Franklin Gold and Precious Metals Fund Advisor Class NPORTP Franklin Gold And Precious Metals Fund (Oct 2022 report)

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

132-Q1PH

Schedule

Investments

(unaudited)

Franklin

Gold

and

Precious

Metals

Fund

Notes

Schedule

Investments

Franklin

Gold

and

Precious

Metals

Fund

Schedule

Investments

(unaudited),

October

31,

2022

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Country

Value

Common

Stocks

98.6%

Copper

0.9%

a,b

Imperial

Metals

Corp.

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

Canada

2,065,330

3,683,758

SolGold

plc,

(CAD

Traded)

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

Australia

12,150,000

2,229,522

SolGold

plc,

(GBP

Traded)

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

Australia

10,650,000

1,954,147

Vizsla

Copper

Corp.

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

Canada

1,850,000

101,842

7,969,269

Diversified

Metals

Mining

9.7%

a,b

Aclara

Resources,

Inc.

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

United

Kingdom

444,972

89,817

Adventus

Mining

Corp.

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

Canada

3,350,000

725,374

a,c

Adventus

Mining

Corp.,

144A

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

Canada

4,500,000

974,384

Arizona

Metals

Corp.

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

Canada

150,000

385,349

a,c

Arizona

Metals

Corp.,

144A

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

Canada

1,244,000

3,195,831

Aston

Minerals

Ltd.

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

Australia

25,000,000

1,187,376

Azimut

Exploration,

Inc.

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

Canada

1,950,000

715,649

Bluestone

Resources,

Inc.

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

Canada

550,000

246,257

a,c

Bluestone

Resources,

Inc.,

144A

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

Canada

6,800,000

3,044,627

Bravo

Mining

Corp.

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

Canada

2,880,000

3,635,936

Chalice

Mining

Ltd.

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

Australia

4,734,965

12,928,980

a,d

Clean

Air

Metals,

Inc.

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

Canada

10,315,600

757,164

a,c,d

Euro

Sun

Mining,

Inc.,

144A

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

Canada

10,000,000

477,099

a,c,d

Mining

Ventures

Corp.,

144A

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

Canada

18,750,000

8,945,611

Ivanhoe

Electric,

Inc.

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

United

States

306,000

3,200,760

a,c

Ivanhoe

Mines

Ltd.,

144A

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

Canada

2,035,000

14,115,348

Ivanhoe

Mines

Ltd.,

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

Canada

420,000

2,913,241

Leo

Lithium

Ltd.

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

Australia

5,172,756

2,039,650

Matador

Mining

Ltd.

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

Australia

10,813,044

614,706

a,d

Max

Resource

Corp.

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

Canada

6,000,000

1,629,477

a,b

OreCorp

Ltd.

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

Australia

4,200,000

898,257

Prime

Mining

Corp.

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

Canada

3,500,000

3,031,415

Sunrise

Energy

Metals

Ltd.

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

Australia

1,359,999

1,753,750

a,d,e,f

Talisker

Resources

Ltd.

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

Canada

4,500,000

340,876

a,d

Talisker

Resources

Ltd.

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

Canada

21,900,000

1,848,576

Vizsla

Silver

Corp.

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

Canada

5,550,000

6,395,699

Western

Copper

Gold

Corp.

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

Canada

930,000

1,208,236

a,b

Western

Copper

Gold

Corp.

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

Canada

2,430,000

3,157,002

80,456,447

Environmental

Facilities

Services

0.0%

†

a,b

Clean

TeQ

Water

Ltd.

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

Australia

679,999

169,635

Gold

77.8%

Agnico

Eagle

Mines

Ltd.,

(CAD

Traded)

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

Canada

405,859

17,853,149

Agnico

Eagle

Mines

Ltd.,

(USD

Traded)

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

Canada

40,000

1,758,400

Alamos

Gold,

Inc.,

(CAD

Traded),

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

Canada

2,373,316

18,726,620

Alamos

Gold,

Inc.,

(USD

Traded),

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

Canada

1,744,500

13,764,105

AngloGold

Ashanti

Ltd.,

ADR

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

Tanzania

1,564,823

20,420,940

Artemis

Gold,

Inc.

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

Canada

3,720,000

10,211,979

a,b,c,d

Ascot

Resources

Ltd.,

144A

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

Canada

6,500,000

2,051,527

a,c,d

Ascot

Resources

Ltd.,

144A

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

Canada

22,220,000

7,013,065

a,b

Auteco

Minerals

Ltd.

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

Australia

93,057,775

2,683,066

B2Gold

Corp.

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

Canada

7,183,694

21,934,943

a,d

Banyan

Gold

Corp.

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

Canada

18,417,629

4,934,259

Barrick

Gold

Corp.

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

Canada

2,962,383

44,524,616

Bellevue

Gold

Ltd.

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

Australia

14,944,000

7,054,411

a,b

Belo

Sun

Mining

Corp.

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

Canada

3,500,000

655,094

a,c

Belo

Sun

Mining

Corp.,

144A

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

Canada

3,800,000

711,245

a,d

Black

Cat

Syndicate

Ltd.

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

Australia

11,522,800

2,207,587

Bonterra

Resources,

Inc.

