NPORT-EX 2 FGPMF.htm PART F
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
8
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited),
October
31,
2025
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
Common
Stocks
97.8%
Copper
0.6%
a
Fuerte
Metals
Corp.
...................................
Canada
1,117,200
$
2,493,199
a
Imperial
Metals
Corp.
..................................
Canada
1,425,330
6,961,257
a
SolGold
plc
..........................................
Australia
16,000,000
3,695,175
13,149,631
Diversified
Metals
&
Mining
7.9%
a
AbraSilver
Resource
Corp.
..............................
Canada
627,400
2,938,945
a,b
Aclara
Resources,
Inc.
.................................
United
Kingdom
444,972
1,008,885
a
Adyton
Resources
Corp.
................................
Canada
2,000,000
292,325
a,c,d
Adyton
Resources
Corp.,
144A
...........................
Canada
10,280,000
1,415,057
a
Andean
Silver
Ltd.
.....................................
Australia
4,732,891
5,151,119
a
Antipa
Minerals
Ltd.
...................................
Australia
13,000,000
4,887,091
a
Arizona
Metals
Corp.
...................................
Canada
150,000
69,516
a,e
Arizona
Metals
Corp.,
144A
..............................
Canada
2,294,000
1,063,135
a,f
AuMega
Metals
Ltd.,
(AUD
Traded)
........................
Australia
10,813,044
318,521
a,f
AuMega
Metals
Ltd.,
(CAD
Traded)
........................
Australia
20,000,000
641,688
a
Awale
Resources
Ltd.
..................................
Canada
3,500,000
1,447,364
a
Azimut
Exploration,
Inc.
.................................
Canada
1,691,000
940,416
a
Blue
Moon
Metals,
Inc.
.................................
Canada
200,000
519,055
a,e
Blue
Moon
Metals,
Inc.,
144A
............................
Canada
2,349,453
6,097,472
a
Boab
Metals
Ltd.
......................................
Australia
1,943,698
481,710
a
Bravo
Mining
Corp.
....................................
Canada
2,830,000
5,891,840
a,e
Bravo
Mining
Corp.,
144A
...............................
Canada
415,000
863,998
a
Cerro
de
Pasco
Resources,
Inc.
..........................
Canada
7,400,000
2,527,470
a
Chalice
Mining
Ltd.
....................................
Australia
2,222,810
2,922,488
a
Challenger
Gold
Ltd.
...................................
Australia
48,359,635
4,116,491
a
Collective
Mining
Ltd.
..................................
Canada
700,000
7,985,455
a
Contango
ORE,
Inc.
...................................
United
States
488,301
10,478,939
a
Great
Pacific
Gold
Corp.
................................
Canada
6,898,700
2,238,001
a
Ivanhoe
Electric,
Inc.
...................................
United
States
534,603
7,906,778
a
Kairos
Minerals
Ltd.
...................................
Australia
145,500,000
3,514,883
a
Magna
Mining,
Inc.
....................................
Canada
6,003,646
11,514,604
a
Max
Resource
Corp.
...................................
Canada
6,000,000
470,571
a
Meridian
Mining
UK
Societas
.............................
Netherlands
11,660,500
10,724,783
a,c,d
Minera
Alamos,
Inc.,
144A
...............................
Canada
28,929,200
7,479,762
a
Minerals
260
Ltd.
.....................................
Australia
93,300,000
18,334,436
a
Nevada
King
Gold
Corp.
................................
Canada
14,000,000
1,447,364
a,e
NorthIsle
Copper
&
Gold,
Inc.,
144A
.......................
Canada
9,360,000
12,546,291
a,c,d
Phoenix
Industrial
Minerals
Pty.
Ltd.
.......................
Australia
45,900,000
51,055
a
Sable
Resources
Ltd.
..................................
Canada
12,000,000
342,234
a
Vior
,
Inc.
............................................
Canada
17,700,000
1,451,285
a
Vizsla
Silver
Corp.,
(CAD
Traded)
.........................
Canada
2,507,000
10,260,012
a,e
Vizsla
Silver
Corp.,
(CAD
Traded),
144A
....................
Canada
5,332,649
21,824,110
a
Vizsla
Silver
Corp.,
(USD
Traded)
.........................
Canada
1,054,100
4,332,351
a
Western
Copper
&
Gold
Corp.
............................
Canada
3,160,000
6,623,935
183,121,435
Environmental
&
Facilities
Services
0.0%
†
a
Clean
TeQ
Water
Ltd.
..................................
Australia
679,999
246,932
a
Gold
80.8%
Agnico
Eagle
Mines
Ltd.,
(CAD
Traded)
.....................
Canada
47,259
7,600,931
Agnico
Eagle
Mines
Ltd.,
(USD
Traded)
.....................
Canada
409,000
65,771,290
Alamos
Gold,
Inc.,
(CAD
Traded),
A
........................
Canada
886,316
27,324,733
Alamos
Gold,
Inc.,
(USD
Traded),
A
........................
