Franklin Gold and Precious Metals Fund Advisor Class NPORTP Franklin Gold And Precious Metals Fund (Oct 2024 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,

2024

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Country

Value

Common

Stocks

98.8%

Copper

0.7%

Faraday

Copper

Corp.

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

Canada

4,400,000

2,844,112

Imperial

Metals

Corp.

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

Canada

1,765,330

2,738,617

SolGold

plc

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

Australia

20,000,000

2,153,047

7,735,776

Diversified

Metals

Mining

5.5%

Aclara

Resources,

Inc.

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

United

Kingdom

444,972

148,606

Andean

Silver

Ltd.

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

Australia

1,400,000

1,283,867

Arizona

Metals

Corp.

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

Canada

150,000

174,525

a,b

Arizona

Metals

Corp.

144A

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

Canada

1,244,000

1,447,395

Aston

Minerals

Ltd.

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

Australia

36,000,000

242,602

AuMega

Metals

Ltd.

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

Australia

10,813,044

391,324

Azimut

Exploration,

Inc.

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

Canada

1,700,000

818,041

a,b

Bluestone

Resources,

Inc.

144A

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

Canada

5,038,216

1,085,550

Bravo

Mining

Corp.

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

Canada

2,830,000

4,471,577

a,b

Bravo

Mining

Corp.

144A

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

Canada

415,000

655,726

Chalice

Mining

Ltd.

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

Australia

2,522,810

2,978,232

Collective

Mining

Ltd.

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

Canada

700,000

2,569,038

Contango

ORE,

Inc.

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

United

States

156,457

3,365,390

Ivanhoe

Electric,

Inc.

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

United

States

408,900

4,150,335

Magna

Mining,

Inc.

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

Canada

2,210,000

1,777,714

a,c,d

Magna

Mining,

Inc.

144A

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

Canada

1,380,000

1,027,944

Max

Resource

Corp.

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

Canada

6,000,000

290,875

Meridian

Mining

Societas

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

Netherlands

7,700,000

2,377,994

a,b

NorthIsle

Copper

Gold,

Inc.

144A

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

Canada

4,430,000

1,479,477

a,c,d

Phoenix

Industrial

Minerals

Pty.

Ltd.

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

Australia

45,900,000

51,344

Prime

Mining

Corp.

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

Canada

5,290,000

7,142,744

Sunrise

Energy

Metals

Ltd.

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

Australia

659,281

147,964

Vizsla

Silver

Corp.

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

Canada

4,100,000

8,333,393

a,b

Vizsla

Silver

Corp.

144A

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

Canada

6,500,000

13,211,477

Western

Copper

Gold

Corp.

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

Canada

3,360,000

3,571,516

63,194,650

Environmental

Facilities

Services

0.0%

†

Clean

TeQ

Water

Ltd.

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

Australia

679,999

149,871

Gold

86.0%

Agnico

Eagle

Mines

Ltd.

(

CAD

Traded)

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

Canada

169,559

14,635,401

Agnico

Eagle

Mines

Ltd.

(

USD

Traded)

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

Canada

435,000

37,536,150

Alamos

Gold,

Inc.

(

CAD

Traded)

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

Canada

1,387,316

28,028,297

Alamos

Gold,

Inc.

(

USD

Traded)

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

Canada

1,134,500

22,894,210

Allied

Gold

Corp.

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

Canada

2,163,859

5,750,190

Anglogold

Ashanti

plc

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

United

Kingdom

549,823

15,285,079

Artemis

Gold,

Inc.

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

Canada

3,066,800

30,880,552

a,c,d,f

Ascot

Resources

Ltd.

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

Canada

3,300,000

555,322

a,b,f

Ascot

Resources

Ltd.

144A

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

Canada

32,420,000

5,821,094

Atex

Resources,

Inc.

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

Canada

6,970,000

8,259,777

Aurum

Resources

Ltd.

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

Australia

4,500,000

1,421,280

Ausgold

Ltd.

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

Australia

11,666,666

4,247,487

Awale

Resources

Ltd.

(

CAD

Traded)

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

Canada

3,500,000

1,043,200

B2Gold

Corp.

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

Canada

6,113,694

20,198,221

a,f

Banyan

Gold

Corp.