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

Canada

3,500,000

976,218

a,b

Breaker

Resources

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

Australia

16,000,000

2,853,474

Franklin

Gold

and

Precious

Metals

Fund

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Country

Value

Common

Stocks

(continued)

Gold

(continued)

Centamin

plc

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

Egypt

13,615,200

13,841,151

Centerra

Gold,

Inc.

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

Kyrgyzstan

3,200

14,868

a,c

Centerra

Gold,

Inc.,

144A

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

Kyrgyzstan

2,825,900

13,129,732

Cerrado

Gold,

Inc.

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

Canada

2,800,000

1,541,397

Grey

Mining

Ltd.

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

Australia

5,000,000

3,382,439

Dundee

Precious

Metals,

Inc.

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

Canada

3,207,415

14,549,196

Eldorado

Gold

Corp.

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

Turkey

1,848,724

10,326,475

Emerald

Resources

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

Australia

17,220,000

12,474,448

Endeavour

Mining

plc

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

Burkina

Faso

2,532,114

45,033,120

a,b,d

Falcon

Metals

Ltd.

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

Australia

9,225,414

1,121,692

a,e

Firefinch

Ltd.

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

Australia

18,028,500

691,916

First

Mining

Gold

Corp.

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

Canada

7,500,000

1,128,523

a,b

Galiano

Gold,

Inc.

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

Canada

9,264,362

4,556,021

Gascoyne

Resources

Ltd.

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

Australia

3,690,800

540,958

Genesis

Minerals

Ltd.

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

Australia

6,298,509

4,629,200

a,d

Geopacific

Resources

Ltd.

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

Australia

38,375,694

1,448,274

Gold

Fields

Ltd.

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

South

Africa

999,800

8,010,551

a,d

Gold

Mountain

Mining

Corp.

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

Canada

3,900,000

386,451

a,d

Gold

Mountain

Mining

Corp.

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

Canada

2,050,000

203,134

a,d

HighGold

Mining,

Inc.

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

Canada

4,803,000

2,256,254

Hochschild

Mining

plc

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

Peru

2,038,520

1,245,567

a,b

i-80

Gold

Corp.

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

Canada

2,015,000

3,372,137

a,c

i-80

Gold

Corp.,

144A

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

Canada

675,000

1,129,624

a,d

Integra

Resources

Corp.,

(CAD

Traded)

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

Canada

2,260,000

1,227,540

a,d

Integra

Resources

Corp.,

(USD

Traded)

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

Canada

1,850,000

1,091,500

a,b

K92

Mining,

Inc.

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

Canada

1,300,000

5,906,489

a,d

Liberty

Gold

Corp.

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

Canada

16,329,800

4,015,328

a,c,d

Liberty

Gold

Corp.,

144A

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

Canada

2,600,000

639,313

Lion

One

Metals

Ltd.

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

Canada

4,312,400

2,184,055

a,c

Lion

One

Metals

Ltd.,

144A

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

Canada

4,024,000

2,037,992

a,e,f

Lydian

International

Ltd.

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

Jersey

6,375,000

—

a,e,f

Lydian

International

Ltd.,

144A

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

Jersey

25,250,000

—

Marathon

Gold

Corp.

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

Canada

6,450,000

3,976,806

a,b

Marathon

Gold

Corp.

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

Canada

3,459,000

2,132,677

a,d

Mawson

Gold

Ltd.

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

Canada

18,100,000

1,859,953

Mineros

SA,

144A

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

Colombia

4,115,000

2,416,324

a,d

Monarch

Mining

Corp.

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

Canada

6,000,000

242,220

a,d,e,f

Moneta

Gold,

Inc.,

144A

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

Canada

2,000,000

1,998,538

a,b,d

Newcore

Gold

Ltd.

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

Canada

9,200,000

1,418,086

Newcrest

Mining

Ltd.,

(AUD

Traded)

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

Australia

2,501,914

27,709,401

Newcrest

Mining

Ltd.,

(CAD

Traded)

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

Australia

301,129

3,322,056

Newmont

Corp.

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

United

States

634,614

26,856,864

a,d

Nighthawk

Gold

Corp.

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

Canada

5,761,000

1,268,570

Northern

Star

Resources

Ltd.

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

Australia

1,042,254

5,816,922

a,d

Mining,

Inc.

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

Canada

4,150,000

3,655,314

a,d,e,f

Mining,

Inc.

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

Canada

950,000

791,773

OceanaGold

Corp.

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

Australia

9,063,488

13,172,127

a,b

Ora

Banda

Mining

Ltd.

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

Australia

26,707,692

1,293,210

Orla

Mining

Ltd.

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

Canada

4,640,653

14,646,806

a,c

Orla

Mining

Ltd.,

144A

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

Canada

2,000,000

6,312,390

a,c

Osisko

Development

Corp.,

144A

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

Canada

960,849

3,949,467

Osisko

Mining,

Inc.

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

Canada

7,900,000

16,467,998

a,d

Pantoro

Ltd.

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

Australia

87,025,525

7,753,171

a,c

Perpetua

Resources

Corp.,

144A

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

United

States

403,000

946,565

Perseus

Mining

Ltd.

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

Australia

29,558,141

34,426,377

Predictive

Discovery

Ltd.

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

Australia

61,751,010

5,924,855

a,d

Probe

Metals,

Inc.