Canada
1,004,500
30,928,555
a
Allied
Gold
Corp.
......................................
Canada
890,869
13,554,700
a
Amaroq
Ltd.
.........................................
Canada
2,800,000
3,163,390
Anglogold
Ashanti
plc
..................................
United
Kingdom
1,017,603
69,197,004
a
Artemis
Gold,
Inc.
.....................................
Canada
1,111,800
27,102,379
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
Asante
Gold
Corp.
....................................
Canada
1,950,000
$
2,891,876
a,c,d
Asante
Gold
Corp.
....................................
Canada
7,155,500
10,312,945
a,f
Asara
Resources
Ltd.
..................................
Australia
82,560,000
3,987,186
a,f
Ascot
Resources
Ltd.
..................................
Canada
123,364,100
3,958,065
a
Atex
Resources,
Inc.
...................................
Canada
9,510,800
17,562,990
a,d,g
Atex
Resources,
Inc.,
144A
..............................
Canada
1,353,242
2,498,946
a
Aurum
Resources
Ltd.
.................................
Australia
8,500,000
3,080,618
a
Ausgold
Ltd.
.........................................
Australia
16,166,666
8,224,404
B2Gold
Corp.
........................................
Canada
6,093,694
26,676,611
a,f
Banyan
Gold
Corp.
....................................
Canada
22,517,629
12,843,822
Barrick
Mining
Corp.
...................................
Canada
3,172,383
104,054,162
a
Barton
Gold
Holdings
Ltd.
...............................
Australia
5,850,000
4,608,124
a
Bellevue
Gold
Ltd.
.....................................
Australia
21,744,000
16,673,261
a
Belo
Sun
Mining
Corp.
.................................
Canada
3,500,000
823,500
a,e
Belo
Sun
Mining
Corp.,
144A
.............................
Canada
3,800,000
894,086
a
Black
Cat
Syndicate
Ltd.
................................
Australia
30,426,504
20,149,669
a
Brightstar
Resources
Ltd.
...............................
Australia
16,922,000
5,021,294
a
Calibre
Mining
Corp.
...................................
Canada
2,883,535
31,681,770
a
Catalyst
Metals
Ltd.
...................................
Australia
7,188,915
31,798,294
a
Dakota
Gold
Corp.
....................................
United
States
1,916,300
7,818,504
a
Eldorado
Gold
Corp.
...................................
Turkiye
464,724
11,911,752
a
Emerald
Resources
NL
.................................
Australia
6,925,000
21,505,714
Endeavour
Mining
plc
..................................
Ivory
Coast
1,123,114
44,995,027
a
Equinox
Gold
Corp.,
(CAD
Traded)
........................
Canada
3,918,236
43,050,165
a
Equinox
Gold
Corp.,
(USD
Traded)
........................
Canada
725,000
7,953,250
a,f
Falcon
Metals
Ltd.
.....................................
Australia
12,145,414
5,365,755
a
Felix
Gold
Ltd.
.......................................
Australia
16,056,000
5,714,955
a,c,d
Firefinch
Ltd.
.........................................
Australia
18,028,500
702,278
a
FireFly
Metals
Ltd.
....................................
Australia
9,137,185
11,367,082
a
Founders
Metals,
Inc.
..................................
Canada
2,910,000
7,552,244
a
G
Mining
Ventures
Corp.
................................
Canada
4,607,312
90,697,575
a
Galiano
Gold,
Inc.
.....................................
Canada
7,707,219
18,463,695
a
Genesis
Minerals
Ltd.
..................................
Australia
7,146,549
27,189,756
a
Geopacific
Resources
Ltd.
..............................
Australia
143,886,772
3,671,660
Gold
Fields
Ltd.
.......................................
South
Africa
439,800
16,956,979
a
Gold
X2
Mining,
Inc.
...................................
Canada
14,643,960
5,638,115
a
Gorilla
Gold
Mines
Ltd.
.................................
Australia
14,420,000
3,770,830
a
Greatland
Resources
Ltd.
...............................
Australia
9,143,750
44,144,631
a
Greenheart
Gold,
Inc.
..................................
Canada
137,500
132,348
a
Greenheart
Gold,
Inc.
..................................
Canada
3,775,000
3,633,561
a,f
Heliostar
Metals
Ltd.
...................................
Canada
16,867,500
22,008,146
Hochschild
Mining
plc
..................................
Peru
2,588,520
11,252,252
a
Hycroft
Mining
Holding
Corp.,
A
...........................
United
States
1,104,280
8,392,528
a
Integra
Resources
Corp.,
(CAD
Traded)
....................
Canada
7,193,320
20,053,389
a
Integra
Resources
Corp.,
(USD
Traded)
....................
Canada
740,000
2,094,200
a
K92
Mining,
Inc.
......................................
Canada
2,011,571
26,748,279
a
Kingsgate
Consolidated
Ltd.
.............................
Australia
2,800,000
7,161,445
a,f
Liberty
Gold
Corp.
.....................................
