Templeton Growth Fd (TEPLX) NPORT-P Templeton Growth Fund, Inc. (May 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

101-Q3PH

1

Schedule

of

Investments

(unaudited)

Templeton

Growth

Fund,

Inc.

2

Notes

to

Schedule

of

Investments

5

Templeton

Growth

Fund,

Inc.

Schedule

of

Investments

(unaudited),

May

31,

2022

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

94.6%

Belgium

2.3%

Anheuser-Busch

InBev

SA/NV

......

Beverages

3,499,695

$

197,289,209

China

1.3%

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

578,294

109,737,069

France

2.9%

Danone

SA

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

Food

Products

2,598,201

152,878,833

Pernod

Ricard

SA

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

Beverages

481,673

94,598,980

247,477,813

Germany

5.9%

Bayer

AG

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

Pharmaceuticals

703,529

50,338,471

Continental

AG

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

Auto

Components

1,362,493

104,689,834

E.ON

SE

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

Multi-Utilities

8,022,862

81,900,785

Fresenius

Medical

Care

AG

&

Co.

KGaA

Health

Care

Providers

&

Services

2,425,948

147,998,450

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

4,095,760

127,642,902

512,570,442

Hong

Kong

1.8%

AIA

Group

Ltd.

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

Insurance

15,217,831

157,658,534

Japan

8.4%

Fujitsu

Ltd.

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

IT

Services

798,979

119,978,301

Hitachi

Ltd.

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

Industrial

Conglomerates

2,090,774

108,491,433

Honda

Motor

Co.

Ltd.

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

Automobiles

3,473,034

86,485,884

Isuzu

Motors

Ltd.

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

Automobiles

4,941,400

57,994,513

Komatsu

Ltd.

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

Machinery

4,951,509

123,117,177

Nitori

Holdings

Co.

Ltd.

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

Specialty

Retail

833,933

84,026,559

Sony

Group

Corp.

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

Household

Durables

1,605,460

150,586,891

730,680,758

Netherlands

1.1%

Shell

plc

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

Oil,

Gas

&

Consumable

Fuels

3,256,801

96,326,860

South

Korea

2.5%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

3,974,204

215,204,560

Switzerland

2.3%

Adecco

Group

AG

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

Professional

Services

869,130

33,874,524

Roche

Holding

AG

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

Pharmaceuticals

487,437

166,079,580

199,954,104

Taiwan

0.4%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

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

Semiconductors

&

Semiconductor

Equipment

395,015

37,644,930

United

Kingdom

13.1%

AstraZeneca

plc

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

Pharmaceuticals

1,532,357

202,530,161

BAE

Systems

plc

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

Aerospace

&

Defense

14,622,483

139,477,034

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

37,399,371

203,257,691

Compass

Group

plc

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

Hotels,

Restaurants

&

Leisure

4,237,511

94,993,283

a

Farfetch

Ltd.,

A

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

Internet

&

Direct

Marketing

Retail

2,904,723

26,055,365

a,b

International

Consolidated

Airlines

Group

SA

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

Airlines

43,343,005

69,724,683

a,c

Just

Eat

Takeaway.com

NV,

144A,

Reg

S

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

Internet

&

Direct

Marketing

Retail

3,102,917

69,057,314

Lloyds

Banking

Group

plc

..........

Banks

71,246,829

40,499,918

a

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

99,621,416

108,809,217

Templeton

Growth

Fund,

Inc.

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

Kingdom

(continued)

Unilever

plc

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

Personal

Products

3,813,784

$

183,579,741

1,137,984,407

United

States

52.6%

AbbVie,

Inc.

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

Biotechnology

1,533,888

226,049,075

Albemarle

Corp.

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

Chemicals

656,545

170,977,449

a

Alphabet,

Inc.,

A

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

Interactive

Media

&

Services

36,654

83,396,647

a

Amazon.com,

Inc.

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

Internet

&

Direct

Marketing

Retail

10,951

26,328,285

American

Express

Co.

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

Consumer

Finance

713,756

120,496,288

Bank

of

America

Corp.

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

Banks

2,517,005

93,632,586

a

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

82,138

184,281,531

Comcast

Corp.,

A

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

Media

2,998,742

132,784,296

Crown

Holdings,

Inc.

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

Containers

&

Packaging

1,011,163

105,605,864

a

Dollar

Tree,

Inc.

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

Multiline

Retail

1,199,604

192,332,509

DuPont

de

Nemours,

Inc.

..........

Chemicals

2,419,448

164,159,547

a

DXC

Technology

Co.

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

IT

Services

5,476,083

192,867,643

Freeport-McMoRan,

Inc.

...........

Metals

&

Mining

2,109,202

82,427,614

GSK

plc

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

Pharmaceuticals

7,443,733

162,282,689

HCA

Healthcare,

Inc.

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

Health

Care

Providers

&

Services

859,128

180,760,531

Honeywell

International,

Inc.

........

Industrial

Conglomerates

505,607

97,895,627

a

Hyatt

Hotels

Corp.,

A

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

Hotels,

Restaurants

&

Leisure

969,276

85,674,306

Johnson

&

Johnson

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

Pharmaceuticals

1,094,406

196,478,709

Lear

Corp.

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

Auto

Components

754,926

106,414,369

Marathon

Petroleum

Corp.