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

Canada

705,000

595,090

a,c,d

Probe

Metals,

Inc.,

144A

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

Canada

5,200,000

4,389,313

Franklin

Gold

and

Precious

Metals

Fund

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Country

Value

Common

Stocks

(continued)

Gold

(continued)

a,c,d

Pure

Gold

Mining,

Inc.,

144A

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

Canada

26,000,000

286,259

a,d

Red

Ltd.

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

Australia

187,628,277

19,125,957

a,e,f

Reunion

Gold

Corp.

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

Canada

13,000,000

3,729,952

a,d

RTG

Mining,

Inc.

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

Australia

1,769,918

58,460

a,c,d

RTG

Mining,

Inc.,

144A

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

Australia

2,397,790

79,199

a,d

RTG

Mining,

Inc.,

CDI

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

Australia

64,487,582

2,058,321

a,d

Saturn

Metals

Ltd.

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

Australia

7,783,333

1,394,010

Skeena

Resources

Ltd.

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

Canada

2,193,550

9,885,788

Solstice

Minerals

Ltd.

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

Australia

417,327

40,041

SSR

Mining,

Inc.

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

Canada

2,401,555

33,068,975

St.

Augustine

Gold

and

Copper

Ltd.,

(CAD

Traded)

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

United

States

5,137,336

245,102

a,c

St.

Augustine

Gold

and

Copper

Ltd.,

(CAD

Traded),

144A

.......

United

States

16,383,333

781,648

a,c

St.

Augustine

Gold

and

Copper

Ltd.,

(USD

Traded),

144A

.......

United

States

10,000,000

477,099

St.

Barbara

Ltd.

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

Australia

9,008,021

2,932,677

Superior

Gold,

Inc.

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

Canada

500,000

73,400

a,c

Superior

Gold,

Inc.,

144A

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

Canada

5,350,000

785,379

Thesis

Gold,

Inc.

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

Canada

2,975,000

1,812,427

Torex

Gold

Resources,

Inc.

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

Canada

191,100

1,301,679

a,c

Torex

Gold

Resources,

Inc.,

144A

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

Canada

1,430,000

9,740,458

Troilus

Gold

Corp.

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

Canada

8,900,000

2,351,732

a,d

Tulla

Resources

plc,

CDI

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

Australia

14,135,802

3,344,361

Victoria

Gold

Corp.

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

Canada

1,210,000

6,101,512

West

African

Resources

Ltd.

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

Australia

12,764,984

8,452,173

Westhaven

Gold

Corp.

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

Canada

3,202,375

893,205

a,d,e

Wiluna

Mining

Corp.

Ltd.

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

Australia

19,510,000

586,066

645,398,796

Precious

Metals

Minerals

7.9%

Anglo

American

Platinum

Ltd.

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

South

Africa

92,556

7,371,117

Aurion

Resources

Ltd.

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

Canada

4,500,000

1,552,408

a,d

Benchmark

Metals,

Inc.

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

Canada

1,500,000

423,884

a,d

Benchmark

Metals,

Inc.

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

Canada

9,790,300

2,766,637

a,d,e,f

Benchmark

Metals,

Inc.

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

Canada

2,000,000

510,571

a,b

Eastern

Platinum

Ltd.

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

Canada

2,484,204

319,095

Impala

Platinum

Holdings

Ltd.

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

South

Africa

1,470,000

15,053,380

Impala

Platinum

Holdings

Ltd.,

ADR

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

South

Africa

1,206,100

12,290,159

a,d

Millennial

Precious

Metals

Corp.

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

Canada

10,168,700

1,642,039

Northam

Platinum

Holdings

Ltd.

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

South

Africa

1,064,019

9,986,883

a,b,d

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

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

South

Africa

2,042,787

3,103,765

a,d

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

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

South

Africa

1,779,911

2,704,357

a,c,d

Platinum

Group

Metals

Ltd.,

(CAD

Traded),

144A

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

South

Africa

97,760

148,534

a,b,d

Platinum

Group

Metals

Ltd.,

(USD

Traded)

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

South

Africa

4,041,856

6,224,458

a,c,d

Platinum

Group

Metals

Ltd.,

(USD

Traded),

144A

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

South

Africa

36,628

55,652

Sable

Resources

Ltd.

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

Canada

12,000,000

616,559

a,d

TDG

Gold

Corp.

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

Canada

2,080,000

244,275

a,c,d

TDG

Gold

Corp.,

144A

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

Canada

4,750,000

557,839

65,571,612

Silver

2.3%

Gatos

Silver,

Inc.

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

United

States

607,157

2,003,618

GoGold

Resources,

Inc.

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

Canada

9,262,858

10,266,380

Pan

American

Silver

Corp.

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

Canada

123,021

1,963,966

a,d

Silver

Mountain

Resources,

Inc.

