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Schedule
of
Investments
(unaudited)
Franklin
Gold
and
Precious
Metals
Fund
2
Notes
to
Schedule
of
Investments
8
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited),
April
30,
2026
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
Common
Stocks
98.6%
Copper
0.7%
a
Axo
Copper
Corp.
.....................................
Canada
6,979,051
$
3,853,417
a
Fuerte
Metals
Corp.
...................................
Canada
1,709,587
11,943,888
a,b,c
Fuerte
Metals
Corp.,
144A
...............................
Canada
280,000
1,956,197
a
Imperial
Metals
Corp.
..................................
Canada
1,300,330
6,461,683
24,215,185
Diversified
Metals
&
Mining
8.3%
a
Aclara
Resources,
Inc.
.................................
United
Kingdom
444,972
1,592,052
a
Adyton
Resources
Corp.
................................
Canada
12,280,000
3,254,537
a
Americas
Gold
&
Silver
Corp.
............................
Canada
1,938,652
11,103,701
a
Andean
Silver
Ltd.
.....................................
Australia
4,732,891
7,165,423
a
Antipa
Minerals
Ltd.
...................................
Australia
13,000,000
6,222,420
a
Arizona
Metals
Corp.
...................................
Canada
150,000
32,576
a,c
Arizona
Metals
Corp.,
144A
..............................
Canada
2,294,000
498,200
a
AuMega
Metals
Ltd.,
(AUD
Traded)
........................
Australia
10,813,044
295,824
a,b,d
AuMega
Metals
Ltd.,
(CAD
Traded)
........................
Australia
43,558,000
1,056,603
a
AuMega
Metals
Ltd.,
(CAD
Traded)
........................
Australia
20,000,000
625,759
a
Awale
Resources
Ltd.
..................................
Canada
3,500,000
2,112,858
a
Azimut
Exploration,
Inc.
.................................
Canada
1,691,000
858,976
a
Bellavista
Resources
Ltd.
...............................
Australia
5,949,358
2,569,944
a,e
Blue
Moon
Metals,
Inc.
.................................
Canada
200,000
1,462,068
a,c
Blue
Moon
Metals,
Inc.,
144A
............................
Canada
2,349,453
17,175,300
a
Boab
Metals
Ltd.
......................................
Australia
26,013,000
7,413,799
a,e
Bravo
Mining
Corp.
....................................
Canada
2,630,000
6,815,327
a,c
Bravo
Mining
Corp.,
144A
...............................
Canada
744,579
1,929,487
a
Cerro
de
Pasco
Resources,
Inc.,
(CAD
Traded)
...............
Canada
4,917,529
2,389,347
a
Cerro
de
Pasco
Resources,
Inc.,
(USD
Traded)
...............
Canada
7,400,000
3,600,100
a
Chalice
Mining
Ltd.
....................................
Australia
2,222,810
2,492,959
a
Challenger
Gold
Ltd.
...................................
Australia
48,359,635
4,928,711
a
Collective
Mining
Ltd.
..................................
Canada
700,000
12,749,291
a
Great
Pacific
Gold
Corp.
................................
Canada
7,948,107
2,516,057
a
Ivanhoe
Electric,
Inc.
...................................
United
States
543,903
6,978,276
a
Mackay
Gold
&
Silver
Corp.
.............................
Canada
3,443,285
6,185,162
a
Magna
Mining,
Inc.
....................................
Canada
6,003,646
10,032,964
a
Max
Resource
Corp.
...................................
Canada
1,500,000
292,634
a
Meridian
Mining
plc
....................................
Brazil
15,082,013
19,430,576
a
Minera
Alamos,
Inc.
...................................
Canada
742,708
3,307,972
a,c
Minera
Alamos,
Inc.,
144A
...............................
Canada
2,892,920
12,884,872
a
Minerals
260
Ltd.
.....................................
Australia
90,000,000
45,892,601
a
Nevada
King
Gold
Corp.
................................
Canada
14,000,000
2,628,189
a
Nevgold
Corp.
........................................
Canada
3,957,500
6,263,942
a,c
NorthIsle
Copper
&
Gold,
Inc.,
144A
.......................
Canada
10,802,545
22,983,292
a,b,d
Phoenix
Industrial
Minerals
Pty.
Ltd.
.......................
Australia
45,900,000
56,178
a
Pilbara
Gold
Ltd.
......................................
Australia
9,700,000
5,178,882
a
Sable
Resources
Ltd.
..................................
Canada
12,000,000
574,226
a
US
Gold
Corp.
.......................................
United
States
360,000
5,911,200
a,b,c
US
Gold
Corp.,
144A
...................................
United
States
180,000
508,546
a
Vior
Gold
Corp.,
Inc.
...................................
Canada
17,700,000
1,628,814
a
Vizsla
Silver
Corp.,
(CAD
Traded)
.........................
Canada
1,737,000
5,895,071
a,c
Vizsla
Silver
Corp.,
(CAD
Traded),
144A
....................
Canada
5,249,000
17,814,179
a
Vizsla
Silver
Corp.,
(USD
Traded)
.........................
Canada
1,054,100
3,562,858
a
Western
Copper
&
Gold
Corp.
............................
Canada
3,160,000
8,793,610
287,665,363
Environmental
&
Facilities
Services
0.0%
†
a
Clean
TeQ
Water
Ltd.
..................................
Australia
679,999
190,931
a
Gold
82.4%
Agnico
Eagle
Mines
Ltd.
................................
Canada
436,000
82,059,560
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
Alamos
Gold,
Inc.,
(CAD
Traded),
A
........................
Canada
765,316
$
30,537,142
Alamos
Gold,
Inc.,
(USD
Traded),
A
........................
Canada
3,479,500
138,971,230
a
Alicanto
Minerals
Ltd.
..................................
Australia
2,691,667
3,197,478
a
Amaroq
Ltd.
.........................................
Canada
5,800,000
7,702,934
Anglogold
Ashanti
plc
..................................
