
(
USD
Traded)
.....................
Canada
409,000
48,090,220
Alamos
Gold,
Inc.
,
(
CAD
Traded)
,
A
........................
Canada
1,101,316
31,483,290
Alamos
Gold,
Inc.
,
(
USD
Traded)
,
A
........................
Canada
1,014,500
28,933,540
a
Allied
Gold
Corp.
......................................
Canada
2,957,609
11,906,809
Anglogold
Ashanti
plc
..................................
United
Kingdom
1,028,603
43,365,902
a
Artemis
Gold,
Inc.
.....................................
Canada
1,566,800
22,503,003
a,c
Ascot
Resources
Ltd.
..................................
Canada
61,620,000
5,587,190
a,c,d,e
Ascot
Resources
Ltd.
,
144A
.............................
Canada
61,744,100
4,983,330
a
Atex
Resources,
Inc.
...................................
Canada
10,570,000
14,951,037
a
Aurum
Resources
Ltd.
.................................
Australia
8,500,000
1,987,306
a
Ausgold
Ltd.
.........................................
Australia
11,666,666
3,863,084
a
Awale
Resources
Ltd.
,
(
CAD
Traded)
......................
Canada
3,500,000
1,320,180
B2Gold
Corp.
........................................
Canada
6,783,694
21,208,270
a,c
Banyan
Gold
Corp.
....................................
Canada
22,517,629
4,246,760
Barrick
Gold
Corp.
....................................
Canada
2,258,383
42,999,612
a
Bellevue
Gold
Ltd.
.....................................
Australia
22,144,000
12,891,540
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
a
Belo
Sun
Mining
Corp.
.................................
Canada
3,500,000
$
533,150
a,b
Belo
Sun
Mining
Corp.
,
144A
.............................
Canada
3,800,000
578,848
a
Black
Cat
Syndicate
Ltd.
................................
Australia
29,387,200
18,596,550
a
Calibre
Mining
Corp.
...................................
Canada
16,094,343
37,708,347
a,d,e
Calibre
Mining
Corp.
...................................
Canada
525,000
1,181,542
a
Catalyst
Metals
Ltd.
...................................
Australia
6,388,915
23,208,174
a
Dakota
Gold
Corp.
....................................
United
States
1,746,300
4,715,010
a
De
Grey
Mining
Ltd.
...................................
Australia
9,878,393
14,439,818
a
Eldorado
Gold
Corp.
...................................
Turkiye
375,724
7,069,694
a
Emerald
Resources
NL
.................................
Australia
7,405,000
19,014,133
Endeavour
Mining
plc
..................................
Ivory
Coast
1,107,114
29,994,710
a,c
Falcon
Metals
Ltd.
.....................................
Australia
9,225,414
594,165
a,d,e
Firefinch
Ltd.
.........................................
Australia
18,028,500
519,667
a
FireFly
Metals
Ltd.
....................................
Australia
9,137,185
4,670,659
a
Founders
Metals,
Inc.
..................................
Canada
1,480,000
4,594,806
a,d,e
Founders
Metals,
Inc.
,
144A
.............................
Canada
300,000
859,179
G
Mining
Ventures
Corp.
................................
Canada
4,795,312
66,506,866
a
Galiano
Gold,
Inc.
.....................................
Canada
5,507,219
7,470,259
a
Genesis
Minerals
Ltd.
..................................
Australia
8,016,549
19,796,420
a
Geopacific
Resources
Ltd.
..............................
Australia
153,886,772
2,267,160
Gold
Fields
Ltd.
.......................................
South
Africa
439,800
9,864,255
a
Greatland
Gold
plc
....................................
United
Kingdom
190,875,000
33,832,422
a
Greenheart
Gold,
Inc.
..................................
Canada
137,500
86,773
a
Greenheart
Gold,
Inc.
..................................
Canada
3,775,000
2,382,308
a,c
Heliostar
Metals
Ltd.
...................................
Canada
17,967,500
15,118,453
a
Hochschild
Mining
plc
..................................