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

Canada

22,517,629

3,477,064

Barrick

Gold

Corp.

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

Canada

1,888,383

36,483,560

Bellevue

Gold

Ltd.

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

Australia

13,894,000

14,741,834

Belo

Sun

Mining

Corp.

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

Canada

3,500,000

138,255

a,b

Belo

Sun

Mining

Corp.

144A

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

Canada

3,800,000

150,106

Black

Cat

Syndicate

Ltd.

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

Australia

21,392,045

8,220,353

Calibre

Mining

Corp.

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

Canada

12,044,343

21,885,437

Catalyst

Metals

Ltd.

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

Australia

6,588,915

14,949,015

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

8,703,716

17,819,369

Centerra

Gold,

Inc.

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

Canada

162,100

1,145,591

Cerrado

Gold,

Inc.

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

Canada

2,709,000

797,709

Grey

Mining

Ltd.

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

Australia

9,828,393

9,782,429

Dundee

Precious

Metals,

Inc.

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

Canada

167,415

1,702,587

Eldorado

Gold

Corp.

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

Turkiye

656,724

11,423,748

Emerald

Resources

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

Australia

8,250,000

22,655,695

Endeavour

Mining

plc

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

Burkina

Faso

1,268,114

28,079,114

a,f

Falcon

Metals

Ltd.

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

Australia

9,225,414

1,062,306

a,c,d

Firefinch

Ltd.

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

Australia

18,028,500

533,824

FireFly

Metals

Ltd.

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

Australia

9,137,185

7,619,238

Florida

Canyon

Gold,

Inc.

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

United

States

1,400,000

683,736

Founders

Metals,

Inc.

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

Canada

500,000

1,411,283

a,c,d

Founders

Metals,

Inc.

144A

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

Canada

980,000

2,525,885

Mining

Ventures

Corp.

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

Canada

6,165,312

52,648,802

Galiano

Gold,

Inc.

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

Canada

5,614,362

9,677,501

Genesis

Minerals

Ltd.

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

Australia

8,316,549

13,277,386

a,f

Geopacific

Resources

Ltd.

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

Australia

60,464,743

1,233,360

Gold

Fields

Ltd.

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

South

Africa

439,800

7,252,959

Greatland

Gold

plc

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

United

Kingdom

201,575,000

16,632,355

Greenheart

Gold,

Inc.

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

Canada

137,500

71,103

Greenheart

Gold,

Inc.

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

Canada

975,000

504,183

a,f

Heliostar

Metals

Ltd.

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

Canada

16,787,500

6,872,464

a,c,d,f

Heliostar

Metals

Ltd.

144A

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

Canada

1,180,000

442,552

Hochschild

Mining

plc

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

Peru

2,688,520

7,954,870

a,f

Integra

Resources

Corp.

(

CAD

Traded)

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

Canada

4,439,520

4,942,188

a,c,d,f

Integra

Resources

Corp.

(

CAD

Traded)

144A

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

Canada

2,100,000

2,130,322

a,f

Integra

Resources

Corp.

(

USD

Traded)

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

Canada

740,000

836,200

K92

Mining,

Inc.

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

Canada

1,841,571

12,247,601

Kingsgate

Consolidated

Ltd.

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

Australia

2,800,000

2,926,468

a,f

Liberty

Gold

Corp.

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

Canada

16,329,800

4,163,521

a,b,f

Liberty

Gold

Corp.

144A

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

Canada

6,500,000

1,657,270

Lion

One

Metals

Ltd.

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

Canada

5,544,310

1,333,963

Mawson

Gold

Ltd.

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

Canada

13,426,000

10,414,106

a,c

Meeka

Metals

Ltd.

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

Australia

63,000,000

3,559,240

a,c,d,f

Monarch

Mining

Corp.

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

Canada

15,500,000

—

Montage

Gold

Corp.

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

Canada

6,000,000

10,686,968

New

Gold,

Inc.

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

Canada

5,800,000

15,950,000

a,f

Newcore

Gold

Ltd.

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

Canada

12,620,000

3,262,973

Newmont

Corp.

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

United

States

543,614

24,701,820

Newmont

Corp.

CDI

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

United

States

912,765

42,289,252

Northern

Star

Resources

Ltd.