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

Canada

7,300,000

1,875,367

a,c,d

Silver

Tiger

Metals,

Inc.,

144A

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

Canada

17,500,000

2,761,670

18,871,001

Total

Common

Stocks

(Cost

$985,601,873)

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

818,436,760

Franklin

Gold

and

Precious

Metals

Fund

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Country

Rights

Value

Rights

0.2%

Gold

0.0%

†

a,d,e

Kinross

Gold

Corp.,

CVR

2/24/32

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

Canada

660,000

48,444

Silver

0.2%

Pan

American

Silver

Corp.,

CVR

2/22/29

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

Canada

1,850,600

1,110,360

Total

Rights

(Cost

$856,772)

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

1,158,804

Warrants

0.3%

Diversified

Metals

Mining

0.1%

a,e,f

Adventus

Mining

Corp.,

144A,

7/26/23

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

Canada

1,000,000

9,134

a,d,e,f

Clean

Air

Metals,

Inc.,

144A,

2/23/23

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

Canada

1,379,500

a,d,e,f

Clean

Air

Metals,

Inc.,

144A,

2/23/24

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

Canada

3,600,000

28,580

a,d,e,f

Euro

Sun

Mining,

Inc.,

144A,

6/05/23

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

Canada

5,000,000

741

a,d,e,f

Mining

Ventures

Corp.,

144A,

8/20/24

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

Canada

3,750,000

77,243

a,d,e,f

Max

Resource

Corp.,

144A,

10/05/23

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

Canada

6,000,000

205,711

a,e,f

Prime

Mining

Corp.,

144A,

4/27/24

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

Canada

650,000

49,665

a,d,e,f

Talisker

Resources

Ltd.,

144A,

1/11/25

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

Canada

4,500,000

148,149

a,c

Vizsla

Silver

Corp.,

144A,

12/03/22

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

Canada

850,000

18,717

537,948

Gold

0.2%

a,d,e,f

Ascot

Resources

Ltd.,

144A,

3/08/24

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

Canada

1,650,000

64,188

a,d,f

Gold

Mountain

Mining

Corp.,

144A,

4/21/24

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

Canada

1,025,000

2,212

a,e

Marathon

Gold

Corp.,

9/19/24

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

Canada

3,225,000

368,454

a,d,e,f

Monarch

Mining

Corp.,

144A,

4/06/27

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

Canada

6,000,000

135,097

a,b,c,d,e

Nighthawk

Gold

Corp.,

144A,

6/08/23

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

Canada

1,630,500

a,d

Nighthawk

Gold

Corp.,

5/03/24

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

Canada

1,250,000

36,700

Osisko

Development

Corp.,

12/01/23

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

Canada

737,500

75,785

a,e,f

Osisko

Development

Corp.,

144A,

3/27/27

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

Canada

1,825,000

686,667

a,d,e,f

Probe

Metals,

Inc.,

144A,

11/24/22

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

Canada

1,700,000

—

a,d,e,f

Probe

Metals,

Inc.,

144A,

3/08/24

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

Canada

900,000

9,776

a,d,f

Pure

Gold

Mining,

Inc.,

144A,

11/13/22

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

Canada

26,000,000

—

a,e,f

Reunion

Gold

Corp.,

144A,

7/08/24

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

Canada

6,500,000

520,902

Troilus

Gold

Corp.,

6/30/23

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

Canada

1,000,000

75,235

Westhaven

Gold

Corp.,

3/03/23

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

Canada

2,100,000

88,630

a,d,e

Wiluna

Mining

Corp.

Ltd.,

12/31/24

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

Australia

9,755,000

—

2,063,663

Precious

Metals

Minerals

0.0%

†

a,d,e,f

Benchmark

Metals,

Inc.,

144A,

12/09/23

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

Canada

750,000

3,984

a,d,e,f

Benchmark

Metals,

Inc.,

9/29/24

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

Canada

1,000,000

54,578

a,d,e,f

Millennial

Precious

Metals

Corp.,

5/18/24

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

Canada

2,650,000

49,689

108,251

Silver

0.0%

†

a,c,d

Silver

Mountain

Resources,

Inc.,

144A,

1/31/24

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

Canada

3,650,000

107,164

Total

Warrants

(Cost

$–)

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

2,817,026

Total

Long

Term

Investments

(Cost

$986,458,645)

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

822,412,590

Franklin

Gold

and

Precious

Metals

Fund

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

See

Abbreviations

page

Short

Term

Investments

1.5%

Country

Value

Money

Market

Funds

1.2%

g,h

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

2.86%

.....

United

States

9,719,343

Total

Money

Market

Funds

(Cost

$9,719,343)

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

9,719,343

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.3%

Money

Market

Funds

0.3%

g,h

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

2.86%

.....

United

States

2,275,000

Principal

Amount

Repurchase

Agreements

0.0%

†

Joint

Repurchase

Agreement,

J.P.

Morgan

Securities

LLC,

3%,

11/01/22

(Maturity

Value

$578,919)

Collateralized

U.S.

Treasury

Bill,

Discount

Note,

1/05/23;

and

U.S.

Treasury

Notes,

0.625%

2.125%,

5/31/23

10/31/24

(valued

$590,449)

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

578,871

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$2,853,871)

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

2,853,871

Total

Short

Term

Investments

(Cost

$12,573,214

)

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

12,573,214

Total

Investments

(Cost

$999,031,859)

100.6%

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

$834,985,804

Other

Assets,

less

Liabilities

(0.6)%

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

(5,134,441)

Net

Assets

100.0%

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

$829,851,363

The

principal

amount

stated

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

less

than

0.1%

net

assets.