Peru
2,688,520
10,124,147
a
Integra
Resources
Corp.
,
(
CAD
Traded)
....................
Canada
7,513,320
12,970,914
a
Integra
Resources
Corp.
,
(
USD
Traded)
....................
Canada
740,000
1,250,600
a
K92
Mining,
Inc.
......................................
Canada
1,866,571
17,168,229
a
Kingsgate
Consolidated
Ltd.
.............................
Australia
2,800,000
3,010,046
a,c
Liberty
Gold
Corp.
.....................................
Canada
16,329,800
3,316,657
a,b,c
Liberty
Gold
Corp.
,
144A
................................
Canada
11,389,100
2,313,179
a
Lion
One
Metals
Ltd.
...................................
Canada
4,251,644
878,949
a
Meeka
Metals
Ltd.
.....................................
Australia
88,339,186
8,475,449
a,c,d,e
Monarch
Mining
Corp.
..................................
Canada
15,500,000
—
a
Montage
Gold
Corp.
...................................
Canada
5,450,000
14,073,698
a
New
Gold,
Inc.
.......................................
Canada
5,500,000
21,890,000
a
New
Murchison
Gold
Ltd.
...............................
Australia
163,962,000
1,575,388
a,c
Newcore
Gold
Ltd.
....................................
Canada
12,620,000
4,668,649
a,c,d,e
Newcore
Gold
Ltd.
,
144A
...............................
Canada
2,800,000
960,786
Newmont
Corp.
.......................................
United
States
356,614
18,786,426
Newmont
Corp.
,
CDI
...................................
United
States
867,765
45,772,876
Northern
Star
Resources
Ltd.
............................
Australia
267,254
3,282,862
OceanaGold
Corp.
....................................
Australia
4,643,488
16,437,126
a
Omai
Gold
Mines
Corp.
.................................
Canada
17,500,000
5,585,376
a,d,e
Omai
Gold
Mines
Corp.
,
144A
............................
Canada
4,250,000
1,233,231
a,c
Onyx
Gold
Corp.
......................................
Canada
1,400,750
751,890
a,c
Onyx
Gold
Corp.
......................................
Canada
1,950,000
1,046,714
a
Ora
Banda
Mining
Ltd.
.................................
Australia
34,607,692
22,113,658
a
Orla
Mining
Ltd.
......................................
Canada
2,721,364
29,965,404
a,b
Orla
Mining
Ltd.
,
144A
..................................
Canada
2,000,000
22,022,341
a
Osisko
Development
Corp.
..............................
Canada
985,000
1,679,059
a,b
Osisko
Development
Corp.
,
144A
.........................
Canada
804,049
1,370,604
a
Pantoro
Gold
Ltd.
.....................................
Australia
14,235,615
26,535,110
Perseus
Mining
Ltd.
...................................
Australia
20,116,211
43,113,290
a
Predictive
Discovery
Ltd.
................................
Australia
67,157,421
15,730,718
a
Probe
Gold,
Inc.
......................................
Canada
6,634,800
9,962,307
a,d,e
Probe
Gold,
Inc.
,
144A
.................................
Canada
1,550,000
2,206,489
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
Resolute
Mining
Ltd.
...................................
Australia
23,082,892
$
7,535,131
a
Rio2
Ltd.
............................................
Canada
4,730,000
3,568,258
a
Robex
Resources,
Inc.
.................................
Canada
4,500,000
10,021,036
a,c
RTG
Mining,
Inc.
......................................
Australia
4,167,708
90,694
a,c
RTG
Mining,
Inc.
,
CDI
..................................
Australia
82,487,582
1,585,123
a
Rupert
Resources
Ltd.
.................................
Canada
1,000,000
3,351,226
a,c
Saturn
Metals
Ltd.
.....................................
Australia
25,083,165
4,731,753
a
Sitka
Gold
Corp.
......................................
Canada
8,850,000
3,787,538
a
Skeena
Resources
Ltd.
.................................