Australia
1,025,903
96,157,888
a
Artemis
Gold,
Inc.
.....................................
Canada
946,800
23,942,710
a
Asante
Gold
Corp.
....................................
Canada
7,155,500
6,268,668
a,e
Asante
Gold
Corp.
....................................
Canada
1,950,000
1,708,322
a,b,c
Asante
Gold
Corp.,
144A
................................
Canada
4,869,845
4,165,326
a,f
Asara
Resources
Ltd.
..................................
Australia
82,560,000
8,024,275
a
Astral
Resources
NL
...................................
Australia
35,760,000
4,335,093
a
Atex
Resources,
Inc.
...................................
Canada
9,249,042
21,107,984
a
Aurum
Resources
Ltd.
.................................
Australia
9,000,000
3,868,507
a
Ausgold
Ltd.
.........................................
Australia
16,166,666
10,718,293
B2Gold
Corp.
........................................
Canada
3,578,694
16,176,377
a
Ballard
Mining
Ltd.
....................................
Australia
7,854,775
3,732,330
a,f
Banyan
Gold
Corp.
....................................
Canada
21,017,629
21,197,888
Barrick
Mining
Corp.
...................................
Canada
4,182,383
164,534,947
a
Barton
Gold
Holdings
Ltd.
...............................
Australia
5,850,000
3,842,239
a
Bellevue
Gold
Ltd.
.....................................
Australia
18,344,000
19,944,490
a
Belo
Sun
Mining
Corp.
.................................
Canada
3,500,000
3,091,987
a,c
Belo
Sun
Mining
Corp.,
144A
.............................
Canada
3,800,000
3,357,014
a
Black
Cat
Syndicate
Ltd.
................................
Australia
30,426,504
24,877,822
a
Blossom
Gold,
Inc.
....................................
Canada
6,398,306
8,196,012
a
Brightstar
Resources
Ltd.
...............................
Australia
42,752,194
12,046,689
Calibre
Mining
Corp.
...................................
Canada
2,883,535
40,291,151
a,f
Cambria
Gold
Mines,
Inc.
...............................
Canada
4,934,564
6,466,319
a,b,c,f
Cambria
Gold
Mines,
Inc.,
144A
..........................
Canada
11,234,813
14,350,223
a,b,d,f
Cambria
Gold
Mines,
Inc.,
144A
..........................
Canada
7,207,386
8,632,123
a
Catalyst
Metals
Ltd.
...................................
Australia
7,188,915
27,559,542
a
Coeur
Mining,
Inc.
.....................................
United
States
1,160,406
20,852,496
a
Contango
Silver
&
Gold,
Inc.
.............................
United
States
790,109
18,133,002
a
Dakota
Gold
Corp.
....................................
United
States
2,544,163
13,687,597
Eldorado
Gold
Corp.
...................................
Turkiye
694,724
21,465,430
a
Emerald
Resources
NL
.................................
Australia
7,125,000
30,070,308
Endeavour
Mining
plc
..................................
Ivory
Coast
1,142,114
65,768,143
Equinox
Gold
Corp.,
(CAD
Traded)
........................
Canada
4,138,236
57,822,881
Equinox
Gold
Corp.,
(USD
Traded)
........................
Canada
5,250,000
73,290,000
a,f
Falcon
Metals
Ltd.
.....................................
Australia
12,145,414
4,334,111
a
Felix
Gold
Ltd.
.......................................
Australia
22,836,000
4,239,122
a,b,d
Firefinch
Ltd.
.........................................
Australia
18,028,500
570,065
a
FireFly
Metals
Ltd.
....................................
Australia
9,137,185
13,191,192
a
Founders
Metals,
Inc.
..................................
Canada
2,910,000
10,283,064
a
G
Mining
Ventures
Corp.
................................
Canada
5,161,090
178,881,818
a
G2
Goldfields,
Inc.
....................................
Canada
500,000
3,824,493
a
Galiano
Gold,
Inc.
.....................................
Canada
7,707,219
17,929,703
a
Genesis
Minerals
Ltd.
..................................
Australia
7,146,549
30,793,759
a
Geopacific
Resources
Ltd.
..............................
Australia
138,886,772
4,801,528
Gold
Fields
Ltd.
.......................................
South
Africa
439,800
18,630,915
Gold
Fields
Ltd.,
ADR
..................................
South
Africa
190,000
8,071,200
a
Gold
X2
Mining,
Inc.
...................................
Canada
16,243,960
16,622,450
a
Golden
Horse
Minerals
Ltd.,
CDI
..........................
Australia
6,598,220
2,161,427
a
Gorilla
Gold
Mines
Ltd.
.................................
Australia
14,420,000
3,510,821
a
Greatland
Resources
Ltd.
...............................
Australia
7,983,750
78,600,228
a
Greenheart
Gold,
Inc.
..................................
Canada
137,500
110,336
a
Greenheart
Gold,
Inc.
..................................
Canada
3,775,000
3,029,227
a,f
Heliostar
Metals
Ltd.
...................................
Canada
16,088,333
25,701,537
a
Hemlo
Mining
Corp.
...................................
Canada
8,342,210
32,242,502
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
Hochschild
Mining
plc
..................................
Peru
2,488,520
$
21,245,931
a
Hycroft
Mining
Holding
Corp.,
A
...........................
United
States
512,280
18,677,729
a
Integra
Resources
Corp.,
(CAD
Traded)
....................
Canada
7,093,320
19,217,004
a
Integra
Resources
Corp.,
(USD
Traded)
....................
Canada
1,530,072
4,131,194
a
International
Tower
Hill
Mines
Ltd.
.........................
Canada
2,854,296
6,707,596
a
K92
Mining,
Inc.
......................................
Canada
2,011,571
36,963,089
Kingsgate
Consolidated
Ltd.
.............................
Australia
2,800,000
12,774,543
a,f
Liberty
Gold
Corp.
.....................................