.........

Oil,

Gas

&

Consumable

Fuels

2,151,362

218,987,138

Medtronic

plc

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

Health

Care

Equipment

&

Supplies

1,916,051

191,892,508

Micron

Technology,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

954,500

70,480,280

Paramount

Global,

B

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

Media

4,001,209

137,361,505

Southern

Co.

(The)

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

Electric

Utilities

1,387,114

104,949,045

Starbucks

Corp.

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

Hotels,

Restaurants

&

Leisure

1,221,594

95,895,129

TJX

Cos.,

Inc.

(The)

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

Specialty

Retail

2,847,282

181,001,717

a

T-Mobile

US,

Inc.

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

Wireless

Telecommunication

Services

1,200,713

160,043,036

UnitedHealth

Group,

Inc.

...........

Health

Care

Providers

&

Services

296,956

147,521,802

Visa,

Inc.,

A

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

IT

Services

588,507

124,863,530

a

Walt

Disney

Co.

(The)

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

Entertainment

1,771,867

195,684,991

Westinghouse

Air

Brake

Technologies

Corp.

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

Machinery

1,659,779

156,782,724

Zimmer

Biomet

Holdings,

Inc.

.......

Health

Care

Equipment

&

Supplies

1,349,694

162,246,716

4,552,555,686

Total

Common

Stocks

(Cost

$7,349,955,199)

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

8,195,084,372

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,d

Hemisphere

Properties

India

Ltd.,

Escrow

Account

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

104,748

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$7,349,955,199)

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

8,195,084,372

Templeton

Growth

Fund,

Inc.

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

See

Abbreviations

on

page

7

.

Short

Term

Investments

6.2%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

5.5%

Canada

4.8%

National

Bank

of

Canada,

0.81%,

6/01/22

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

180,000,000

$

180,000,000

Royal

Bank

of

Canada,

0.81%,

6/01/22

132,500,000

132,500,000

Toronto-Dominion

Bank

(The),

0.8%,

6/01/22

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

100,000,000

100,000,000

412,500,000

France

0.7%

Credit

Agricole

Corporate

and

Investment

Bank

SA,

0.79%,

6/01/22

61,000,000

61,000,000

Total

Time

Deposits

(Cost

$473,500,000)

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

473,500,000

Shares

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.7%

Money

Market

Funds

0.7%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.437%

.........

66,250,512

66,250,512

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$66,250,512)

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

66,250,512

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$539,750,512

)

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

539,750,512

a

a

a

Total

Investments

(Cost

$7,889,705,711)

100.8%

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

$8,734,834,884

Other

Assets,

less

Liabilities

(0.8)%

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

(75,766,133)

Net

Assets

100.0%

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

$8,659,068,751

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

May

31,

2022.

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

May

31,

2022,

the

value

of

this

security

was

$69,057,314,

representing

0.8%

of

net

assets.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

e

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Growth

Fund,

Inc.

5

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

1.

Organization

Templeton

Growth

Fund,

Inc (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

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

Fund’s

Board

of

Directors

(the

Board),

the

Fund’s

administrator

has

responsibility

for

oversight

of

valuation,

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.

Investments

in

time

deposits

are

valued

at

cost,

which

approximates

fair

value.

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,

book

values,

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

November

30,

2021,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

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.

Templeton

Growth

Fund,

Inc.

Notes

to

Schedule

of

Investments

(unaudited)

6

Quarterly

Schedule

of

Investments

3.

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

May

31,

2022,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4.

Fair

Value

Measurements

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

    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  

Templeton

Growth

Fund,

Inc.

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.437%

$—

$292,368,548

$(226,118,036)

$—

$—

$66,250,512

66,250,512

$16,507

Total

Affiliated

Securities

...

$—

$292,368,548

$(226,118,036)

$—

$—

$66,250,512

$16,507

Templeton

Growth

Fund,

Inc.

Notes

to

Schedule

of

Investments

(unaudited)

7

Quarterly

Schedule

of

Investments

A

summary

of

inputs

used

as

of

May

31,

2022,

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

.

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

Growth

Fund,

Inc.

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

$

—

$

197,289,209

$

—

$

197,289,209

China

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

109,737,069

—

—

109,737,069

France

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

—

247,477,813

—

247,477,813

Germany

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

—

512,570,442

—

512,570,442

Hong

Kong

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

—

157,658,534

—

157,658,534

Japan

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

—

730,680,758

—

730,680,758

Netherlands

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

—

96,326,860

—

96,326,860

South

Korea

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

—

215,204,560

—

215,204,560

Switzerland

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

—

199,954,104

—

199,954,104

Taiwan

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

37,644,930

—

—

37,644,930

United

Kingdom

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

26,055,365

1,111,929,042

—

1,137,984,407

United

States

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

4,390,272,997

162,282,689

—

4,552,555,686

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

66,250,512

473,500,000

—

539,750,512

Total

Investments

in

Securities

...........

$4,629,960,873

$4,104,874,011

b

$—

$8,734,834,884

a

Includes

securities

determined

to

have

no

value

at

May

31,

2022.

b

Includes

foreign

securities

valued

at

$3,631,374,011,

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.

Selected

Portfolio

ADR

American

Depositary

Receipt

4.

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.