Canada
1,816,899
21,719,495
a
Snowline
Gold
Corp.
...................................
Canada
700,000
4,092,558
a
Southern
Cross
Gold
Consolidated
Ltd.
.....................
Canada
3,101,090
10,549,914
a
Southern
Cross
Gold
Consolidated
Ltd.
,
CDI
.................
Canada
3,427,272
12,360,104
a
Spartan
Resources
Ltd.
.................................
Australia
14,406,764
18,689,313
a
St.
Augustine
Gold
and
Copper
Ltd.
,
(
CAD
Traded)
............
United
States
337,336
17,129
a,b
St.
Augustine
Gold
and
Copper
Ltd.
,
(
CAD
Traded)
,
144A
.......
United
States
16,383,333
831,883
a,b
St.
Augustine
Gold
and
Copper
Ltd.
,
(
USD
Traded)
,
144A
.......
United
States
10,000,000
507,761
a
St.
Barbara
Ltd.
.......................................
Australia
29,308,021
5,439,176
a
STLLR
Gold,
Inc.
.....................................
Canada
325,000
252,249
a,b
STLLR
Gold,
Inc.
,
144A
.................................
Canada
4,370,010
3,391,782
a,c
Talisker
Resources
Ltd.
.................................
Canada
5,280,000
2,221,384
a
Tolu
Minerals
Ltd.
.....................................
Australia
4,240,000
2,282,741
a
Torex
Gold
Resources,
Inc.
..............................
Canada
1,110,000
35,950,602
a,b
Torex
Gold
Resources,
Inc.
,
144A
.........................
Canada
180,000
5,829,827
a
Troilus
Gold
Corp.
.....................................
Canada
18,125,000
7,362,542
a
Vault
Minerals
Ltd.
....................................
Australia
62,933,903
17,317,505
a
West
African
Resources
Ltd.
.............................
Australia
4,209,984
6,443,011
Westgold
Resources
Ltd.
...............................
Australia
3,300,000
6,269,102
a,c,d,e
Wiluna
Mining
Corp.
Ltd.
................................
Australia
19,510,000
256,191
1,204,588,102
Precious
Metals
&
Minerals
3.3%
Anglo
American
Platinum
Ltd.
............................
South
Africa
56,556
1,936,704
a,c
Aurion
Resources
Ltd.
..................................
Canada
7,475,000
4,500,399
a
Impala
Platinum
Holdings
Ltd.
............................
South
Africa
1,315,000
7,820,473
a
Impala
Platinum
Holdings
Ltd.
,
ADR
.......................
South
Africa
1,206,100
7,128,051
Northam
Platinum
Holdings
Ltd.
..........................
South
Africa
689,019
4,624,815
a
Platinum
Group
Metals
Ltd.
,
(
CAD
Traded)
..................
South
Africa
2,420,458
2,949,637
a
Platinum
Group
Metals
Ltd.
,
(
USD
Traded)
..................
South
Africa
2,268,243
2,721,892
a,b
Platinum
Group
Metals
Ltd.
,
(
USD
Traded)
,
144A
.............
South
Africa
36,628
44,636
a
Sable
Resources
Ltd.
..................................
Canada
12,000,000
348,179
a,d
SUA
Holdings
Ltd.
.....................................
Canada
13,426,000
497,198
a
TDG
Gold
Corp.
......................................
Canada
4,482,833
1,625,864
a,b
TDG
Gold
Corp.
,
144A
.................................
Canada
5,370,000
1,947,628
a,c
Thesis
Gold,
Inc.
......................................
Canada
14,614,053
9,540,583
a
Vizsla
Royalties
Corp.
..................................
Canada
175,833
232,131
a
Vizsla
Royalties
Corp.
..................................
Canada
175,833
232,131
a,b
Vizsla
Royalties
Corp.
,
144A
.............................
Canada
216,667
286,040
a,b
Vizsla
Royalties
Corp.
,
144A
.............................
Canada
266,667
352,048
46,788,409
Research
&
Consulting
Services
0.1%
a
Chrysos
Corp.