Canada
16,329,800
17,191,161
a,c,f
Liberty
Gold
Corp.,
144A
................................
Canada
11,389,100
11,989,850
a,c,f
Maple
Gold
Mines
Ltd.,
144A
.............................
Canada
3,849,386
8,529,946
a
Maritana
Minerals
Ltd.
..................................
Australia
17,411,203
9,683,976
a
Medallion
Metals
Ltd.
..................................
Australia
32,720,000
9,803,854
a
Meeka
Metals
Ltd.
.....................................
Australia
107,559,186
11,153,856
a,b,d,f
Monarch
Mining
Corp.
..................................
Canada
15,500,000
—
a
Montage
Gold
Corp.
...................................
Canada
4,170,000
41,198,071
a
New
Murchison
Gold
Ltd.
...............................
Australia
281,502,000
9,680,615
a,f
Newcore
Gold
Ltd.
....................................
Canada
15,520,000
6,284,095
Newmont
Corp.
.......................................
United
States
790,614
87,829,309
Newmont
Corp.,
CDI
...................................
United
States
926,265
101,452,402
Northern
Star
Resources
Ltd.
............................
Australia
1,525,782
23,387,548
OceanaGold
Corp.
....................................
Australia
691,496
21,411,508
a
Omai
Gold
Mines
Corp.
.................................
Canada
24,224,678
41,374,648
a,f
Onyx
Gold
Corp.
......................................
Canada
3,973,201
3,539,274
a,f
Onyx
Gold
Corp.
......................................
Canada
1,400,750
1,247,770
a
Ora
Banda
Mining
Ltd.
.................................
Australia
32,257,692
31,537,616
Orla
Mining
Ltd.
......................................
Canada
2,299,928
30,138,564
c
Orla
Mining
Ltd.,
144A
..................................
Canada
2,571,436
33,696,441
a
Osisko
Development
Corp.,
(CAD
Traded)
...................
Canada
985,000
2,929,584
a,c
Osisko
Development
Corp.,
(CAD
Traded),
144A
..............
Canada
2,404,049
7,150,114
a
Osisko
Development
Corp.,
(USD
Traded)
...................
Canada
3,117,334
9,320,829
Pan
American
Silver
Corp.
..............................
Canada
130,021
6,803,764
a
Pantoro
Gold
Ltd.
.....................................
Australia
9,855,330
23,563,286
Perseus
Mining
Ltd.
...................................
Australia
18,966,211
76,010,641
a
Predictive
Discovery
Ltd.,
(AUD
Traded)
....................
Australia
43,381,471
29,216,338
a
Predictive
Discovery
Ltd.,
(CAD
Traded)
....................
Australia
58,178,800
38,119,139
a,f
Q-Gold
Resources
Ltd.
.................................
Canada
8,725,887
1,638,091
a
Radisson
Mining
Resources,
Inc.,
A
........................
Canada
9,935,398
8,411,461
Ramelius
Resources
Ltd.
...............................
Australia
8,265,795
20,515,496
a
Resolute
Mining
Ltd.
...................................
Australia
17,032,892
14,575,487
a
Rio2
Ltd.
............................................
Canada
6,420,884
12,195,591
a
Rox
Resources
Ltd.
...................................
Australia
32,305,203
9,602,549
a,b,d
Roxmore
Resources,
Inc.,
144A
..........................
Canada
1,699,430
5,355,526
a
RTG
Mining,
Inc.
......................................
Australia
4,167,708
138,070
a
RTG
Mining,
Inc.,
CDI
..................................
Australia
82,487,582
2,613,025
a
Rua
Gold,
Inc.
........................................
Canada
4,466,490
4,208,862
a
Rupert
Resources
Ltd.
.................................
Canada
850,000
6,701,881
a
Santana
Minerals
Ltd.
..................................
Australia
22,853,334
9,366,119
a,f
Saturn
Metals
Ltd.
.....................................
Australia
29,776,957
10,266,569
a
Sitka
Gold
Corp.
......................................
Canada
15,115,870
10,460,425
a
Skeena
Resources
Ltd.
.................................
Canada
1,516,863
44,232,299
a
Snowline
Gold
Corp.
...................................
Canada
1,545,450
16,417,597
a
Southern
Cross
Gold
Consolidated
Ltd.
.....................
Canada
2,146,090
15,483,257
a
Southern
Cross
Gold
Consolidated
Ltd.,
CDI
.................
Canada
2,082,272
15,078,011
a
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded)
............
United
States
337,336
49,668
a,c
St.
Augustine
Gold
and
Copper
Ltd.,
(CAD
Traded),
144A
.......
United
States
16,383,333
2,412,240
a,c
St.
Augustine
Gold
and
Copper
Ltd.,
(USD
Traded),
144A
.......
United
States
10,000,000
1,472,375
a
St.
Barbara
Ltd.
.......................................
Australia
10,708,021
4,824,099
a
STLLR
Gold,
Inc.
.....................................
Canada
325,000
356,499
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
a,c
STLLR
Gold,
Inc.,
144A
.................................
Canada
4,370,010
$
4,793,547
a,f
Talisker
Resources
Ltd.
.................................
Canada
11,307,987
11,155,227
a,f
Tectonic
Metals,
Inc.
...................................
Canada
3,700,000
6,183,237
a,b,d,f
Tectonic
Metals,
Inc.,
144A
..............................
Canada
2,606,809
4,032,078
a
Tiernan
Gold
Corp.
....................................
Canada
1,286,127
8,549,878
a
Titan
Minerals
Ltd.
....................................
Australia
5,650,000
3,376,205
a
Tolu
Minerals
Ltd.
.....................................
Australia
9,518,700
10,142,422
Torex
Gold
Resources,
Inc.
..............................
Canada
1,259,000
51,848,537
c
Torex
Gold
Resources,
Inc.,
144A
.........................
Canada
323,400
13,318,361
a
Torque
Metals
Ltd.
....................................