Canada
16,329,800
9,081,490
a,e,f
Liberty
Gold
Corp.,
144A
................................
Canada
11,389,100
6,333,819
a,e,f
Maple
Gold
Mines
Ltd.,
144A
.............................
Canada
3,849,386
3,760,051
a
Medallion
Metals
Ltd.
..................................
Australia
20,570,000
6,112,794
a
Meeka
Metals
Ltd.
.....................................
Australia
107,559,186
14,400,594
a,c,d,f
Monarch
Mining
Corp.
..................................
Canada
15,500,000
—
a
Montage
Gold
Corp.
...................................
Canada
4,270,000
21,189,405
a
New
Gold,
Inc.
.......................................
Canada
2,690,000
19,744,600
a
New
Murchison
Gold
Ltd.
...............................
Australia
281,502,000
5,893,976
a,f
Newcore
Gold
Ltd.
....................................
Canada
14,120,000
6,694,806
Newmont
Corp.
.......................................
United
States
394,614
31,951,896
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)
Newmont
Corp.,
CDI
...................................
United
States
901,265
$
73,252,511
Northern
Star
Resources
Ltd.
............................
Australia
1,240,782
20,007,414
OceanaGold
Corp.
....................................
Australia
726,496
16,249,103
a
Omai
Gold
Mines
Corp.
.................................
Canada
21,750,000
18,298,813
a,c,d
Omai
Gold
Mines
Corp.,
144A
............................
Canada
2,474,678
1,855,787
a,f
Onyx
Gold
Corp.
......................................
Canada
1,400,750
1,188,473
a,f
Onyx
Gold
Corp.
......................................
Canada
3,973,201
3,371,080
a
Ora
Banda
Mining
Ltd.
.................................
Australia
32,257,692
25,389,862
a
Orla
Mining
Ltd.
......................................
Canada
2,371,364
24,465,179
a,e
Orla
Mining
Ltd.,
144A
..................................
Canada
2,590,000
26,720,830
a
Osisko
Development
Corp.,
(CAD
Traded)
...................
Canada
985,000
3,076,040
a,e
Osisko
Development
Corp.,
(CAD
Traded),
144A
..............
Canada
804,049
2,510,951
a,c,d
Osisko
Development
Corp.,
(USD
Traded),
144A
..............
Canada
1,600,000
4,649,733
Pan
American
Silver
Corp.
..............................
Canada
130,021
4,579,543
a
Pantoro
Gold
Ltd.
.....................................
Australia
9,855,330
32,914,024
Perseus
Mining
Ltd.
...................................
Australia
19,266,211
61,150,392
a
Predictive
Discovery
Ltd.
................................
Australia
37,857,421
14,007,681
a
Probe
Gold,
Inc.
......................................
Canada
7,604,800
19,844,974
a,c,d,f
Q-Gold
Resources
Ltd.,
144A
............................
Canada
8,725,887
1,282,171
a
Radisson
Mining
Resources,
Inc.,
A
........................
Canada
9,935,398
5,029,505
Ramelius
Resources
Ltd.
...............................
Australia
8,665,795
18,747,504
a
Resolute
Mining
Ltd.
...................................
Australia
17,382,892
10,819,083
a
Rio2
Ltd.
............................................
Canada
4,730,000
7,925,208
a
Robex
Resources,
Inc.
.................................
Canada
7,550,000
24,439,057
a
Robex
Resources,
Inc.,
CDI
.............................
Canada
1,275,000
4,072,432
a
RTG
Mining,
Inc.
......................................
Australia
4,167,708
89,146
a
RTG
Mining,
Inc.,
CDI
..................................
Australia
82,487,582
1,565,177
a
Rupert
Resources
Ltd.
.................................
Canada
1,000,000
4,006,987
a
Santana
Minerals
Ltd.
..................................
Australia
11,820,000
5,794,143
a,f
Saturn
Metals
Ltd.
.....................................
Australia
29,776,957
9,736,135
a
Sitka
Gold
Corp.
......................................
Canada
13,011,843
9,833,912
a,c,d
Sitka
Gold
Corp.,
144A
.................................
Canada
2,104,027
1,415,875
a
Skeena
Resources
Ltd.
.................................
Canada
1,611,863
26,076,198
a
Snowline
Gold
Corp.
...................................
Canada
1,545,450
13,343,838
a
Southern
Cross
Gold
Consolidated
Ltd.
.....................
Canada
2,256,090
13,141,960
a
Southern
Cross
Gold
Consolidated
Ltd.,
CDI
.................
Canada
2,182,272
12,934,702
a
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded)
............
United
States
337,336
88,991
a,e
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded),
144A
.......
United
States
16,383,333
4,322,009
a,e
St.
Augustine
Gold
and
Copper
Ltd.,
(USD
Traded),
144A
.......
United
States
10,000,000
2,638,052
a
St.
Barbara
Ltd.
.......................................
Australia
27,458,021
9,240,647
a
STLLR
Gold,
Inc.
.....................................