Ltd.
....................................
Australia
490,000
1,206,262
a
Silver
2.9%
a
Aya
Gold
&
Silver,
Inc.
..................................
Canada
615,000
4,229,073
a
Discovery
Silver
Corp.
..................................
Canada
4,146,700
8,301,822
a
GoGold
Resources,
Inc.
................................
Canada
11,702,458
15,024,917
Pan
American
Silver
Corp.
..............................
Canada
148,021
3,726,831
a
Silver
Mines
Ltd.
......................................
Australia
35,300,000
2,491,281
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Silver
(continued)
a
Silver
Mountain
Resources,
Inc.
..........................
Canada
893,333
$
401,760
a,c
Silver
Tiger
Metals,
Inc.
.................................
Canada
3,560,000
839,257
a,b,c
Silver
Tiger
Metals,
Inc.
,
144A
............................
Canada
25,000,000
5,893,661
40,908,602
Total
Common
Stocks
(Cost
$
839,386,707
)
.....................................
1,391,338,424
Rights
a
a
Rights
0.0%
†
Silver
0.0%
†
a
Pan
American
Silver
Corp.,
CVR
,
2/22/29
...................
Canada
1,850,600
668,622
Total
Rights
(Cost
$
856,772
)
..................................................
668,622
Warrants
a
a
a
Warrants
0.5%
Diversified
Metals
&
Mining
0.1%
a,b,d
Aston
Minerals
Ltd.
,
144A,
10/16/25
.......................
Australia
5,500,000
539
a,d,e
Cerro
de
Pasco
Resources
Sucursal
del
Peru
,
144A,
11/14/26
....
Canada
3,700,000
164,232
a,d,e
Contango
ORE,
Inc.
,
6/11/27
.............................
United
States
25,000
68,879
a,d
Ivanhoe
Electric,
Inc.
,
2/14/26
............................
United
States
214,300
413,930
a,d,e
Vior,
Inc.
,
144A,
2/27/27
................................
Canada
17,700,000
274,757
922,337
Gold
0.4%
a,c,d,e
Ascot
Resources
Ltd.
,
144A,
7/25/26
.......................
Canada
3,300,000
27,791
a,c,d,e
Ascot
Resources
Ltd.
,
144A,
3/13/27
.......................
Canada
61,744,100
1,905,262
a,d,e
Awale
Resources
Ltd.
,
144A,
5/08/26
......................
Canada
1,750,000
61,617
a,c,d,e
Heliostar
Metals
Ltd.
,
144A,
12/08/25
......................
Canada
1,720,833
936,185
a
Integra
Resources
Corp.
,
3/13/27
.........................
Canada
500,000
489,627
a,c,d,e
Liberty
Gold
Corp.
,
144A,
5/17/26
.........................
Canada
1,950,000
63,841
c,d,e
Liberty
Gold
Corp.
,
4/22/27
..............................
Canada
2,444,550
123,875
a,c,d,e
Monarch
Mining
Corp.
,
144A,
4/06/27
......................
Canada
6,000,000
—
a,c,d,e
Newcore
Gold
Ltd.
,
144A,
2/27/26
.........................
Canada
1,400,000
150,973
a
Osisko
Development
Corp.
,
(
CAD
Traded),
3/27/27
............
Canada
608,333
60,674
a,b
Osisko
Development
Corp.
,
(
USD
Traded),
144A,
10/01/29
......
Canada
985,000
403,850
a,b
Robex
Resources,
Inc.
,
144A,
6/26/26
......................
Canada
3,050,000
1,327,434
a,b,d
STLLR
Gold,
Inc.
,
144A,
11/28/26
.........................
Canada
537,600
43,669
a,d,e
Troilus
Gold
Corp.
,
144A,
11/20/25
........................
Canada
2,000,000
187,394
a,b,d
Troilus
Gold
Corp.
,
144A,
10/18/26
........................
Canada
1,800,000
247,984
6,030,176
Precious
Metals
&
Minerals
0.0%
†
a,d,e
TDG
Gold
Corp.