Australia
25,213,732
8,267,020
a
Toubani
Resources
Ltd.,
CDI
.............................
Australia
17,865,000
5,655,489
a
Troilus
Mining
Corp.
...................................
Canada
26,352,561
30,652,664
a
Turaco
Gold
Ltd.
......................................
Australia
10,276,530
4,225,199
a
Valiant
Gold
Ltd.
......................................
Australia
15,058,150
3,198,129
Vault
Minerals
Ltd.
....................................
Australia
5,716,754
19,072,567
a,b
Walhalla
Gold
Corp.
...................................
Australia
1,724,675
268,745
a,b
Walhalla
Gold
Corp.
...................................
Australia
1,724,675
276,528
a,b
Walhalla
Gold
Corp.
...................................
Australia
1,724,675
288,208
a
Walhalla
Gold
Corp.
...................................
Australia
1,724,675
304,724
a
West
African
Resources
Ltd.
.............................
Australia
3,189,984
6,945,916
Westgold
Resources
Ltd.
...............................
Australia
5,850,000
23,231,471
a
WIA
Gold
Ltd.
........................................
Australia
28,098,043
10,049,470
a,b,d,f
Wiluna
Mining
Corp.
Ltd.
................................
Australia
19,510,000
8,603,312
2,844,457,334
Precious
Metals
&
Minerals
4.4%
a
Aurion
Resources
Ltd.
..................................
Canada
4,575,000
8,655,906
a,b,d,f
Helius
Minerals
Ltd.,
144A
...............................
Canada
134,549
553,044
a,b,d,f
Helius
Minerals
Ltd.,
144A
...............................
Canada
2,018,160
9,224,215
Impala
Platinum
Holdings
Ltd.
............................
South
Africa
1,080,000
15,138,414
Impala
Platinum
Holdings
Ltd.,
ADR
.......................
South
Africa
864,100
12,201,092
Northam
Platinum
Holdings
Ltd.
..........................
South
Africa
539,019
10,392,990
a
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
..................
South
Africa
1,225,458
2,147,157
a
Platinum
Group
Metals
Ltd.,
(USD
Traded)
..................
South
Africa
2,104,871
3,704,573
a
Scottie
Resources
Corp.
................................
Canada
3,757,033
5,725,371
a,f
Sierra
Madre
Gold
and
Silver
Ltd.
.........................
Canada
5,550,000
6,864,210
a,b,d,f
Sierra
Madre
Gold
and
Silver
Ltd.,
144A
....................
Canada
5,196,023
5,868,677
a,b
SUA
Holdings
Ltd.
.....................................
Canada
671,300
600,950
a,f
TDG
Gold
Corp.
......................................
Canada
7,557,000
3,338,020
a,c,f
TDG
Gold
Corp.,
144A
.................................
Canada
8,500,200
3,754,643
a,f
Thesis
Gold
&
Silver,
Inc.
...............................
Canada
16,114,053
40,096,808
Valterra
Platinum
Ltd.
..................................
South
Africa
218,314
17,583,667
a
Vizsla
Royalties
Corp.
..................................
Canada
1,487,266
3,394,210
a,c
Vizsla
Royalties
Corp.,
144A
.............................
Canada
308,334
703,674
149,947,621
Silver
2.8%
a
Aya
Gold
&
Silver,
Inc.
..................................
Morocco
640,000
11,062,834
a
Discovery
Silver
Corp.
..................................
Canada
5,886,700
36,316,521
a
GoGold
Resources,
Inc.
................................
Canada
10,063,217
19,410,040
a
Silver
Mines
Ltd.
......................................
Australia
69,200,000
8,210,093
a
Silver
Mountain
Resources,
Inc.
..........................
Canada
1,558,133
4,049,184
a,f
Silver
Tiger
Metals,
Inc.
.................................
Canada
880,000
524,754
a,c,f
Silver
Tiger
Metals,
Inc.,
144A
............................
Canada
29,968,073
17,870,313
97,443,739
Total
Common
Stocks
(Cost
$1,559,949,997)
....................................
3,403,920,173
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Rights
a
Value
a
a
a
Rights
0.0%
†
Gold
0.0%
†
a
Pan
American
Silver
Corp.,
CVR
,
2/22/29
...................
Canada
1,850,600
$
1,267,661
Total
Rights
(Cost
$856,772)
..................................................
1,267,661
Warrants
a
a
a
Warrants
0.8%
Copper
0.1%
a,b,d
Axo
Copper
Corp.,
8/19/27
..............................
Canada
3,489,525
361,510
a,b,d
Fuerte
Metals
Corp.,
144A,
10/17/30
.......................
Canada
576,080
2,964,478
3,325,988
Diversified
Metals
&
Mining
0.1%
a,b,d
Adyton
Resources
Corp.,
144A,
8/13/27
....................
Canada
5,140,000
177,966
a,b,d
AuMega
Metals
Ltd.,
9/03/28
.............................
Australia
43,558,000
592,948
a,b,d
Awale
Resources
Ltd.,
144A,
5/08/26
......................
Canada
1,750,000
51,533
a,b,d
Cerro
de
Pasco
Resources
Sucursal
del
Peru,
144A,
11/14/26
....
Canada
3,700,000
509,932
a,b,d
Cerro
de
Pasco
Resources,
Inc.,
144A,
11/06/27
..............
Canada
2,458,764
298,695
a,b,d
Great
Pacific
Gold
Corp.,
4/02/28
.........................
Canada
524,703
35,543
a,b,d
Great
Pacific
Gold
Corp.,
144A,
7/03/28
....................
Canada
3,449,350
255,813
a,b,d
Minera
Alamos,
Inc.,
144A,
9/17/28
........................
Canada
2,892,920
2,877,952
a,b,d
Vior
Gold
Corp.,
Inc.,
144A,
2/27/27
.......................
Canada
17,700,000
25,384
4,825,766
Gold
0.5%
a,b,d
Atex
Resources,
Inc.,
144A,
11/06/29
......................