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

Australia

662,254

7,683,888

a,f

Mining,

Inc.

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

Canada

6,280,000

4,961,396

OceanaGold

Corp.

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

Australia

7,558,488

21,442,904

Omai

Gold

Mines

Corp.

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

Canada

17,500,000

2,136,675

a,f

Onyx

Gold

Corp.

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

Canada

1,300,000

168,061

a,f

Onyx

Gold

Corp.

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

Canada

1,400,750

181,086

Ora

Banda

Mining

Ltd.

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

Australia

38,707,692

23,623,620

Orla

Mining

Ltd.

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

Canada

3,246,364

15,598,215

a,b

Orla

Mining

Ltd.

144A

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

Canada

2,000,000

9,609,653

a,b

Osisko

Development

Corp.

144A

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

Canada

804,049

1,472,564

a,f

Pantoro

Ltd.

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

Australia

329,543,083

27,023,341

Perseus

Mining

Ltd.

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

Australia

21,916,211

40,969,121

Predictive

Discovery

Ltd.

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

Australia

78,157,421

14,281,373

Probe

Gold,

Inc.

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

Canada

705,000

825,331

a,b

Probe

Gold,

Inc.

144A

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

Canada

5,800,000

6,789,959

Ramelius

Resources

Ltd.

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

Australia

1,467,234

2,288,871

Resolute

Mining

Ltd.

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

Australia

27,033,333

14,452,255

Franklin

Gold

and

Precious

Metals

Fund

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

Country

Value

Common

Stocks

(continued)

Gold

(continued)

Rio2

Ltd.

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

Canada

3,530,000

1,749,345

Robex

Resources,

Inc.

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

Canada

3,050,000

5,695,407

a,f

RTG

Mining,

Inc.

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

Australia

4,167,708

104,765

a,f

RTG

Mining,

Inc.

CDI

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

Australia

82,487,582

1,411,198

a,f

Saturn

Metals

Ltd.

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

Australia

17,486,957

3,202,107

Skeena

Resources

Ltd.

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

Canada

2,210,934

21,484,495

Southern

Cross

Gold

Ltd.

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

Canada

3,757,272

7,665,702

Spartan

Resources

Ltd.

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

Australia

17,053,207

17,723,746

St.

Augustine

Gold

and

Copper

Ltd.

(

CAD

Traded)

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

United

States

1,337,336

76,839

a,b

St.

Augustine

Gold

and

Copper

Ltd.

(

CAD

Traded)

144A

.......

United

States

16,383,333

941,334

a,b

St.

Augustine

Gold

and

Copper

Ltd.

(

USD

Traded)

144A

.......

United

States

10,000,000

574,568

St.

Barbara

Ltd.

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

Australia

9,008,021

2,719,101

STLLR

Gold,

Inc.

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

Canada

325,000

287,105

a,b

STLLR

Gold,

Inc.

144A

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

Canada

4,370,010

3,860,461

a,f

Talisker

Resources

Ltd.

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

Canada

5,280,000

1,820,232

Tolu

Minerals

Ltd.

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

Australia

4,240,000

2,650,424

Torex

Gold

Resources,

Inc.

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

Canada

1,165,000

25,126,549

a,b

Torex

Gold

Resources,

Inc.

144A

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

Canada

180,000

3,882,214

Troilus

Gold

Corp.

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

Canada

18,125,000

3,840,180

Vault

Minerals

Ltd.

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

Australia

102,833,903

26,482,837

West

African

Resources

Ltd.

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

Australia

7,579,984

9,098,338

a,c,d,f

Wiluna

Mining

Corp.

Ltd.

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

Australia

19,510,000

263,170

995,682,255

Precious

Metals

Minerals

4.0%

Anglo

American

Platinum

Ltd.

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

South

Africa

66,556

2,616,211

a,f

Aurion

Resources

Ltd.

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

Canada

7,475,000

3,596,976

Impala

Platinum

Holdings

Ltd.

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

South

Africa

1,590,000

10,495,111

Impala

Platinum

Holdings

Ltd.

ADR

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

South

Africa

1,206,100

8,104,992

Northam

Platinum

Holdings

Ltd.

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

South

Africa

689,019

5,089,413

Platinum

Group

Metals

Ltd.