,
144A,
7/07/26
...........................
Canada
310,000
41,842
Silver
0.0%
†
a,d,e
Silver
Mines
Ltd.
,
144A,
6/17/26
..........................
Australia
11,766,666
74,105
a,b
Silver
Mountain
Resources,
Inc.
,
144A,
2/09/26
...............
Canada
1,500,000
5,440
a,b
Silver
Mountain
Resources,
Inc.
,
144A,
4/24/28
...............
Canada
3,100,000
61,838
141,383
Total
Warrants
(Cost
$
2,143
)
..................................................
7,135,738
Total
Long
Term
Investments
(Cost
$
840,245,622
)
...............................
1,399,142,784
a
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
See
Abbreviations
on
page
13
.
Short
Term
Investments
0.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.6%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
....
United
States
8,633,841
$
8,633,841
Total
Money
Market
Funds
(Cost
$
8,633,841
)
...................................
8,633,841
Total
Short
Term
Investments
(Cost
$
8,633,841
)
.................................
8,633,841
a
Total
Investments
(Cost
$
848,879,463
)
99.9
%
...................................
$1,407,776,625
Other
Assets,
less
Liabilities
0.1
%
.............................................
938,951
Net
Assets
100.0%
...........................................................
$1,408,715,576
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2025,
the
aggregate
value
of
these
securities
was
$70,537,671,
representing
5.0%
of
net
assets.
c
See
Note
4
regarding
holdings
of
5%
voting
securities.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
See
Note
3
regarding
restricted
securities.
f
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Gold
and
Precious
Metals
Fund
7
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Franklin
Gold
and
Precious
Metals
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the Fund.
As
a
result,
differences
may
arise
between
the
value
of
the Fund’s
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences, an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At April
30,
2025,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
3.
Restricted
Securities
At
April
30,
2025,
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
61,744,100
a
Ascot
Resources
Ltd.,
144A
.
...................
3/10/25
$
4,917,123
$
4,983,330
61,744,100
a
Ascot
Resources
Ltd.,
144A,
3/13/27
.............
3/18/25
—
1,905,262
3,300,000
a
Ascot
Resources
Ltd.,
144A,
7/25/26
.............
7/26/24
—
27,791
1,750,000
b
Awale
Resources
Ltd.,
144A,
5/08/26
.............
5/10/24
—
61,617
525,000
c
Calibre
Mining
Corp.
.........................
1/27/25
825,478
1,181,542
3,700,000
d
Cerro
de
Pasco
Resources
Sucursal
del
Peru,
144A,
11/14/26
.................................
11/29/24
—
164,232
25,000
e
Contango
ORE,
Inc.,
6/11/27
...................
6/11/24
—
68,879
18,028,500
Firefinch
Ltd.
...............................
6/28/21
-
12/14/21
6,305,304
519,667
300,000
f
Founders
Metals,
Inc.,
144A
....................
2/14/25
1,122,049
859,179
1,720,833
g
Heliostar
Metals
Ltd.,
144A,
12/08/25
.............
12/20/23
—
936,185
1,950,000
h
Liberty
Gold
Corp.,
144A,
5/17/26
................
5/21/24
—
63,841
2,444,550
h
Liberty
Gold
Corp.,
4/22/27
....................
4/23/25
—
123,875
1,000,000
i
Magna
Mining,
Inc.,
144A
......................
3/03/25
1,068,634
938,581
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
—
—
2,800,000
j
Newcore
Gold
Ltd.,
144A
......................
2/24/25
716,414
960,786
1,400,000
j
Newcore
Gold
Ltd.,
144A,
2/27/26
...............
2/28/25
—
150,973
4,250,000
k
Omai
Gold
Mines
Corp.,
144A
..................
2/07/25
893,107
1,233,231
45,900,000
Phoenix
Industrial
Minerals
Pty.
Ltd.
..............
3/09/21
-
12/16/22
—
49,982
1,550,000
l
Probe
Gold,
Inc.,
144A
........................