Canada
325,000
324,409
a,e
STLLR
Gold,
Inc.,
144A
.................................
Canada
4,370,010
4,362,065
a,f
Talisker
Resources
Ltd.
.................................
Canada
9,741,589
10,348,984
a
Tectonic
Metals,
Inc.
...................................
Canada
3,700,000
2,453,388
a
Tolu
Minerals
Ltd.
.....................................
Australia
9,518,700
8,843,881
a
Torex
Gold
Resources,
Inc.
..............................
Canada
1,271,000
52,505,608
a,e
Torex
Gold
Resources,
Inc.,
144A
.........................
Canada
323,400
13,359,806
a
Torque
Metals
Ltd.
....................................
Australia
9,113,732
1,488,221
a
Toubani
Resources
Ltd.,
CDI
.............................
Australia
8,551,510
2,154,172
a
Troilus
Gold
Corp.
.....................................
Canada
18,125,000
18,608,962
a
Turaco
Gold
Ltd.
......................................
Australia
10,276,530
3,151,425
a
Vault
Minerals
Ltd.
....................................
Australia
42,133,903
20,031,030
a
West
African
Resources
Ltd.
.............................
Australia
3,189,984
6,345,108
Westgold
Resources
Ltd.
...............................
Australia
4,600,000
15,942,709
a
WIA
Gold
Ltd.
........................................
Australia
22,700,000
5,272,677
a,c,d,f
Wiluna
Mining
Corp.
Ltd.
................................
Australia
19,510,000
6,382,697
1,869,144,415
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)
Oil
&
Gas
Exploration
&
Production
0.8%
a,c,d
Carcetti
Capital
Corp.,
144A
.............................
Canada
13,563,316
$
19,340,938
a
Precious
Metals
&
Minerals
4.5%
a
Aurion
Resources
Ltd.
..................................
Canada
7,475,000
5,542,761
Impala
Platinum
Holdings
Ltd.
............................
South
Africa
1,080,000
11,574,346
Impala
Platinum
Holdings
Ltd.,
ADR
.......................
South
Africa
909,100
9,663,733
Northam
Platinum
Holdings
Ltd.
..........................
South
Africa
564,019
9,419,500
a
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..................
South
Africa
1,525,458
3,415,164
a
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..................
South
Africa
2,104,871
4,693,862
a
Sierra
Madre
Gold
and
Silver
Ltd.
.........................
Canada
6,850,000
6,202,631
a,c
SUA
Holdings
Ltd.
.....................................
Canada
13,426,000
488,708
a,f
TDG
Gold
Corp.
......................................
Canada
7,557,000
5,711,326
a,c,d,f
TDG
Gold
Corp.,
144A
.................................
Canada
3,130,200
2,221,088
a,e,f
TDG
Gold
Corp.,
144A
.................................
Canada
5,370,000
4,058,465
a,f
Thesis
Gold,
Inc.
......................................
Canada
15,614,053
19,816,059
a,c,d,f
Thesis
Gold,
Inc.,
144A
.................................
Canada
1,000,000
1,241,516
Valterra
Platinum
Ltd.
..................................
South
Africa
218,314
13,502,557
a
Vizsla
Royalties
Corp.
..................................
Canada
1,487,266
4,506,706
a,e
Vizsla
Royalties
Corp.,
144A
.............................
Canada
408,334
1,237,332
103,295,754
Silver
3.2%
a
Aya
Gold
&
Silver,
Inc.
..................................
Morocco
795,000
8,457,025
a
Discovery
Silver
Corp.
..................................
Canada
5,886,700
24,595,246
a
GoGold
Resources,
Inc.
................................
Canada
9,722,458
17,745,886
a
Silver
Mines
Ltd.
......................................
Australia
69,200,000
7,678,773
a
Silver
Mountain
Resources,
Inc.
..........................
Canada
893,333
1,726,093
a,f
Silver
Tiger
Metals,
Inc.
.................................
Canada
880,000
451,749
a,e,f
Silver
Tiger
Metals,
Inc.,
144A
............................
Canada
26,478,500
13,592,756
74,247,528
Total
Common
Stocks
(Cost
$1,070,426,653)
....................................
2,262,546,633
Rights
a
a
Rights
0.0%
†
Gold
0.0%
†
a
Pan
American
Silver
Corp.,
CVR
,
2/22/29
...................
Canada
1,850,600
703,228
Total
Rights
(Cost
$856,772)
..................................................
703,228
Warrants
a
a
a
Warrants
0.7%
Copper
0.0%
†
a,c,d
Fuerte
Metals
Corp.,
144A,
2/20/49
........................
Canada
576,080
585,752
Diversified
Metals
&
Mining
0.2%
a,c,d
Adyton
Resources
Corp.,
144A,
8/13/27
....................
Canada
5,140,000
62,642
a,c,d
Awale
Resources
Ltd.,
144A,
5/08/26
......................
Canada
1,750,000
87,326
a,c,d
Cerro
de
Pasco
Resources
Sucursal
del
Peru,
144A,
11/14/26
....