(

CAD

Traded)

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

South

Africa

2,620,458

4,780,381

Platinum

Group

Metals

Ltd.

(

USD

Traded)

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

South

Africa

2,268,243

4,105,520

a,b

Platinum

Group

Metals

Ltd.

(

USD

Traded)

144A

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

South

Africa

36,628

66,819

Sable

Resources

Ltd.

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

Canada

12,000,000

387,834

a,f

TDG

Gold

Corp.

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

Canada

2,080,000

201,673

a,b,f

TDG

Gold

Corp.

144A

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

Canada

5,370,000

520,666

a,f

Thesis

Gold,

Inc.

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

Canada

11,144,053

6,403,018

Vizsla

Royalties

Corp.

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

Canada

175,833

236,153

a,b

Vizsla

Royalties

Corp.

144A

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

Canada

216,667

290,995

46,895,762

Research

Consulting

Services

0.2%

Chrysos

Corp.

Ltd.

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

Australia

490,000

1,753,965

Silver

2.4%

Aya

Gold

Silver,

Inc.

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

Canada

670,000

8,608,683

GoGold

Resources,

Inc.

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

Canada

9,402,458

10,804,706

Pan

American

Silver

Corp.

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

Canada

148,021

3,461,460

Silver

Mountain

Resources,

Inc.

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

Canada

13,400,000

625,561

a,f

Silver

Tiger

Metals,

Inc.

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

Canada

3,560,000

664,776

a,b,f

Silver

Tiger

Metals,

Inc.

144A

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

Canada

21,500,000

4,014,795

28,179,981

Total

Common

Stocks

(Cost

816,922,167

)

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

1,143,592,260

Franklin

Gold

and

Precious

Metals

Fund

Schedule

Investments

(unaudited)

See

Notes

Schedule

Investments.

Quarterly

Schedule

Investments

Country

Rights

Value

Rights

0.1%

Silver

0.1%

Pan

American

Silver

Corp.,

CVR

2/22/29

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

Canada

1,850,600

869,782

Total

Rights

(Cost

856,772

)

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

869,782

Warrants

0.3%

Diversified

Metals

Mining

0.1%

a,b,c

Aston

Minerals

Ltd.

144A,

10/16/25

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

Australia

5,500,000

297

a,c,d

Contango

ORE,

Inc.

6/11/27

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

United

States

25,000

124,978

a,c,d

Vizsla

Silver

Corp.

144A,

11/15/24

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

Canada

1,500,000

894,171

1,019,446

Gold

0.2%

a,c,d,f

Ascot

Resources

Ltd.

7/25/26

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

Canada

3,300,000

143,419

a,c,d

Awale

Resources

Ltd.

5/08/26

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

Canada

1,750,000

7,275

a,c,d,f

Heliostar

Metals

Ltd.

144A,

1/11/25

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

Canada

650,000

19,300

a,c,d,f

Heliostar

Metals

Ltd.

144A,

12/08/25

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

Canada

1,720,833

267,330

a,f

Integra

Resources

Corp.

3/13/27

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

Canada

500,000

283,693

a,c,d,f

Liberty

Gold

Corp.

5/17/26

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

Canada

1,950,000

84,742

a,c,d,f

Monarch

Mining

Corp.

144A,

4/06/27

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

Canada

6,000,000

—

a,b,c

Mining,

Inc.

144A,

8/28/26

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

Canada

440,000

30,491

a,c,d,f

Onyx

Gold

Corp.

144A,

7/06/25

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

Canada

650,000

2,973

a,b

Osisko

Development

Corp.

144A,

3/27/27

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

Canada

608,333

64,444

a,c,d

Robex

Resources,

Inc.

6/26/26

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

Canada

3,050,000

1,092,309

a,b,c

STLLR

Gold,

Inc.

144A,

11/28/26

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

Canada

537,600

65,674

a,c,d,f

Talisker

Resources

Ltd.

144A,

2/11/25

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

Canada

4,500,000

1,005

a,c,d

Troilus

Gold

Corp.

144A,

11/20/25

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

Canada

2,000,000

22,584

b,c

Troilus

Gold

Corp.

144A,

10/18/26

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

Canada

1,800,000

50,700

a,c,d,f

Wiluna

Mining

Corp.