3/31/25
1,960,321
2,206,489
11,766,666
m
Silver
Mines
Ltd.,
144A,
6/17/26
.................
1/07/25
—
74,105
310,000
n
TDG
Gold
Corp.,
144A,
7/07/26
.................
7/10/23
—
41,842
2,000,000
o
Troilus
Gold
Corp.,
144A,
11/20/25
...............
11/15/23
—
187,394
17,700,000
Vior,
Inc.,
144A
..............................
2/20/25
2,497,090
1,728,465
17,700,000
Vior,
Inc.,
144A,
2/27/27
.......................
2/28/25
—
274,757
19,510,000
Wiluna
Mining
Corp.
Ltd.
......................
2/28/20
-
6/10/22
9,867,301
256,191
Total
Restricted
Securities
(Value
is
1.4%
of
Net
Assets)
...............
$33,513,111
$18,998,196
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$5,587,190
as
of
April
30,
2025.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,320,180
as
of
April
30,
2025.
c
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$37,708,347
as
of
April
30,
2025.
d
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,649,460
as
of
April
30,
2025.
e
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,199,785
as
of
April
30,
2025.
f
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,594,806
as
of
April
30,
2025.
2. Financial
Instrument
Valuation
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
9
Quarterly
Schedule
of
Investments
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
April
30,
2025,
investments
in
“affiliated
companies”
were
as
follows: 
g
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$15,118,453
as
of
April
30,
2025.
h
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$5,629,836
as
of
April
30,
2025.
i
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,645,728
as
of
April
30,
2025.
j
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,668,649
as
of
April
30,
2025.
k
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$5,585,376
as
of
April
30,
2025.
l
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$9,962,307
as
of
April
30,
2025.
m
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,491,281
as
of
April
30,
2025.
n
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,573,492
as
of
April
30,
2025.
o
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$7,610,526
as
of
April
30,
2025.
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.
..
$
10,447,840
$
8,227,703
a
$
(4,221,504)
a
$
—
$
(8,866,849)
$
5,587,190
61,620,000
$
—
Ascot
Resources
Ltd.,
144A
...........
933,762
—
(1,033,352)
a
—
99,590
—
b
—
—
Ascot
Resources
Ltd.,
144A
.
..........
—
4,917,123
a
—
—
66,207
4,983,330
61,744,100
—
Ascot
Resources
Ltd.,
144A,
7/25/26
.....
371,729
—
—
—
(343,938)
27,791
3,300,000
—
Ascot
Resources
Ltd.,
144A,
3/13/27
.....
—
—
a
—
—
1,905,262
1,905,262
61,744,100
—
AuMega
Metals
Ltd.,
(AUD
Traded)
..........
325,225
—
—
—
(68,952)
256,273
10,813,044
—
AuMega
Metals
Ltd.,
(CAD
Traded),
144A
.....
—
710,985
a
—
—
(203,223)
507,762
20,000,000
—
Aurion
Resources
Ltd.
..
3,031,466
229,025
(244,641)
a
—
1,484,549
4,500,399
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
—
—
—
1,148,415
4,246,760
22,517,629
—
Falcon
Metals
Ltd.
....
1,809,611
—
—
—
(1,215,446)
594,165
9,225,414
—
Geopacific
Resources
Ltd.
948,837
1,213,724
(75,259)
(16,912,339)
—
c
—
c
—
c
—
Heliostar
Metals
Ltd.
...
4,133,505
228,540
a
—
—
10,756,408
15,118,453
17,967,500
—
Heliostar
Metals
Ltd.,
144A
266,310
—
(228,540)
a
—
(37,770)
—
b
—
—
Heliostar
Metals
Ltd.,
144A,
1/11/25
.....
4,018
—
—
—
(4,018)
—
b
—
—
Heliostar
Metals
Ltd.,
144A,
12/08/25
....
105,965
—
—
—
830,220
936,185
1,720,833
—
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
Integra
Resources
Corp.,
(CAD
Traded)
.....