Canada
3,700,000
310,712
a,c,d
Contango
ORE,
Inc.,
6/11/27
.............................
United
States
25,000
89,605
a,c,d
Great
Pacific
Gold
Corp.,
144A,
7/03/28
....................
Canada
3,449,350
289,078
a,c
Ivanhoe
Electric,
Inc.,
2/14/26
............................
United
States
214,300
1,669,397
a,c,d
Minera
Alamos,
Inc.,
144A,
9/17/28
........................
Canada
28,929,200
1,877,763
a,c,d
Vior
,
Inc.,
144A,
2/27/27
................................
Canada
17,700,000
75,669
4,462,192
Gold
0.4%
a,c,d,f
Ascot
Resources
Ltd.,
144A,
7/25/26
.......................
Canada
3,300,000
5,019
a,c,d,f
Ascot
Resources
Ltd.,
144A,
3/13/27
.......................
Canada
61,744,100
561,246
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
(continued)
Gold
(continued)
a,c,d,f
Heliostar
Metals
Ltd.,
144A,
12/08/25
......................
Canada
1,720,833
$
1,754,512
a
Integra
Resources
Corp.,
3/13/27
.........................
Canada
500,000
958,967
a,c,d,f
Liberty
Gold
Corp.,
144A,
5/17/26
.........................
Canada
1,950,000
458,807
a,c,d,f
Liberty
Gold
Corp.,
144A,
4/22/27
.........................
Canada
2,444,550
576,684
a,c,d,f
Monarch
Mining
Corp.,
144A,
4/06/27
......................
Canada
6,000,000
—
a,c,d,f
Newcore
Gold
Ltd.,
144A,
2/27/26
.........................
Canada
1,400,000
185,257
a
Osisko
Development
Corp.,
(CAD
Traded),
3/27/27
............
Canada
608,333
91,084
a,c,d
Osisko
Development
Corp.,
(USD
Traded),
144A,
8/15/27
.......
Canada
800,000
857,890
a,e
Osisko
Development
Corp.,
(USD
Traded),
144A,
10/01/29
......
Canada
985,000
1,221,400
a,c,d,f
Q-Gold
Resources
Ltd.,
144A,
9/30/27
.....................
Canada
4,362,943
228,629
a,c,d
STLLR
Gold,
Inc.,
144A,
2/06/27
..........................
Canada
537,600
75,850
a,f
Talisker
Resources
Ltd.,
5/05/28
..........................
Canada
300,000
175,395
a,c,d
Troilus
Gold
Corp.,
144A,
11/20/25
........................
Canada
2,000,000
1,340,416
a,c,d
Troilus
Gold
Corp.,
144A,
10/18/26
........................
Canada
1,800,000
1,270,543
9,761,699
Precious
Metals
&
Minerals
0.1%
a,c,d
Sierra
Madre
Gold
and
Silver
Ltd.,
144A,
7/24/26
.............
Canada
3,425,000
1,174,070
a,c,d,f
TDG
Gold
Corp.,
144A,
7/07/26
...........................
Canada
310,000
141,457
1,315,527
Silver
0.0%
†
a,c,d
Silver
Mines
Ltd.,
144A,
6/17/26
..........................
Australia
11,766,666
158,067
a,c,d
Silver
Mountain
Resources,
Inc.,
144A,
2/07/26
...............
Canada
1,500,000
6,223
a,e
Silver
Mountain
Resources,
Inc.,
144A,
4/24/28
...............
Canada
3,100,000
259,706
423,996
Total
Warrants
(Cost
$2,143)
..................................................
16,549,166
Total
Long
Term
Investments
(Cost
$1,071,285,568)
.............................
2,279,799,027
a
Short
Term
Investments
1.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.5%
h,i
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
4.038%
United
States
33,560,404
33,560,404
Total
Money
Market
Funds
(Cost
$33,560,404)
..................................
33,560,404
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Money
Market
Funds
0.0%
†
h,i
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
4.038%
United
States
855,000
855,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$855,000)
...................................................................
855,000
Total
Short
Term
Investments
(Cost
$34,415,404
)
................................
34,415,404
a
Total
Investments
(Cost
$1,105,700,972)
100.0%
................................
$2,314,214,431
Other
Assets,
less
Liabilities
0.0%
†
............................................
11,320
Net
Assets
100.0%
...........................................................
$2,314,225,751
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
See
Abbreviations
on
page
14
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
October
31,
2025.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
e
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,
2025,
the
aggregate
value
of
these
securities
was
$127,666,334,
representing
5.5%
of
net
assets.
f
See
Note
4
regarding
holdings
of
5%
voting
securities.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
h
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
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,
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)
9
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,
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
10,280,000
a
Adyton
Resources
Corp.,
144A
..................
8/12/25
$
2,984,360
$
1,415,057
5,140,000
a
Adyton
Resources
Corp.,
144A,
8/13/27
...........
8/14/25
—
62,642
7,155,500
b
Asante
Gold
Corp.
...........................