Ltd.

12/31/24

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

Australia

9,755,000

—

2,135,939

Precious

Metals

Minerals

0.0%

†

a,c,d,f

TDG

Gold

Corp.

144A,

7/07/26

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

Canada

310,000

7,372

Vizsla

Royalties

Corp.

12/26/24

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

Canada

175,833

176,799

a,b

Vizsla

Royalties

Corp.

144A,

12/26/24

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

Canada

216,667

217,858

402,029

Silver

0.0%

†

Silver

Mountain

Resources,

Inc.

2/09/26

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

Canada

1,500,000

5,387

Silver

Mountain

Resources,

Inc.

4/24/28

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

Canada

3,100,000

44,529

49,916

Total

Warrants

(Cost

–

)

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

3,607,330

Units

Limited

Partnerships

0.1%

Gold

0.1%

a,c,d

Greenheart

Gold,

Inc.

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

Canada

2,800,000

1,340,060

Total

Limited

Partnerships

(Cost

1,018,737

)

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

1,340,060

Total

Long

Term

Investments

(Cost

818,797,676

)

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

1,149,409,432

Franklin

Gold

and

Precious

Metals

Fund

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

See

Notes

Schedule

Investments.

See

Abbreviations

page

Short

Term

Investments

1.0%

Country

Value

Money

Market

Funds

0.9%

g,h

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.582

....

United

States

10,206,699

Total

Money

Market

Funds

(Cost

10,206,699

)

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

10,206,699

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Money

Market

Funds

0.1%

g,h

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.582

....

United

States

969,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

969,000

)

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

969,000

Total

Short

Term

Investments

(Cost

11,175,699

)

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

11,175,699

Total

Investments

(Cost

829,973,375

)

100.3

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

$1,160,585,131

Other

Assets,

less

Liabilities

(

0.3

)

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

(3,078,051)

Net

Assets

100.0%

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

$1,157,507,080

†

Rounds

less

than

0.1%

net

assets.

Non-income

producing.

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,

2024,

the

aggregate

value

these

securities

was

$57,961,587,

representing

5.0%

net

assets.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

See

Note

regarding

restricted

securities.

portion

all

the

security

loan

October

31,

2024.

See

Note

regarding

holdings

voting

securities.

See

Note

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

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.

The

Fund

follows

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.GAAP),

including,

but

not

limited

to,

ASC

946.

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 Trust'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.

Investments

open-end

mutual

funds

are

valued

the

closing

NAV.

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,

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

minimize

the

potential

for

these

differences, an

independent

pricing

service

may

used

adjust

the

value

the Fund's

portfolio

securities

the

latest

indications

fair

value

p.m.

Eastern

time.

At October

31,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

which

case

the

securities

were

categorized

Level

within

the

fair

value

hierarchy

(referred

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

information.

Franklin

Gold

and

Precious

Metals

Fund

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

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,

2024,

investments

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

1933,

were

follows:

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Gold

and

Precious

Metals

Fund

3,300,000

Ascot

Resources

Ltd.

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

7/19/24

1,033,353

555,322

3,300,000

Ascot

Resources

Ltd.,

7/25/26

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

7/26/24

—

143,419

1,750,000

Awale

Resources

Ltd.,

5/08/26

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

5/10/24

—

7,275

25,000

Contango

ORE,

Inc.,

6/11/27

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

6/11/24

—

124,978

18,028,500

Firefinch

Ltd.

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

6/28/21

12/14/21

2,270,395

533,824

980,000

Founders

Metals,

Inc.,

144A

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

10/18/24

1,703,422

2,525,885

2,800,000

Greenheart

Gold

Inc

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

10/10/24

1,018,737

1,340,060

1,180,000

Heliostar

Metals

Ltd.,

144A

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

6/20/24

228,540

442,552

650,000

Heliostar

Metals

Ltd.,

144A,

1/11/25

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

7/12/23

—

19,300

1,720,833

Heliostar

Metals

Ltd.,

144A,

12/08/25

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

12/20/23

—

267,330

2,100,000

Integra

Resources

Corp.,

144A,

(CAD

Traded)

......