Non-income

producing.

portion

all

the

security

loan

October

31,

2022.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

October

31,

2022,

the

aggregate

value

these

securities

was

$91,279,092,

representing

11.0%

net

assets.

See

Note

regarding

holdings

voting

securities.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

See

Note

regarding

restricted

securities.

See

Note

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Investment

through

participation

joint

account

with

other

funds

managed

the

investment

manager

affiliate

the

investment

manager.

October

31,

2022,

all

repurchase

agreements

had

been

entered

into

that

date.

Franklin

Gold

and

Precious

Metals

Fund

Quarterly

Schedule

Investments

Notes

Schedule

Investments

(unaudited)

Organization

Franklin

Gold

and

Precious

Metals

Fund (Fund)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

2. Financial

Instrument

Valuation

The

Fund's investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier.

Under

compliance

policies

and

procedures

approved

the

Fund’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Fund's

administrator

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

determine

fair

value.

Equity

securities

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m. Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Debt

securities

generally

trade

the

OTC

market

rather

than

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

Investments

open-end

mutual

funds

are

valued

the

closing

NAV.

Investments

repurchase

agreements

are

valued

cost,

which

approximates

fair

value.

The

Fund

has procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Fund

primarily employs

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Fund’s

business

day.

Events

can

occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

the

value

portfolio

security

held

the

Fund.

result,

differences

may

arise

between

the

value

the

Fund’s

portfolio securities

determined

the

foreign

market

and

the

latest

indications

value

p.m.

Eastern

time.

order

Franklin

Gold

and

Precious

Metals

Fund

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

minimize

the

potential

for

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Fund's

portfolio

securities

the

latest

indications

fair

value

at 4

p.m

Eastern

time.

October

31,

2022,

certain

securities

may

have

been

fair

valued

using

these

procedures,

which

case

the

securities

were

categorized

Level

inputs

within

the

fair

value

hierarchy

(referred

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

information.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Fund’s

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Fund’s

portfolio

securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the

Fund for

financial

reporting

purposes.

Restricted

Securities

October

31,

2022,

investments

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

1933

(1933

Act),

were

follows:

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Gold

Precious

Metals

Fund

1,000,000

Adventus

Mining

Corp.,

144A,

7/26/23

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

1/27/22

—

9,134

1,650,000

Ascot

Resources

Ltd.,

144A,

3/08/24

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

3/09/22

—

64,188

2,000,000

Benchmark

Metals

Inc...

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

9/26/22

611,621

510,571

750,000

Benchmark

Metals,

Inc.,

144A,

12/09/23

...........

12/10/21

—

3,984

1,000,000

Benchmark

Metals,

Inc.,

9/29/24

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

9/30/22

—

54,578

1,379,500

Clean

Air

Metals,

Inc.,

144A,

2/23/23

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

2/24/21

—

3,600,000

Clean

Air

Metals,

Inc.,

144A,

2/23/24

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

2/24/22

—

28,580

5,000,000

Euro

Sun

Mining,

Inc.,

144A,

6/05/23

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

6/09/20

—

741

3,750,000

Mining

Ventures

Corp.,

144A,

8/20/24

...........

9/16/21

—

77,243

1,025,000

Gold

Mountain

Mining

Corp.,

144A,

4/21/24

........

4/22/22

—

2,212

6,375,000

Lydian

International

Ltd.

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

11/24/17

2,098,016

—

25,250,000

Lydian

International

Ltd.,

144A

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

3/06/12

3/10/16

14,750,154

—

6,000,000

Max

Resources

Ltd.,

144A,

10/05/23

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

5/20/22

—

205,711

2,650,000

Millennial

Precious

Metals

Corp.,

5/18/24

..........

6/17/22

—

49,689

6,000,000

Monarch

Mining

Corp.,

144A,

4/06/27

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

4/07/22

—

135,097

2,000,000

Moneta

Gold,

Inc.,

144A

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

8/18/22

2,543,782

1,998,538

950,000

Mining,

Inc.

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

8/19/22

1,177,036

791,773

1,825,000

Osisko

Development

Corp.,

144A,

3/27/27

.........

3/03/22

—

686,667

650,000

Prime

Mining

Corp.,

144A,

4/27/24

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

4/28/21

—

49,665

1,700,000

Probe

Metals,

Inc.,

144A,

11/24/22

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

11/23/20

11/24/20

—

900,000

Probe

Metals,

Inc.,

144A,

3/08/24

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

3/09/22

—

9,776

26,000,000

Pure

Gold

Mining,

Inc.,

144A,

11/13/22

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

5/27/22

—

13,000,000

Reunion

Gold

Corp.

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

7/07/22

2,604,508

3,729,952

6,500,000

Reunion

Gold

Corp.,

144A,

7/08/24

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

7/11/22

—

520,902

4,500,000

Talisker

Resources

Ltd

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

8/10/22

563,512

340,876

4,500,000

Talisker

Resources

Ltd.,

144A,

1/11/25

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

8/12/22

—

148,149

Total

Restricted

Securities

(Value

1.1%

Net

Assets)

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

$24,348,629

$9,418,034

2. Financial

Instrument

Valuation

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

Holding

Voting

Securities

Portfolio

Companies

The

1940

Act

defines

"affiliated

companies"

include

investments

portfolio

companies

which

fund

owns

the

outstanding

voting

securities.