6/30/25
7,619,222
10,312,945
61,744,100
c
Ascot
Resources
Ltd.,
144A,
3/13/27
.............
3/18/25
—
561,246
3,300,000
c
Ascot
Resources
Ltd.,
144A,
7/25/26
.............
7/26/24
—
5,019
1,353,242
d
Atex
Resources,
Inc.,
144A
....................
10/30/25
2,515,230
2,498,946
1,750,000
e
Awale
Resources
Ltd.,
144A,
5/08/26
.............
5/10/24
—
87,326
13,563,316
Carcetti
Capital
Corp.,
144A
....................
9/24/25
19,513,457
19,340,938
3,700,000
f
Cerro
de
Pasco
Resources
Sucursal
del
Peru,
144A,
11/14/26
.................................
11/29/24
—
310,712
25,000
g
Contango
ORE,
Inc.,
6/11/27
...................
6/11/24
—
89,605
18,028,500
Firefinch
Ltd.
...............................
6/28/21
-
12/14/21
6,305,304
702,278
576,080
h
Fuerte
Metals
Corp.,
144A,
2/20/49
..............
10/21/25
—
585,752
3,449,350
i
Great
Pacific
Gold
Corp.,
144A,
7/03/28
...........
7/07/25
—
289,078
1,720,833
j
Heliostar
Metals
Ltd.,
144A,
12/08/25
.............
12/20/23
—
1,754,512
2,444,550
k
Liberty
Gold
Corp.,
144A,
4/22/27
................
4/23/25
—
576,684
1,950,000
k
Liberty
Gold
Corp.,
144A,
5/17/26
................
5/21/24
—
458,807
28,929,200
Minera
Alamos,
Inc.,
144A
.....................
9/04/25
7,428,206
7,479,762
28,929,200
Minera
Alamos,
Inc.,
144A,
9/17/28
..............
10/03/25
—
1,877,763
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
—
—
1,400,000
l
Newcore
Gold
Ltd.,
144A,
2/27/26
...............
2/28/25
—
185,257
2,474,678
m
Omai
Gold
Mines
Corp.,
144A
..................
10/16/25
2,025,177
1,855,787
1,600,000
n
Osisko
Development
Corp.,
144A
................
8/08/25
3,280,000
4,649,733
800,000
n
Osisko
Development
Corp.,
144A,
8/15/27
.........
8/18/25
—
857,890
45,900,000
Phoenix
Industrial
Minerals
Pty.
Ltd.
..............
3/09/21
-
12/16/22
—
51,055
8,725,887
Q-Gold
Resources
Ltd.,
144A
...................
9/19/25
949,395
1,282,171
4,362,943
Q-Gold
Resources
Ltd.,
144A,
9/30/27
............
10/24/25
—
228,629
3,425,000
o
Sierra
Madre
Gold
and
Silver
Ltd.,
144A,
7/24/26
....
7/25/25
—
1,174,070
11,766,666
p
Silver
Mines
Ltd.,
144A,
6/17/26
.................
1/07/25
—
158,067
1,500,000
q
Silver
Mountain
Resources,
Inc.,
144A,
2/07/26
.....
2/10/23
—
6,223
2,104,027
r
Sitka
Gold
Corp.,
144A
........................
10/27/25
1,653,755
1,415,875
537,600
s
STLLR
Gold,
Inc.,
144A,
2/06/27
................
2/09/24
—
75,850
2. Financial
Instrument
Valuation
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
10
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,
2025,
investments
in
“affiliated
companies”
were
as
follows: 
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Gold
and
Precious
Metals
Fund
(continued)
3,130,200
t
TDG
Gold
Corp.,
144A
........................
6/30/25
$
1,379,196
$
2,221,088
310,000
t
TDG
Gold
Corp.,
144A,
7/07/26
.................
7/10/23
—
141,457
1,000,000
u
Thesis
Gold,
Inc.,
144A
.......................
7/01/25
762,100
1,241,516
1,800,000
v
Troilus
Gold
Corp.,
144A,
10/18/26
...............
10/18/24
—
1,270,543
2,000,000
v
Troilus
Gold
Corp.,
144A,
11/20/25
...............
11/15/23
—
1,340,416
17,700,000
w
Vior,
Inc.,
144A,
2/27/27
.......................
2/28/25
—
75,669
19,510,000
Wiluna
Mining
Corp.
Ltd.
......................
2/28/20
-
6/10/22
9,867,301
6,382,697
Total
Restricted
Securities
(Value
is
3.2%
of
Net
Assets)
...............