$
4,050,980
$
2,901,346
a
$
—
$
—
$
—
c
$
—
c
—
c
$
—
Integra
Resources
Corp.,
(USD
Traded)
.....
686,868
—
—
—
—
c
—
c
—
c
—
Integra
Resources
Corp.,
3/13/27
..........
170,185
—
—
—
—
c
—
c
—
c
—
Liberty
Gold
Corp.
....
1,100,343
—
(1,003,197)
a
—
(97,146)
—
b
—
—
Liberty
Gold
Corp.
.
...
4,848,621
—
—
—
(1,531,964)
3,316,657
16,329,800
—
Liberty
Gold
Corp.,
144A
771,988
2,169,415
a
—
—
(628,224)
2,313,179
11,389,100
—
Liberty
Gold
Corp.,
144A,
5/17/26
..........
139,760
—
—
—
(75,919)
63,841
1,950,000
—
Liberty
Gold
Corp.,
4/22/27
—
—
—
—
123,875
123,875
2,444,550
—
Monarch
Mining
Corp.
.
—
—
—
—
—
—
15,500,000
—
Monarch
Mining
Corp.,
144A,
4/06/27
.....
—
—
—
—
—
—
6,000,000
—
Newcore
Gold
Ltd.
....
2,970,272
—
—
—
1,698,377
4,668,649
12,620,000
—
Newcore
Gold
Ltd.,
144A
—
716,413
a
—
—
244,373
960,786
2,800,000
—
Newcore
Gold
Ltd.,
144A,
2/27/26
..........
—
—
—
—
150,973
150,973
1,400,000
—
O3
Mining,
Inc.
......
4,395,119
1,394,271
a
(7,802,816)
(2,233,816)
4,247,242
—
b
—
—
Onyx
Gold
Corp
......
225,948
136,183
—
—
684,583
1,046,714
1,950,000
—
Onyx
Gold
Corp.
.....
243,458
—
—
—
508,432
751,890
1,400,750
—
Onyx
Gold
Corp.,
144A,
7/06/25
..........
16,116
—
—
a
—
(16,116)
—
b
—
—
Pantoro
Gold
Ltd.
....
18,712,673
—
(7,467,793)
(6,324,828)
—
c
—
c
—
c
—
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..
5,363,734
—
(1,538,898)
113,793
—
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
—
—
—
(30,035)
90,694
4,167,708
—
RTG
Mining,
Inc.,
144A,
9/08/24
..........
447
—
—
—
(447)
—
b
—
—
RTG
Mining,
Inc.,
CDI
..
2,265,249
—
—
—
(680,126)
1,585,123
82,487,582
—
Saturn
Metals
Ltd.
....
1,618,148
1,492,813
a
—
—
1,620,792
4,731,753
25,083,165
—
Silver
Mountain
Resources,
Inc.
....
679,292
—
(3,783,954)
a
—
3,104,662
—
b
—
—
Silver
Mountain
Resources,
Inc.,
2/09/26
5,431
—
—
—
—
c
—
c
—
c
—
Silver
Mountain
Resources,
Inc.,
4/24/28
33,675
—
—
—
—
c
—
c
—
c
—
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
April
30,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Silver
Tiger
Metals,
Inc.
.
$
618,749
$
—
$
—
$
—
$
220,508
$
839,257
3,560,000
$
—
Silver
Tiger
Metals,
Inc.,
144A
...........
3,736,829
810,669
—
—
1,346,163
5,893,661
25,000,000
—
Talisker
Resources
Ltd.
.
1,586,849
—
—
—
634,535
2,221,384
5,280,000
—
Talisker
Resources
Ltd.,
144A,
2/11/25
.....
39
—
—
—
(39)
—
b
—
—
TDG
Gold
Corp.
.....
180,758
821,162
—
—
—
c
—
c
—
c
—
TDG
Gold
Corp.,
144A,
7/07/26
..........
3,589
—
—
—
—
c
—
c
—
c
—
TDG
Gold
Corp.,
144A.