Additionally,

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

companies’

outstanding

has

the

power

exercise

control

over

management

policies

such

company.

During

the

period

ended

October

31,

2022,

investments

“affiliated

companies”

were

follows:

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$1,699,758

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$9,064,592

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$3,190,521

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$757,164

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$477,099

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$8,945,611

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$589,585

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$1,629,477

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$1,642,039

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$242,220

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$3,655,314

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$4,025,253

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$3,031,415

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$4,984,403

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$286,260

October

31,

2022.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$1,848,576

October

31,

2022.

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Gold

Precious

Metals

Fund

Non-Controlled

Affiliates

Dividends

Ascot

Resources

Ltd.,

144A

...........

1,928,934

—

122,593

2,051,527

6,500,000

—

Ascot

Resources

Ltd.,

144A

...........

6,593,987

—

419,078

7,013,065

22,220,000

—

Ascot

Resources

Ltd.,

144A,

3/08/24

.....

90,648

—

(26,460)

64,188

1,650,000

—

Banyan

Gold

Corp.

...

6,878,581

—

(1,944,322)

4,934,259

18,417,629

—

Benchmark

Metals,

Inc.

702,851

—

(278,967)

423,884

1,500,000

—

Benchmark

Metals,

Inc.

4,587,411

—

(1,820,774)

2,766,637

9,790,300

—

Benchmark

Metals,

Inc.

—

611,621

—

(101,050)

510,571

2,000,000

—

Benchmark

Metals,

Inc.,

144A,

12/09/23

....

30,232

—

(26,248)

3,984

750,000

—

Benchmark

Metals,

Inc.,

9/29/24

..........

—

54,578

1,000,000

—

Black

Cat

Syndicate

Ltd

3,048,844

—

(841,257)

2,207,587

11,522,800

—

Clean

Air

Metals,

Inc.

1,450,065

—

(692,901)

757,164

10,315,600

—

Clean

Air

Metals,

Inc.,

144A,

2/23/23

.....

878

—

(870)

1,379,500

—

Clean

Air

Metals,

Inc.,

144A,

2/23/24

.....

87,884

—

(59,304)

28,580

3,600,000

—

Restricted

Securities

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Gold

and

Precious

Metals

Fund

(continued)

Non-Controlled

Affiliates

Euro

Sun

Mining,

Inc.,

144A

...........

859,039

—

(381,940)

477,099

10,000,000

—

Euro

Sun

Mining,

Inc.,

144A,

6/05/23

.....

11,761

—

(11,020)

741

5,000,000

—

Falcon

Metals

Ltd.

....

1,460,861

—

(339,169)

1,121,692

9,225,414

—

Mining

Ventures

Corp.,

144A

...........

—

10,711,519

—

(1,765,908)

8,945,611

18,750,000

—

Mining

Ventures

Corp.,

144A,

8/20/24

.....

526,066

—

(448,823)

77,243

3,750,000

—

Geopacific

Resources

Ltd.

1,902,429

—

(454,155)

1,448,274

38,375,694

—

Gold

Mountain

Mining

Corp

...........

1,172,589

—

(786,138)

386,451

3,900,000

—

Gold

Mountain

Mining

Corp.

...........

616,361

—

(413,227)

203,134

2,050,000

—

Gold

Mountain

Mining

Corp.,

144A,

4/21/24

41,792

—

(39,580)

2,212

1,025,000

—

HighGold

Mining,

Inc.

3,338,282

—

(1,082,028)

2,256,254

4,803,000

—

Integra

Resources

Corp.,

(CAD

Traded)

.....

1,535,494

—

(307,954)

1,227,540

2,260,000

—

Integra

Resources

Corp.,

(USD

Traded)

.....

1,258,185

—

(166,685)

1,091,500

1,850,000

—

Kinross

Gold

Corp.,

CVR,

2/24/32

..........

51,542

—

(3,098)

48,444

660,000

—

Liberty

Gold

Corp

....

6,185,047

—

(2,169,719)

4,015,328

16,329,800

—

Liberty

Gold

Corp.,

144A

984,772

—

(345,459)

639,313

2,600,000

—

Lion

One

Metals

Ltd.

4,647,491

—

Lion

One

Metals

Ltd.,

144A

...........

4,336,680

—

Mawson

Gold

Ltd

.....

1,554,861

—

305,092

1,859,953

18,100,000

—

Max

Resource

Corp

...

—

2,785,838

—

(1,156,361)

1,629,477

6,000,000

—

Max

Resources

Ltd.,

144A,

10/05/23

.........

403,169

—

(197,458)

205,711

6,000,000

—

Millennial

Precious

Metals

Corp

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

2,223,535

—

(581,496)

1,642,039

10,168,700

—

Millennial

Precious

Metals

Corp.,

5/18/24

.....

162,133

—

(112,444)

49,689

2,650,000

—

Monarch

Mining

Corp

2,188,325

—

(1,946,105)

242,220

6,000,000

—

Monarch

Mining

Corp.,

144A,

4/06/27

.....

697,256

—

(562,159)

135,097

6,000,000

—

Moneta

Gold,

Inc.,

144A

—

2,543,782

—

(545,244)

1,998,538

2,000,000

—

Newcore

Gold

Ltd

....