Canada
1,353,242
982,355
a,b,d,f
Cambria
Gold
Mines,
Inc.,
144A,
7/25/26
....................
Canada
3,300,000
—
a,b,d,f
Cambria
Gold
Mines,
Inc.,
144A,
12/30/26
...................
Canada
3,603,693
2,414,224
a,b,c,f
Cambria
Gold
Mines,
Inc.,
144A,
12/31/26
...................
Canada
5,617,406
3,763,271
a,b,d,f
Cambria
Gold
Mines,
Inc.,
144A,
3/13/27
....................
Canada
61,744,100
108,274
a,b,d
Contango
Silver
&
Gold,
Inc.,
6/11/27
......................
United
States
25,000
134,692
a
Integra
Resources
Corp.,
3/13/27
.........................
Canada
500,000
912,872
a,b,d,f
Liberty
Gold
Corp.,
144A,
5/17/26
.........................
Canada
1,950,000
1,406,854
a,b,d,f
Liberty
Gold
Corp.,
144A,
4/22/27
.........................
Canada
2,444,550
1,763,654
a,b,d,f
Monarch
Mining
Corp.,
144A,
4/06/27
......................
Canada
6,000,000
—
a
Osisko
Development
Corp.,
(CAD
Traded),
3/27/27
............
Canada
608,333
53,742
a,b,d
Osisko
Development
Corp.,
(USD
Traded),
144A,
8/15/27
.......
Canada
800,000
671,715
a,c
Osisko
Development
Corp.,
(USD
Traded),
144A,
10/01/29
......
Canada
985,000
1,526,799
a,b,d,f
Q-Gold
Resources
Ltd.,
144A,
9/30/27
.....................
Canada
4,362,943
176,657
a,b,d
STLLR
Gold,
Inc.,
144A,
2/06/27
..........................
Canada
537,600
42,728
a,b,d,f
Talisker
Resources
Ltd.,
144A,
3/10/28
.....................
Canada
783,199
91,090
a,f
Talisker
Resources
Ltd.,
5/05/28
..........................
Canada
300,000
187,728
a,b,c
Tiernan
Gold
Corp.,
144A,
10/31/27
.......................
Canada
643,063
1,520,015
a,b,d
Troilus
Mining
Corp.,
10/18/26
............................
Canada
1,800,000
1,497,405
17,254,075
Precious
Metals
&
Minerals
0.1%
a,b,d,f
Helius
Minerals
Ltd.,
144A,
1/29/29
........................
Canada
67,274
141,378
a,b,d,f
Sierra
Madre
Gold
and
Silver
Ltd.,
144A,
7/24/26
.............
Canada
3,425,000
2,017,153
a,b,d,f
TDG
Gold
Corp.,
144A,
7/07/26
...........................
Canada
310,000
47,926
2,206,457
Silver
0.0%
†
a,b,d
GoGold
Resources,
Inc.,
144A,
11/27/28
....................
Canada
1,195,379
509,782
a,b,d
Silver
Mines
Ltd.,
144A,
6/17/26
..........................
Australia
11,766,666
347,438
a,b,d
Silver
Mountain
Resources,
Inc.,
A,
5/18/26
..................
Canada
332,400
68,519
a,b,d
Silver
Mountain
Resources,
Inc.,
B,
11/18/27
.................
Canada
332,400
261,540
Franklin
Gold
and
Precious
Metals
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
See
Abbreviations
on
page
15
.
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
(continued)
Silver
(continued)
a,c
Silver
Mountain
Resources,
Inc.,
144A,
4/24/28
...............
Canada
3,100,000
$
308,094
1,495,373
Total
Warrants
(Cost
$–)
......................................................
29,107,659
Total
Long
Term
Investments
(Cost
$1,560,806,769)
.............................
3,434,295,493
a
Short
Term
Investments
0.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.6%
g,h
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.593%
United
States
20,409,600
20,409,600
Total
Money
Market
Funds
(Cost
$20,409,600)
..................................
20,409,600
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Money
Market
Funds
0.0%
†
g,h
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.593%
United
States
708,000
708,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$708,000)
...................................................................
708,000
Total
Short
Term
Investments
(Cost
$21,117,600
)
................................
21,117,600
a
Total
Investments
(Cost
$1,581,924,369)
100.0%
................................
$3,455,413,093
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(1,562,593)
Net
Assets
100.0%
...........................................................
$3,453,850,500
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2026,
the
aggregate
value
of
these
securities
was
$210,432,319,
representing
6.1%
of
net
assets.
d
See
Note
3
regarding
restricted
securities.
e
A
portion
or
all
of
the
security
is
on
loan
at
April
30,
2026.
f
See
Note
4
regarding
holdings
of
5%
voting
securities.
g
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
1.
Organization
Franklin
Gold
and
Precious
Metals
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the Fund.
As
a
result,
differences
may
arise
between
the
value
of
the Fund’s
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences, an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At April
30,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
9
Quarterly
Schedule
of
Investments
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
3.
Restricted
Securities
At
April
30,
2026,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Gold
and
Precious
Metals
Fund
5,140,000
a
Adyton
Resources
Corp.,
144A,
8/13/27
...........
8/14/25
$
—
$
177,966
1,353,242
b
Atex
Resources,
Inc.,
144A,
11/06/29
.............
11/07/25
—
982,355
43,558,000
c
AuMega
Metals
Ltd.,
(CAD
Traded)
..............
4/09/26
1,261,317
1,056,603
43,558,000
c
AuMega
Metals
Ltd.,
9/03/28
...................
4/15/26
—
592,948
1,750,000
d
Awale
Resources
Ltd.,
144A,
5/08/26
.............
5/10/24
—
51,533
3,489,525
e
Axo
Copper
Corp.,
8/19/27
.....................
2/20/26
—
361,510
7,207,386
f
Cambria
Gold
Mines,
Inc.,
144A
.