8/14/24

2,066,854

2,130,322

1,950,000

Liberty

Gold

Corp.,

5/17/26

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

5/21/24

—

84,742

1,380,000

Magna

Mining,

Inc.,

144A

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

10/25/24

1,042,709

1,027,944

15,500,000

Monarch

Mining

Corp.

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

4/04/22

1/18/23

3,340,290

—

6,000,000

Monarch

Mining

Corp.,

144A,

4/06/27

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

4/07/22

—

650,000

Onyx

Gold

Corp.,

144A,

7/06/25

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

7/07/23

—

2,973

45,900,000

Phoenix

Industrial

Minerals

Pty.

Ltd.

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

3/09/21

12/16/22

—

51,344

3,050,000

Robex

Resources,

Inc.,

6/26/26

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

6/28/24

—

1,092,309

4,500,000

Talisker

Resources

Ltd.,

144A,

2/11/25

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

8/12/22

—

1,005

310,000

TDG

Gold

Corp.,

144A,

7/07/26

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

7/10/23

—

7,372

2,000,000

Troilus

Gold

Corp.,

144A,

11/20/25

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

11/15/23

—

22,584

1,500,000

Vizsla

Silver

Corp.,

144A,

11/15/24

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

11/16/22

—

894,171

19,510,000

Wiluna

Mining

Corp.

Ltd.

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

2/28/20

6/10/22

9,867,301

263,170

9,755,000

Wiluna

Mining

Corp.

Ltd.,

12/31/24

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

6/10/22

—

Total

Restricted

Securities

(Value

1.0%

Net

Assets)

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

$22,571,601

$11,537,881

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$5,821,094

October

31,

2024.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$1,043,200

October

31,

2024.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$3,365,390

October

31,

2024.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$1,411,283

October

31,

2024.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$575,286

October

31,

2024.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$6,872,464

October

31,

2024.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$6,062,081

October

31,

2024.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$5,820,791

October

31,

2024.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$1,777,714

October

31,

2024.

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,

2024,

investments

“affiliated

companies”

were

follows:

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$349,147

October

31,

2024.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$5,695,407

October

31,

2024.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$1,820,232

October

31,

2024.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$722,339

October

31,

2024.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$3,890,880

October

31,

2024.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$21,544,870

October

31,

2024.

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Shares/Warrants

Held

End

Period

Investment

Income

Franklin

Gold

and

Precious

Metals

Fund

Non-Controlled

Affiliates

Dividends

Ascot

Resources

Ltd.

933,762

—

(378,440)

555,322

3,300,000

—

Ascot

Resources

Ltd.,

144A

...........

10,447,840

—

(4,626,746)

5,821,094

32,420,000

—

Ascot

Resources

Ltd.,

7/25/26

..........

371,729

—

(228,310)

143,419

3,300,000

—

Aurion

Resources

Ltd.

3,031,466

229,025

(244,641)

—

581,126

3,596,976

7,475,000

—

Awale

Resources

Ltd.

1,456,875

—

(1,577,092)

—

120,217

—

Awale

Resources

Ltd.,

5/08/26

..........

246,601

—

Banyan

Gold

Corp.

...

3,098,345

—

378,719

3,477,064

22,517,629

—

Falcon

Metals

Ltd.

....

1,809,611

—

(747,305)

1,062,306

9,225,414

—

Geopacific

Resources

Ltd.

948,837

—

284,523

1,233,360

60,464,743

—

Heliostar

Metals

Ltd.

...

4,133,505

—

2,738,959

6,872,464

16,787,500

—

Heliostar

Metals

Ltd.,

144A

266,310

—

176,242

442,552

1,180,000

—

Heliostar

Metals

Ltd.,

144A,

1/11/25

.....

4,018

—

15,282

19,300

650,000

—

Heliostar

Metals

Ltd.,

144A,

12/08/25

....

105,965

—

161,365

267,330

1,720,833

—

Integra

Resources

Corp.,

(CAD

Traded)

.....

4,050,980

—

891,208

4,942,188

4,439,520

—

Integra

Resources

Corp.,

(USD

Traded)

.....

686,868

—

149,332

836,200

740,000

—

Integra

Resources

Corp.,

144A,

(CAD

Traded)

—

2,066,854

—

63,468

2,130,322

2,100,000

—

Integra

Resources

Corp.,

3/13/27

..........