.
466,669
—
—
—
—
c
—
c
—
c
—
Thesis
Gold,
Inc.
.....
4,513,882
10,554,132
a
(8,308,572)
a
—
2,781,141
9,540,583
14,614,053
—
Thesis
Gold,
Inc.
.
....
614,199
—
(768,151)
a
—
153,952
—
b
—
—
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
—
—
—
(5,320)
256,191
19,510,000
—
Total
Affiliated
Securities
(Value
is
5.5%
of
Net
Assets)
..........
$95,527,704
$37,451,851
$(38,053,769)
$(25,357,190)
$20,124,944
$77,218,780
$—
a
May
include
accretion,
amortization,
and/or
other
cost
basis
adjustments.
b
As
of
April
30,
2025,
no
longer
held
by
the
fund.
c
As
of
April
30,
2025,
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,
4.052%
$4,363,217
$167,186,919
$(162,916,295)
$—
$—
$8,633,841
8,633,841
$303,603
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
6. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2025,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
$44,000
$44,284,000
$(44,328,000)
$—
$—
$—
—
$39,027
Total
Affiliated
Securities
...
$4,407,217
$211,470,919
$(207,244,295)
$—
$—
$8,633,841
$342,630
Level
1
Level
2
Level
3
Total
Franklin
Gold
and
Precious
Metals
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Copper
..............................
$
9,098,596
$
—
$
—
$
9,098,596
Diversified
Metals
&
Mining
...............
73,416,873
12,538,327
2,717,028
88,672,228
Environmental
&
Facilities
Services
.........
76,225
—
—
76,225
Gold
................................
802,793,875
389,593,812
12,200,415
a
1,204,588,102
Precious
Metals
&
Minerals
...............
29,443,420
16,847,791
497,198
46,788,409
Research
&
Consulting
Services
...........
—
1,206,262
—
1,206,262
Silver
...............................
38,417,321
2,491,281
—
40,908,602
Rights
................................
668,622
—
—
668,622
Warrants
:
Diversified
Metals
&
Mining
...............
—
—
922,337
922,337
Gold
................................
2,281,585
—
3,748,591
a
6,030,176
Precious
Metals
&
Minerals
...............
—
—
41,842
41,842
Silver
...............................
67,278
—
74,105
141,383
Short
Term
Investments
...................
8,633,841
—
—
8,633,841
Total
Investments
in
Securities
...........
$964,897,636
$422,677,473
b
$20,201,516
$1,407,776,625
a
Includes
financial
instruments
determined
to
have
no
value.
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
13
Quarterly
Schedule
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At April
30,
2025,
the
reconciliation
is
as
follows:
Level
3
financial
instruments
include
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
Abbreviations
b
Includes
foreign
securities
valued
at
$378,060,643,
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
$
3,565,723
$
—
d
$
—
$
(94,145)
$
—
$
—
$
(976,117)
$
2,717,028
$
(899,715)
Gold
............
7,294,790
d
10,434,492
(6,765,901)
—
(233,642)
—
(2,019,967)
3,490,643
12,200,415
d
973,955
Precious
Metals
&
Minerals
........
614,199
—
d
(768,151)
—
—
—
—
651,150
497,198
497,198
Warrants
Diversified
Metals
&
Mining
.........
1,164,593
2,143
d
—
d
—
—
—
—
(244,399)
922,337
772,547
Gold
............
4,873,459
d
—
d
—
d
—
(2,283,812)
—
—
1,158,944
3,748,591
d
2,767,910
Precious
Metals
&
Minerals
........
3,589
d
—
—
d
—
—
—
—
38,253
41,842
38,253
Silver
............
—
—
d
—
—
—
—
—
74,105
74,105
74,105
Total
Investments
in
Securities
.
$14,172,197
$14,002,358
$(7,534,052)
$—
$(2,611,599)
—
(2,019,967)
4,192,579
$20,201,516
4,224,253
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
AUD
Australian
Dollar
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.