................
1/21/26
3,126,509
8,632,123
3,603,693
f
Cambria
Gold
Mines,
Inc.,
144A,
12/30/26
.........
1/28/26
—
2,414,224
61,744,100
f
Cambria
Gold
Mines,
Inc.,
144A,
3/13/27
..........
3/18/25
—
108,274
3,300,000
f
Cambria
Gold
Mines,
Inc.,
144A,
7/25/26
..........
7/26/24
—
—
3,700,000
g
Cerro
de
Pasco
Resources
Sucursal
del
Peru,
144A,
11/14/26
.................................
11/29/24
—
509,932
2,458,764
g
Cerro
de
Pasco
Resources,
Inc.,
144A,
11/06/27
....
11/10/25
—
298,695
25,000
h
Contango
Silver
&
Gold,
Inc.,
6/11/27
.............
6/11/24
—
134,692
18,028,500
Firefinch
Ltd.
...............................
6/28/21
-
12/14/21
6,072,753
570,065
576,080
i
Fuerte
Metals
Corp.,
144A,
10/17/30
.............
10/21/25
—
2,964,478
1,195,379
j
GoGold
Resources,
Inc.,
144A,
11/27/28
..........
11/28/25
—
509,782
3,449,350
k
Great
Pacific
Gold
Corp.,
144A,
7/03/28
...........
7/07/25
—
255,813
524,703
k
Great
Pacific
Gold
Corp.,
4/02/28
................
4/06/26
—
35,543
134,549
Helius
Minerals
Ltd.,
144A
.....................
1/30/26
296,440
553,044
2,018,160
Helius
Minerals
Ltd.,
144A
.
....................
1/30/26
4,446,429
9,224,215
67,274
Helius
Minerals
Ltd.,
144A,
1/29/29
..............
2/06/26
—
141,378
2,444,550
l
Liberty
Gold
Corp.,
144A,
4/22/27
................
4/23/25
—
1,763,654
1,950,000
l
Liberty
Gold
Corp.,
144A,
5/17/26
................
5/21/24
—
1,406,854
2,892,920
m
Minera
Alamos,
Inc.,
144A,
9/17/28
..............
10/03/25
—
2,877,952
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
—
—
800,000
n
Osisko
Development
Corp.,
(USD
Traded),
144A,
8/15/27
..................................
8/18/25
—
671,715
45,900,000
Phoenix
Industrial
Minerals
Pty.
Ltd.
..............
3/09/21
-
12/16/22
—
56,178
4,362,943
o
Q-Gold
Resources
Ltd.,
144A,
9/30/27
............
10/24/25
—
176,657
1,699,430
Roxmore
Resources,
Inc.,
144A
.................
2/27/26
2,990,090
5,355,526
5,196,023
p
Sierra
Madre
Gold
and
Silver
Ltd.,
144A
...........
1/12/26
4,867,118
5,868,677
2. Financial
Instrument
Valuation
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
10
Quarterly
Schedule
of
Investments
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Gold
and
Precious
Metals
Fund
(continued)
3,425,000
p
Sierra
Madre
Gold
and
Silver
Ltd.,
144A,
7/24/26
....
7/25/25
$
—
$
2,017,153
11,766,666
q
Silver
Mines
Ltd.,
144A,
6/17/26
.................
1/07/25
—
347,438
332,400
r
Silver
Mountain
Resources,
Inc.,
A,
5/18/26
........
11/19/25
—
68,519
332,400
r
Silver
Mountain
Resources,
Inc.,
B,
11/18/27
.......
11/19/25
—
261,540
537,600
s
STLLR
Gold,
Inc.,
144A,
2/06/27
................
2/09/24
—
42,728
783,199
t
Talisker
Resources
Ltd.,
144A,
3/10/28
............
3/11/26
—
91,090
310,000
u
TDG
Gold
Corp.,
144A,
7/07/26
.................
7/10/23
—
47,926
2,606,809
v
Tectonic
Metals,
Inc.,
144A
.....................
2/11/26
4,129,104
4,032,078
1,800,000
w
Troilus
Mining
Corp.,
10/18/26
..................
10/18/24
—
1,497,405
17,700,000
x
Vior
Gold
Corp.,
Inc.,
144A,
2/27/27
..............
2/28/25
—
25,384
19,510,000
Wiluna
Mining
Corp.
Ltd.
......................
2/28/20
-
6/10/22
9,867,301
8,603,312
Total
Restricted
Securities
(Value
is
1.9%
of
Net
Assets)
...............
$40,397,351
$64,786,959
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,254,537
as
of
April
30,
2026.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$21,107,984
as
of
April
30,
2026.
c
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$921,583
as
of
April
30,
2026.
d
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,112,858
as
of
April
30,
2026.
e
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,853,417
as
of
April
30,
2026.
f
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$24,579,813
as
of
April
30,
2026.
g
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$5,989,447
as
of
April
30,
2026.
h
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$18,133,002
as
of
April
30,
2026.
i
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$13,900,085
as
of
April
30,
2026.
j
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$19,410,040
as
of
April
30,
2026.
k
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,516,057
as
of
April
30,
2026.
l
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$29,181,011
as
of
April
30,
2026.
m
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$16,192,844
as
of
April
30,
2026.
n
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$20,981,068
as
of
April
30,
2026.
o
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,638,091
as
of
April
30,
2026.
p
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,864,210
as
of
April
30,
2026.
q
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$8,210,093
as
of
April
30,
2026.
r
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$4,357,278
as
of
April
30,
2026.
s
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$5,150,046
as
of
April
30,
2026.
t
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$11,342,955
as
of
April
30,
2026.
u
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$7,092,663
as
of
April
30,
2026.
v
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,183,237
as
of
April
30,
2026.
w
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$30,652,664
as
of
April
30,
2026.
x
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,628,814
as
of
April
30,
2026.
3.