170,185

—

113,508

283,693

500,000

—

Liberty

Gold

Corp.

....

1,100,343

—

(1,003,197)

—

(97,146)

—

Liberty

Gold

Corp.

...

4,848,621

—

(685,100)

4,163,521

16,329,800

—

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

Shares/Warrants

Held

End

Period

Investment

Income

Franklin

Gold

and

Precious

Metals

Fund

(continued)

Non-Controlled

Affiliates

Liberty

Gold

Corp.,

144A

771,988

1,003,197

—

(117,915)

1,657,270

6,500,000

—

Liberty

Gold

Corp.,

5/17/26

139,760

—

(55,018)

84,742

1,950,000

—

Monarch

Mining

Corp.

—

15,500,000

—

Monarch

Mining

Corp.,

144A,

4/06/27

.....

—

6,000,000

—

Newcore

Gold

Ltd.

....

2,970,272

—

292,701

3,262,973

12,620,000

—

Mining,

Inc.

......

4,395,119

950,677

—

(384,400)

4,961,396

6,280,000

—

Onyx

Gold

Corp

......

225,948

—

(57,887)

168,061

1,300,000

—

Onyx

Gold

Corp.

.....

243,458

—

(62,372)

181,086

1,400,750

—

Onyx

Gold

Corp.,

144A,

7/06/25

..........

16,116

—

(13,143)

2,973

650,000

—

Pantoro

Ltd.

........

18,712,673

—

(288,277)

(328,773)

8,927,718

27,023,341

329,543,083

—

Platinum

Group

Metals

Ltd.,

(CAD

Traded)

5,363,734

—

(1,199,214)

113,108

—

Platinum

Group

Metals

Ltd.,

(USD

Traded)

3,765,283

—

Platinum

Group

Metals

Ltd.,

(USD

Traded),

144A

...........

60,744

—

RTG

Mining,

Inc.

.....

120,729

—

(15,964)

104,765

4,167,708

—

RTG

Mining,

Inc.,

144A,

9/08/24

..........

447

—

(447)

—

RTG

Mining,

Inc.,

CDI

2,265,249

—

(854,051)

1,411,198

82,487,582

—

Saturn

Metals

Ltd.

....

1,618,148

467,582

—

1,116,377

3,202,107

17,486,957

—

Silver

Mountain

Resources,

Inc.

....

679,292

—

Silver

Mountain

Resources,

Inc.,

2/09/26

5,431

—

Silver

Mountain

Resources,

Inc.,

4/24/28

33,675

—

Silver

Tiger

Metals,

Inc.

618,749

—

46,027

664,776

3,560,000

—

Silver

Tiger

Metals,

Inc.,

144A

...........

3,736,829

—

277,966

4,014,795

21,500,000

—

Talisker

Resources

Ltd.

1,586,849

—

233,383

1,820,232

5,280,000

—

Talisker

Resources

Ltd.,

144A,

2/11/25

.....

—

966

1,005

4,500,000

—

TDG

Gold

Corp.

.....

180,758

—

20,915

201,673

2,080,000

—

TDG

Gold

Corp.,

144A,

7/07/26

..........

3,589

—

3,783

7,372

310,000

—

TDG

Gold

Corp.,

144A.

466,669

—

53,997

520,666

5,370,000

—

Thesis

Gold,

Inc

.....

4,513,882

9,076,722

(8,308,572)

—

1,120,986

6,403,018

11,144,053

—

Thesis

Gold,

Inc.

.....

614,199

—

(768,151)

—

153,952

—

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,

2024,

the

Fund

held

investments

affiliated

management

investment

companies

follows:

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:

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Shares/Warrants

Held

End

Period

Investment

Income

Franklin

Gold

and

Precious

Metals

Fund

(continued)

Non-Controlled

Affiliates

Troilus

Gold

Corp.

....

4,049,770

928,347

—

Troilus

Gold

Corp.,

144A,

11/20/25

.........

69,708

—

Wiluna

Mining

Corp.

Ltd.

261,511

—

1,659

263,170

19,510,000

—

Wiluna

Mining

Corp.

Ltd.,

12/31/24

.........

—

9,755,000

—

Total

Affiliated

Securities

(Value

7.9%

Net

Assets)

..........