$69,622,993
$73,023,065
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$292,325
as
of
October
31,
2025.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,891,876
as
of
October
31,
2025.
c
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,958,065
as
of
October
31,
2025.
d
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$17,562,990
as
of
October
31,
2025.
e
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,447,364
as
of
October
31,
2025.
f
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,527,470
as
of
October
31,
2025.
g
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$10,478,939
as
of
October
31,
2025.
h
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,493,199
as
of
October
31,
2025.
i
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,238,001
as
of
October
31,
2025.
j
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$22,008,146
as
of
October
31,
2025.
k
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$15,415,309
as
of
October
31,
2025.
l
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,694,806
as
of
October
31,
2025.
m
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$18,298,813
as
of
October
31,
2025.
n
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,899,475
as
of
October
31,
2025.
o
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,202,631
as
of
October
31,
2025.
p
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$7,678,773
as
of
October
31,
2025.
q
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,985,799
as
of
October
31,
2025.
r
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$9,833,912
as
of
October
31,
2025.
s
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,686,474
as
of
October
31,
2025.
t
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$9,769,791
as
of
October
31,
2025.
u
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$19,816,059
as
of
October
31,
2025.
v
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$18,608,962
as
of
October
31,
2025.
w
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,451,285
as
of
October
31,
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
Asara
Resources
Ltd
..
$
—
$
2,738,994
a
$
—
$
—
$
1,248,192
$
3,987,186
82,560,000
$
—
3.
Restricted
Securities
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
11
Quarterly
Schedule
of
Investments
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Ascot
Resources
Ltd.
..
$
6,232,309
$
—
$
—
$
—
$
(2,274,244)
$
3,958,065
123,364,100
$
—
Ascot
Resources
Ltd.,
144A,
7/25/26
.....
23,073
—
—
—
(18,054)
5,019
3,300,000
—
Ascot
Resources
Ltd.,
144A,
3/13/27
.....
1,204,625
—
—
—
(643,379)
561,246
61,744,100
—
AuMega
Metals
Ltd.,
(AUD
Traded)
..........
243,215
—
—
—
75,306
318,521
10,813,044
—
AuMega
Metals
Ltd.,
(CAD
Traded)
..........
505,196
—
—
—
136,492
641,688
20,000,000
—
Aurion
Resources
Ltd.
.
4,261,872
—
—
—
—
b
—
b
—
b
—
Banyan
Gold
Corp.
...
5,484,772
—
—
—
7,359,050
12,843,822
22,517,629
—
Falcon
Metals
Ltd.
....
2,697,018
1,331,615
a
(43,210)
(4,593)
1,384,925
5,365,755
12,145,414
—
Heliostar
Metals
Ltd.
...
14,523,383
—
(1,136,418)
862,432
7,758,749
22,008,146
16,867,500
—
Heliostar
Metals
Ltd.,
144A,
12/08/25
....
881,778
—
—
—
872,734
1,754,512
1,720,833
—
Liberty
Gold
Corp.
.
...
4,007,024
—
—
—
5,074,466
9,081,490
16,329,800
—
Liberty
Gold
Corp.,
144A
2,794,669
—
—
—
3,539,150
6,333,819
11,389,100
—
Liberty
Gold
Corp.,
144A,
5/17/26
..........
25,034
—
—
—
433,773
458,807
1,950,000
—
Liberty
Gold
Corp.,
144A,
4/22/27
..........
66,369
—
—
—
510,315
576,684
2,444,550
—
Maple
Gold
Mines
Ltd.,
144A
...........
—
3,287,147
—
—
472,904
3,760,051
3,849,386
—
Monarch
Mining
Corp.
.
—
—
—
—
—
—
15,500,000
—
Monarch
Mining
Corp.,
144A,
4/06/27
.....
—
—
—
—
—
—
6,000,000
—
Newcore
Gold
Ltd.
....
6,138,135
—
(540,572)
27,351
1,069,892
6,694,806
14,120,000
—
Newcore
Gold
Ltd.,
144A,
2/27/26
..........
116,241
—
—
—
69,016
185,257
1,400,000
—
Onyx
Gold
Corp
......
2,448,759
2,177,514
—
—
(1,255,193)
3,371,080
3,973,201
—
Onyx
Gold
Corp.
.....
1,759,025
—
—
—
(570,552)
1,188,473
1,400,750
—
Q-Gold
Resources
Ltd.,
144A
...........
—
949,394
a
—
—
332,777
1,282,171
8,725,887
—
Q-Gold
Resources
Ltd.,
144A,
9/30/27
.....
—
—
—
—
228,629
228,629
4,362,943
—
RTG
Mining,
Inc.
.....
75,197
—
—
—
—
b
—
b
—
b
—
RTG
Mining,
Inc.,
CDI
..
1,378,277
—
—
—
—
b
—
b
—
b
—
Saturn
Metals
Ltd.
....
7,181,760
1,509,260
a
(136,604)
(130,414)
1,312,133
9,736,135
29,776,957
—
Silver
Tiger
Metals,
Inc.
.
992,945
—
(835,287)
528,230
(234,139)
451,749
880,000
—
Silver
Tiger
Metals,
Inc.,
144A
...........
9,728,403
1,016,519
—
—
2,847,834
13,592,756
26,478,500
—
Talisker
Resources
Ltd.
.
2,164,261
4,132,841
—
—
4,051,882
10,348,984
9,741,589
—
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
October
31,
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
Talisker
Resources
Ltd.,
5/05/28
..........