Restricted
Securities
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
11
Quarterly
Schedule
of
Investments
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
April
30,
2026,
investments
in
“affiliated
companies”
were
as
follows: 
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
Non-Controlled
Affiliates
Dividends
Asara
Resources
Ltd.
..
$
—
$
2,738,994
a
$
—
$
—
$
5,285,281
$
8,024,275
82,560,000
$
—
Ascot
Resources
Ltd.
..
6,232,309
10,470,086
a
(37,931,368)
a
—
21,228,973
—
c
—
—
Aurion
Resources
Ltd.
.
4,261,872
—
(5,375,539)
3,304,193
—
b
—
b
—
b
—
Banyan
Gold
Corp.
...
5,484,772
—
(1,225,108)
866,532
16,071,692
21,197,888
21,017,629
—
Cambria
Gold
Mines,
Inc.
—
28,063,124
a
—
—
(21,596,805)
6,466,319
4,934,564
—
Cambria
Gold
Mines,
Inc.,
144A
...........
—
4,928,811
a
—
—
9,421,412
14,350,223
11,234,813
—
Cambria
Gold
Mines,
Inc.,
144A
.
..........
—
3,126,510
a
—
—
5,505,613
8,632,123
7,207,386
—
Cambria
Gold
Mines,
Inc.,
144A,
7/25/26
.....
23,073
—
—
—
(23,073)
—
3,300,000
—
Cambria
Gold
Mines,
Inc.,
144A,
12/30/26
....
—
—
—
—
2,414,224
2,414,224
3,603,693
—
Cambria
Gold
Mines,
Inc.,
144A,
12/31/26
....
—
—
—
—
3,763,271
3,763,271
5,617,406
—
Cambria
Gold
Mines,
Inc.,
144A,
3/13/27
.....
1,204,625
—
—
—
(1,096,351)
108,274
61,744,100
—
Falcon
Metals
Ltd.
....
2,697,018
1,331,615
a
(43,210)
(4,593)
353,281
4,334,111
12,145,414
—
Heliostar
Metals
Ltd.
...
14,523,383
497,836
a
(5,685,328)
4,884,500
11,481,146
25,701,537
16,088,333
—
Heliostar
Metals
Ltd.,
144A,
12/08/25
....
881,778
—
—
—
(881,778)
—
c
—
—
Helius
Minerals
Ltd.,
144A
—
296,440
a
—
—
256,604
553,044
134,549
—
Helius
Minerals
Ltd.,
144A
.
..............
—
4,446,429
—
—
4,777,786
9,224,215
2,018,160
—
Helius
Minerals
Ltd.,
144A,
1/29/29
..........
—
—
—
—
141,378
141,378
67,274
—
Liberty
Gold
Corp.
....
4,007,024
—
—
—
13,184,137
17,191,161
16,329,800
—
Liberty
Gold
Corp.,
144A
2,794,669
—
—
—
9,195,181
11,989,850
11,389,100
—
Liberty
Gold
Corp.,
144A,
5/17/26
..........
25,034
—
—
—
1,381,820
1,406,854
1,950,000
—
Liberty
Gold
Corp.,
144A,
4/22/27
..........
66,369
—
—
—
1,697,285
1,763,654
2,444,550
—
Maple
Gold
Mines
Ltd.,
144A
...........
—
3,287,147
—
—
5,242,799
8,529,946
3,849,386
—
Monarch
Mining
Corp.
.
—
—
—
—
—
—
15,500,000
—
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants
Held
at
End
of
Period
Investment
Income
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Non-Controlled
Affiliates
Monarch
Mining
Corp.,
144A,
4/06/27
.....
$
—
$
—
$
—
$
—
$
—
$
—
6,000,000
$
—
Newcore
Gold
Ltd.
....
6,138,135
511,678
(540,572)
27,351
147,503
6,284,095
15,520,000
—
Newcore
Gold
Ltd.,
144A,
2/27/26
..........
116,241
—
—
—
(116,241)
—
c
—
—
Onyx
Gold
Corp.
.....
2,448,759
2,177,514
—
—
(1,086,999)
3,539,274
3,973,201
—
Onyx
Gold
Corp.
.
....
1,759,025
—
—
—
(511,255)
1,247,770
1,400,750
—
Q-Gold
Resources
Ltd.
.
—
949,394
a
—
—
688,697
1,638,091
8,725,887
—
Q-Gold
Resources
Ltd.,
144A,
9/30/27
.....
—
—
—
—
176,657
176,657
4,362,943
—
RTG
Mining,
Inc.
.....
75,197
—
—
—
—
b
—
b
—
b
—
RTG
Mining,
Inc.,
CDI
..
1,378,277
—
—
—
—
b
—
b
—
b
—
Saturn
Metals
Ltd.
....
7,181,760
1,509,260
a
(136,604)
(130,414)
1,842,567
10,266,569
29,776,957
—
Sierra
Madre
Gold
and
Silver
Ltd.
........
3,460,595
—
(1,844,975)
1,176,078
4,072,512
6,864,210
5,550,000
—
Sierra
Madre
Gold
and
Silver
Ltd.,
144A
....
—
4,867,118
—
—
1,001,559
5,868,677
5,196,023
—
Sierra
Madre
Gold
and
Silver
Ltd.,
144A,
7/24/26
..........
327,681
—
—
—
1,689,472
2,017,153
3,425,000
—
Silver
Tiger
Metals,
Inc.
.
992,945
—
(835,287)
528,230
(161,134)
524,754
880,000
—
Silver
Tiger
Metals,
Inc.,
144A
...........
9,728,403
2,824,267
—
—
5,317,643
17,870,313
29,968,073
—
Talisker
Resources
Ltd.
.
2,164,261
6,424,656
a
—
—
2,566,310
11,155,227
11,307,987
—
Talisker
Resources
Ltd.,
144A,
3/10/28
.....
—
—
—
—
91,090
91,090
783,199
—
Talisker
Resources
Ltd.,
5/05/28
..........