$95,202,479

$14,722,404

$(13,389,144)

$(215,665)

$9,600,135

$91,803,730

$—

May

include

accretion,

amortization,

and/or

other

cost

basis

adjustments.

October

31,

2024,

longer

held

the

fund.

October

31,

2024,

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,

4.582%

$4,363,217

$55,491,024

$(49,647,542)

$—

$10,206,699

10,206,699

$105,821

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.582%

$44,000

$18,691,000

$(17,766,000)

$—

$969,000

969,000

$13,582

Total

Affiliated

Securities

...

$4,407,217

$74,182,024

$(67,413,542)

$—

$11,175,699

$119,403

Holding

Voting

Securities

Portfolio

Companies

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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,

2024,

valuing

the

Fund's assets carried

fair

value,

follows:

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,

2024,

the

reconciliation

follows:

Level

Total

Franklin

Gold

and

Precious

Metals

Fund

Assets:

Investments

Securities:

Common

Stocks

Copper

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

7,735,776

—

7,735,776

Diversified

Metals

Mining

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

55,327,494

6,787,868

1,079,288

63,194,650

Environmental

Facilities

Services

.........

—

149,871

—

149,871

Gold

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

639,823,280

345,848,660

10,010,315

995,682,255

Precious

Metals

Minerals

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

33,263,774

13,631,988

—

46,895,762

Research

Consulting

Services

...........

1,753,965

—

1,753,965

Silver

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

28,179,981

—

28,179,981

Rights

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

869,782

—

869,782

Warrants

Diversified

Metals

Mining

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

—

1,019,446

Gold

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

348,137

—

1,787,802

2,135,939

Precious

Metals

Minerals

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

176,799

217,858

7,372

402,029

Silver

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

49,916

—

49,916

Limited

Partnerships

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

—

1,340,060

Short

Term

Investments

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

11,175,699

—

11,175,699

Total

Investments

Securities

...........

$778,704,603

$366,636,245

$15,244,283

$1,160,585,131

Includes

financial

instruments

determined

have

value.

Includes

foreign

securities

valued

$357,116,616,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

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

.........

221,567

1,042,708

—

(94,145)

—

(90,842)

1,079,288

(14,441)

Gold

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

7,294,790

5,881,945

(

4,640,356)

—

(626,009)

—

2,099,945

10,010,315

2,136,328

6. Fair

Value

Measurements

(continued)

Franklin

Gold

and

Precious

Metals

Fund

Notes

Schedule

Investments

(unaudited)

Quarterly

Schedule

Investments

Level

financial

instruments

include

fair

value

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

recent

transactions,

private

transaction

prices

non-public

third-party

pricing

information

which

unobservable.

Abbreviations

Balance

Beginning

Period

Purchases

Sales

Transfer

Into

Level

Transfer

Out

Level

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

End

Period

Net

Change

Unrealized

Appreciation

(Depreciation)

Assets

Held

Period

End

Franklin

Gold

and

Precious

Metals

Fund

(continued)

Assets:

(continued)

Investments

Securities:

(continued)

Common

Stocks

(continued)

Precious

Metals

Minerals

........

614,199

—

(768,151)

—

153,952

—

Warrants

Diversified

Metals

Mining

.........

1,164,593

—

(145,147)

1,019,446

(116,722)

Gold

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

4,873,459

—

(3,085,657)

1,787,802

(1,496,864)

Precious

Metals

Minerals

........

3,589

—

3,783

7,372

3,783

Limited

Partnerships

Gold

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

—

1,018,737

—

321,323

1,340,060

321,323

Total

Investments

Securities

$14,172,197

$7,943,390

$(5,408,507)

$—

$(720,154)

—

(742,643)

$15,244,283

833,407

Purchases

include

all

purchases

securities

and

securities

received

corporate

actions.

Sales

include

all

sales

securities,

maturities,

paydowns

and

securities

tendered

corporate

actions.

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.

Currency

CAD

Canadian

Dollar

USD

United

States

Dollar

Selected

Portfolio

ADR

American

Depositary

Receipt

CDI

CREST

Depository

Interest

CVR

Contingent

Value

Right

6. Fair

Value

Measurements

(continued)

For

additional

information

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 2024 report)