2,155,408

—

(737,322)

1,418,086

9,200,000

—

Nighthawk

Gold

Corp

1,889,590

—

(621,020)

1,268,570

5,761,000

—

Holding

Voting

Securities

Portfolio

Companies

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Gold

and

Precious

Metals

Fund

(continued)

Non-Controlled

Affiliates

Nighthawk

Gold

Corp.,

144A,

6/08/23

.....

3,299

—

(3,282)

1,630,500

—

Nighthawk

Gold

Corp.,

5/03/24

..........

63,452

—

(26,752)

36,700

1,250,000

—

Mining,

Inc.

......

—

1,177,037

—

(385,264)

791,773

950,000

—

Mining,

Inc

......

5,801,250

—

(2,145,936)

3,655,314

4,150,000

—

Pantoro

Ltd

.........

9,269,140

1,624,258

—

(3,140,227)

7,753,171

87,025,525

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

3,270,374

—

(166,609)

3,103,765

2,042,787

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

2,849,525

—

(145,168)

2,704,357

1,779,911

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded),

144A

...........

156,508

—

(7,974)

148,534

97,760

—

Platinum

Group

Metals

Ltd.,

(USD

Traded)

6,507,388

—

(282,930)

6,224,458

4,041,856

—

Platinum

Group

Metals

Ltd.,

(USD

Traded),

144A

...........

58,639

—

(2,987)

55,652

36,628

—

Probe

Metals

Inc

.....

820,344

—

(225,254)

595,090

705,000

—

Probe

Metals,

Inc.,

144A

6,050,761

—

(1,661,448)

4,389,313

5,200,000

—

Probe

Metals,

Inc.,

144A,

11/24/22

.........

77,040

—

(77,040)

—

1,700,000

—

Probe

Metals,

Inc.,

144A,

3/08/24

..........

157,862

—

(148,086)

9,776

900,000

—

Pure

Gold

Mining,

Inc.,

144A

...........

—

3,039,040

—

(2,752,781)

286,259

26,000,000

—

Pure

Gold

Mining,

Inc.,

144A,

11/13/22

.....

—

26,000,000

—

Red

Ltd.

.........

32,018,514

1,560,720

—

(14,453,277)

19,125,957

187,628,277

—

RTG

Mining,

Inc.

.....

89,844

—

(31,384)

58,460

1,769,918

—

RTG

Mining,

Inc.,

144A

121,715

—

(42,516)

79,199

2,397,790

—

RTG

Mining,

Inc.,

CDI

3,063,908

—

(1,005,587)

2,058,321

64,487,582

—

Sable

Resources

Ltd.

2,202,265

—

Saturn

Metals

Ltd.

....

1,658,655

—

(264,645)

1,394,010

7,783,333

—

Silver

Mountain

Resources

Inc.

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

1,282,702

—

592,665

1,875,367

7,300,000

—

Silver

Mountain

Resources,

Inc.,

144A,

1/31/24

..........

178,153

—

(70,989)

107,164

3,650,000

—

Silver

Tiger

Metals,

Inc.,

144A

...........

4,099,961

—

(1,338,291)

2,761,670

17,500,000

—

Talisker

Resources

Ltd

—

563,513

—

(222,637)

340,876

4,500,000

—

Holding

Voting

Securities

Portfolio

Companies

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

Affiliated

Management

Investment

Companies

The

Fund

invests

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Fund

does

not

invest for

purposes

exercising

controlling

influence

over

the

management

policies.

During

the

period

ended

October

31,

2022,

the

Fund

held

investments

affiliated

management

investment

companies

follows:

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Gold

and

Precious

Metals

Fund

(continued)

Non-Controlled

Affiliates

Talisker

Resources

Ltd.

2,479,891

—

(631,315)

1,848,576

21,900,000

—

Talisker

Resources

Ltd.,

144A,

1/11/25

.....

—

148,149

4,500,000

—

TDG

Gold

Corp

......

259,898

—

(15,623)

244,275

2,080,000

—

TDG

Gold

Corp.,

144A

585,027

—

(27,188)

557,839

4,750,000

—

Thesis

Gold,

Inc.

.....

3,229,403

—

Troilus

Gold

Corp.

....

3,405,701

—

Troilus

Gold

Corp.,

6/30/23

29,285

—

Tulla

Resources

plc,

CDI

4,013,747

935,200

—

(1,604,586)

3,344,361

14,135,802

—

Wiluna

Mining

Corp

Ltd

2,898,345

—

(2,312,279)

586,066

19,510,000

—

Wiluna

Mining

Corp

Ltd.,

12/31/24

.........

272,633

—

(272,633)

—

9,755,000

—

Total

Affiliated

Securities

(Value

14.2%

Net

Assets)

..........

$162,578,212

$25,552,528

$—

$(52,789,198)

$117,490,717

$—

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

October

31,

2022,

longer

affiliate.

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Gold

and

Precious

Metals

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

2.86%

4,427,844

37,279,295

(31,987,796)

—

9,719,343

32,893

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

2.86%

$3,062,000

$8,827,000

$(9,614,000)

$—

$2,275,000

2,275,000

$17,051

Total

Affiliated

Securities

...