35,183
—
—
—
152,545
187,728
300,000
—
TDG
Gold
Corp.
.....
2,138,258
2,073,194
—
—
(873,432)
3,338,020
7,557,000
—
TDG
Gold
Corp.,
144A
.
2,364,102
1,379,196
a
—
—
11,345
3,754,643
8,500,200
—
TDG
Gold
Corp.,
144A,
7/07/26
..........
50,346
—
—
—
(2,420)
47,926
310,000
—
Tectonic
Metals,
Inc.
...
—
2,551,076
—
—
3,632,161
6,183,237
3,700,000
—
Tectonic
Metals,
Inc.,
144A
—
4,129,104
—
—
(97,026)
4,032,078
2,606,809
—
Thesis
Gold
&
Silver,
Inc.
—
19,138,318
a
(1,240,783)
(42,617)
22,241,890
40,096,808
16,114,053
—
Thesis
Gold,
Inc.
.....
10,479,986
762,100
a
(19,138,316)
a
—
7,896,230
—
c
—
—
Thesis
Gold,
Inc.,
144A
.
646,956
—
(762,100)
a
—
115,144
—
c
—
—
Wiluna
Mining
Corp.
Ltd.
257,031
—
—
—
8,346,281
8,603,312
19,510,000
—
Total
Affiliated
Securities
(Value
at
End
of
Period
is
8.1%
of
Net
Assets)
$93,945,067
$108,483,867
$(74,759,190)
$10,609,260
$144,944,975
$279,579,979
$—
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
13
Quarterly
Schedule
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
April
30,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
6. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
a
May
include
accretion,
amortization,
and/or
other
cost
basis
adjustments.
b
As
of
April
30,
2026,
no
longer
an
affiliate.
c
As
of
April
30,
2026,
no
longer
held
by
the
fund.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Gold
and
Precious
Metals
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.593%
............
$19,635,328
$531,983,037
$(531,208,765)
$—
$—
$20,409,600
20,409,600
$1,354,233
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.593%
............
$734,000
$73,520,000
$(73,546,000)
$—
$—
$708,000
708,000
$85,253
Total
Affiliated
Securities
...
$20,369,328
$605,503,037
$(604,754,765)
$—
$—
$21,117,600
$1,439,486
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
14
Quarterly
Schedule
of
Investments
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2026,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At April
30,
2026,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Gold
and
Precious
Metals
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Copper
..............................
$
22,258,988
$
—
$
1,956,197
$
24,215,185
Diversified
Metals
&
Mining
...............
204,819,754
81,224,282
1,621,327
287,665,363
Environmental
&
Facilities
Services
.........
190,931
—
—
190,931
Gold
................................
2,053,396,200
744,519,000
46,542,134
b
2,844,457,334
Precious
Metals
&
Minerals
...............
86,831,021
46,869,714
16,246,886
b
149,947,621
Silver
...............................
89,233,646
8,210,093
—
97,443,739
Rights
................................
1,267,661
—
—
1,267,661
Warrants
:
Copper
..............................
—
—
3,325,988
3,325,988
Diversified
Metals
&
Mining
...............
—
—
4,825,766
4,825,766
Gold
................................
2,681,141
—
14,572,934
b
17,254,075
Precious
Metals
&
Minerals
...............
—
—
2,206,457
2,206,457
Silver
...............................
308,094
—
1,187,279
1,495,373
Short
Term
Investments
...................
21,117,600
—
—
21,117,600
Total
Investments
in
Securities
...........
$2,482,105,036
$880,823,089
c
$92,484,968
$3,455,413,093
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
c
Includes
foreign
securities
valued
at
$861,246,391,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a          
a
a
a
a
a
a
a
a
a
Franklin
Gold
and
Precious
Metals
Fund
Assets:
Investments
in
Securities:
Common
Stocks
Copper
..........
$
—
$
891,506
$
—
$
—
$
—
$
—
$
—
$
1,064,691
$
1,956,197
$
1,064,691
Diversified
Metals
&
Mining
.........
50,146
1,261,317
c
—
—
—
—
—
309,864
1,621,327
309,864
Gold
............
11,231,578
c
20,862,755
c
(9,783,646)
—
—
—
(28,448)
24,259,895
46,542,134
c
25,017,669
Precious
Metals
&
Minerals
........
2,424,380
9,609,987
c
(2,141,296)
c
—
—
—
—
6,353,815
16,246,886
6,636,900
Warrants
Copper
..........
—
—
c
—
—
—
—
—
3,325,988
3,325,988
3,325,988
Diversified
Metals
&
Mining
.........
1,3
19
,5
03
—
c
(2,143)
—
—
—
—
3,508,406
4,825,766
4,169,976
Gold
............
2,7
77
,
582
c
—
c
—
c
—
—
—
—
11,795,352
14,572,934
c
13,184,532
Precious
Metals
&
Minerals
........
378,027
—
c
—
—
—
—
—
1,828,430
2,206,457
1,828,430
6. Fair
Value
Measurements
(continued)
Franklin
Gold
and
Precious
Metals
Fund
Notes
to
Schedule
of
Investments
(unaudited)
15
Quarterly
Schedule
of
Investments
Level
3
financial
instruments
include
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs. 
Abbreviations
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a          
a
a
a
a
a
a
a
a
a
Franklin
Gold
and
Precious
Metals
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Warrants
(continued)
Silver
............
$
90,362
$
—
c
$
—
c
$
—
$
—
$
—
$
—
$
1,096,917
$
1,187,279
$
1,102,329
Total
Investments
in
Securities
.
$18,271,578
$32,625,565
$(11,927,085)
$—
$—
$
—
$
(28,448)
$
53,543,358
$92,484,968
$
56,640,379
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Includes
financial
instruments
determined
to
have
no
value.
Cu
r
rency
AUD
Australian
Dollar
CAD
Canadian
Dollar
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
CDI
CREST
Depository
Interest
CVR
Contingent
Value
Right
6. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.