$
35,183
$
—
$
—
$
—
$
140,212
$
175,395
300,000
$
—
TDG
Gold
Corp.
.....
2,138,258
2,073,194
—
—
1,499,874
5,711,326
7,557,000
—
TDG
Gold
Corp.,
144A
.
1,282,738
—
—
—
938,350
2,221,088
3,130,200
—
TDG
Gold
Corp.,
144A
.
2,364,102
—
—
—
1,694,363
4,058,465
5,370,000
—
TDG
Gold
Corp.,
144A,
7/07/26
..........
50,346
—
—
—
91,111
141,457
310,000
—
Thesis
Gold,
Inc.
.....
10,479,986
—
—
—
9,336,073
19,816,059
15,614,053
—
Thesis
Gold,
Inc.,
144A
.
646,956
—
—
—
594,560
1,241,516
1,000,000
—
Wiluna
Mining
Corp.
Ltd.
257,031
—
—
—
6,125,666
6,382,697
19,510,000
—
Total
Affiliated
Securities
(Value
is
6.9%
of
Net
Assets)
..........
$92,187,940
$19,216,478
$(2,692,091)
$1,283,006
$54,202,867
$158,482,854
$—
a
May
include
accretion,
amortization,
and/or
other
cost
basis
adjustments.
b
As
of
October
31,
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
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
4.038%
............
$19,635,328
$140,205,384
$(126,280,308)
$—
$—
$33,560,404
33,560,404
$410,058
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
4.038%
............
$734,000
$10,221,000
$(10,100,000)
$—
$—
$855,000
855,000
$10,043
Total
Affiliated
Securities
...
$20,369,328
$150,426,384
$(136,380,308)
$—
$—
$34,415,404
$420,101
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
13
Quarterly
Schedule
of
Investments
6. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
October
31,
2025,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Gold
and
Precious
Metals
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Copper
..............................
$
13,149,631
$
—
$
—
$
13,149,631
Diversified
Metals
&
Mining
...............
132,133,539
42,042,022
8,945,874
183,121,435
Environmental
&
Facilities
Services
.........
246,932
—
—
246,932
Gold
................................
1,263,673,313
578,869,616
26,601,486
a
1,869,144,415
Oil
&
Gas
Exploration
&
Production
.........
—
—
19,340,938
19,340,938
Precious
Metals
&
Minerals
...............
60,789,574
38,554,868
3,951,312
103,295,754
Silver
...............................
66,568,755
7,678,773
—
74,247,528
Rights
................................
703,228
—
—
703,228
Warrants
:
Copper
..............................
—
—
585,752
585,752
Diversified
Metals
&
Mining
...............
—
—
4,462,192
4,462,192
Gold
................................
2,446,846
—
7,314,853
a
9,761,699
Precious
Metals
&
Minerals
...............
—
—
1,315,527
1,315,527
Silver
...............................
259,706
—
164,290
423,996
Short
Term
Investments
...................
34,415,404
—
—
34,415,404
Total
Investments
in
Securities
...........
$1,574,386,928
$667,145,279
b
$72,682,224
$2,314,214,431
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$632,355,812,
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
Schedule
of
Investments
(unaudited)
14
Quarterly
Schedule
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At October
31,
2025,
the
reconciliation
is
as
follows:
Level
3
financial
instruments
include
the
fair
value
of
assets
and/or
liabilities
derived
from
recent
transactions,
private
transaction
prices,
or
non-public
third-party
pricing
information
that
is
unobservable. 
Abbreviations
Balance
at
Beginning
of
Period
Purchases
a
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
b
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
.........
$
50,146
$
10,412,566
$
—
$
—
$
—
$
—
$
—
$
(
1,516,838)
$
8,945,874
$
(1,516,838)
Gold
............
11,231,578
c
7,908,326
—
—
(2,349,235)
—
—
9,810,817
26,601,486
c
9,810,817
Oil
&
Gas
Exploration
&
Production
.......
—
19,513,457
—
—
—
—
—
(172,519)
19,340,938
(172,519)
Precious
Metals
&
Minerals
........
2,424,380
—
—
—
—
—
—
1,526,932
3,951,312
1,526,932
Warrants
Copper
..........
—
—
c
—
—
—
—
—
585,752
585,752
585,752
Diversified
Metals
&
Mining
.........
1,377,755
—
c
—
—
—
—
—
3,084,437
4,462,192
3,084,437
Gold
............
2,719,330
c
—
c
—
—
—
—
—
4,595,523
7,314,853
c
4,595,523
Precious
Metals
&
Minerals
........
378,027
—
—
—
—
—
—
937,500
1,315,527
937,500
Silver
............
90,362
—
—
—
—
—
—
73,928
164,290
73,928
Total
Investments
in
Securities
.
$18,271,578
$37,834,349
$—
$—
$(2,349,235)
—
—
18,925,532
$72,682,224
18,925,532
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
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.
c
Includes
financial
instruments
determined
to
have
no
value.
Cu
r
rency
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.