$7,489,844

$46,106,295

$(41,601,796)

$—

$11,994,343

$49,944

Holding

Voting

Securities

Portfolio

Companies

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

6. Fair

Value

Measurements

The

Fund

follows

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

determining

the

value

the

Fund's

financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

•

Level

–

quoted

prices

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

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

October

31,

2022,

valuing

the

Fund's

assets

carried

fair

value,

follows:

Level

Total

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

Securities:

Common

Stocks

Copper

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

7,969,269

—

7,969,269

Diversified

Metals

Mining

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

55,563,411

24,552,160

340,876

80,456,447

Environmental

Facilities

Services

.........

169,635

—

169,635

Gold

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

463,177,826

174,422,725

7,798,245

645,398,796

Precious

Metals

Minerals

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

41,654,821

23,406,220

510,571

65,571,612

Silver

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

16,995,634

1,875,367

—

18,871,001

Rights

Gold

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

—

48,444

Silver

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

1,110,360

—

1,110,360

Warrants

Diversified

Metals

Mining

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

18,717

—

519,231

537,948

Gold

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

276,350

2,212

1,785,101

2,063,663

Precious

Metals

Minerals

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

—

108,251

Silver

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

107,164

—

107,164

Short

Term

Investments

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

11,994,343

578,871

—

12,573,214

Total

Investments

Securities

...........

$599,037,530

$224,837,555

$11,110,719

$834,985,804

Includes

financial

instruments

determined

have

value

October

31,

2022.

Includes

foreign

securities

valued

$213,896,825,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Franklin

Gold

and

Precious

Metals

Fund

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

reconciliation

which

Level

inputs

are

used

determining

fair

value

presented

when

there

are

significant

Level

assets

and/or

liabilities

the

beginning

and/or

end

the

period.

At October

31,

2022,

the

reconciliation

follows:

Significant

unobservable

valuation

inputs

for

material

Level

assets

and/or

liabilities

and

impact

fair

value

result

changes

unobservable

valuation

inputs

October

31,

2022,

are

follows:

Balance

Beginning

Period

Purchases

Sales

Transfer

Into

Level

Transfer

Out

Level

Net

Accretion

(

Amortiza

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

(

Depreciation

)

Balance

End

Period

Net

Change

Unrealized

Appreciation

(Depreciation)

Assets

Held

Period

End

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

Securities:

Common

Stocks

Diversified

Metals

Mining

.........

1,567,117

563,514

(2,785,839)

—

996,084

340,876

(222,637)

Gold

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

10,603,419

3,720,819

(7,225,414)

2,898,345

—

(2,198,924)

7,798,245

(3,817,034)

Precious

Metals

Minerals

........

585,027

611,621

—

(585,027)

—

(101,050)

510,571

(101,050)

Rights

Gold

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

51,542

—

(3,098)

48,444

(3,098)

Warrants

Diversified

Metals

Mining

.........

1,277,893

—

(758,662)

519,231

(758,662)

Gold

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

1,887,657

—

272,633

—

(375,189)

1,785,10

(375,189)

Precious

Metals

Minerals

........

192,365

—

(84,114)

108,251

(84,114)

Total

Investments

Securities

$16,165,020

$4,895,954

$(10,011,253)

$3,170,978

$(585,027)

—

(2,524,953)

$11,110,719

(5,361,784)

Purchases

include

all

purchases

securities

and

securities

received

corporate

actions.

Sales

include

all

sales

securities,

maturities,

paydowns

and

securities

tendered

corporate

actions.

Transferred

into

level

result

the

unavailability

quoted

market

price

active

market

for

identical

securities

result

the

unreliability

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

May

include

amounts

corporate

action.

Transferred

out

Level

result

the

availability

quoted

price

active

market

for

identical

securities

and

other

significant

observable

valuation

inputs.

May

include

amounts

corporate

action.

Includes

financial

instruments

determined

have

value.

Description

Fair

Value

End

Period

Valuation

Technique

Unobservable

Inputs

Amount

Range

(Weighted

Average)

Impact

Fair

Value

Input

Increases

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

Securities:

Common

Stocks:

Gold.......................................

$5,728,490

Market

comparables

Discount

for

lack

marketability

2.3%

4.1%

(2.9%)

Decrease

All

Other

Investments……...…

5,382,229

c,d

Total.........................................

$11,110,719

6. Fair

Value

Measurements

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

Abbreviations

Weighted

based

the

relative

fair

value

the

financial

instruments.

Represents

the

directional

change

the

fair

value

that

would

result

from

significant

and

reasonable

increase

the

corresponding

input.

significant

and

reasonable

decrease

the

input

would

have

the

opposite

effect.

Significant

impacts,

any,

fair

value

and/or

net

assets

have

been

indicated.

Includes

fair

value

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

private

transaction

prices

non-public

third

party

pricing

information

which

unobservable.

Includes

financial

instruments

determined

have

value

October

31,

2022.

Currency

AUD

Australian

Dollar

CAD

Canadian

Dollar

GBP

British

Pound

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

the

Fund's

significant

accounting

policies,

please

refer

the Fund's

most

recent

semiannual

annual

shareholder

report.

Franklin Gold and Precious Metals Fund Advisor Class (FGADX) NPORT-PFranklin Gold And Precious Metals Fund (Oct 2022 report)