Templeton Growth Fd (TEPLX) NPORT-P Templeton Growth Fund, Inc. (Nov 2023 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

101-Q1PH

1

Schedule

of

Investments

(unaudited)

Templeton

Growth

Fund,

Inc.

2

Notes

to

Schedule

of

Investments

5

Templeton

Growth

Fund,

Inc.

Schedule

of

Investments

(unaudited),

November

30,

2023

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

95.2%

Belgium

2.7%

Anheuser-Busch

InBev

SA/NV

......

Beverages

3,491,423

$

219,725,476

France

5.0%

Danone

SA

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

Food

Products

3,038,223

195,366,394

a

Forvia

SE

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

Automobile

Components

2,833,645

55,929,717

Thales

SA

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

Aerospace

&

Defense

1,048,834

156,724,716

408,020,827

Germany

6.8%

Bayer

AG

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

Pharmaceuticals

4,019,432

137,581,422

Continental

AG

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

Automobile

Components

1,883,049

146,137,663

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

4,523,147

174,523,630

SAP

SE

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

Software

620,319

98,674,523

556,917,238

Hong

Kong

1.4%

AIA

Group

Ltd.

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

Insurance

13,342,557

114,713,600

India

1.7%

Reliance

Industries

Ltd.

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

Oil,

Gas

&

Consumable

Fuels

4,927,806

140,667,829

Japan

6.7%

Hitachi

Ltd.

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

Industrial

Conglomerates

1,050,469

73,052,768

Honda

Motor

Co.

Ltd.

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

Automobiles

9,669,102

98,921,302

Komatsu

Ltd.

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

Machinery

3,956,560

101,222,275

Nitori

Holdings

Co.

Ltd.

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

Specialty

Retail

1,091,242

125,073,221

Sony

Group

Corp.

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

Household

Durables

1,710,721

147,131,481

545,401,047

Netherlands

1.4%

Shell

plc

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

Oil,

Gas

&

Consumable

Fuels

3,603,035

116,462,977

South

Korea

2.9%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

4,206,638

235,349,410

Switzerland

1.0%

Adecco

Group

AG

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

Professional

Services

1,747,118

84,283,842

Taiwan

1.6%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

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

Semiconductors

&

Semiconductor

Equipment

1,326,478

129,079,574

United

Kingdom

13.2%

BAE

Systems

plc

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

Aerospace

&

Defense

13,109,061

173,915,246

Barratt

Developments

plc

..........

Household

Durables

4,882,917

31,749,314

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

32,604,325

198,215,779

Lloyds

Banking

Group

plc

..........

Banks

252,013,309

138,926,310

Persimmon

plc

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

Household

Durables

1,994,837

31,605,092

a

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

92,499,149

315,638,251

Unilever

plc

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

Personal

Care

Products

3,866,424

184,419,794

1,074,469,786

United

States

50.8%

Albemarle

Corp.

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

Chemicals

1,011,739

122,693,588

a

Alphabet,

Inc.

,

A

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

Interactive

Media

&

Services

2,168,788

287,429,474

a

Amazon.com,

Inc.

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

Broadline

Retail

1,183,363

172,877,501

Bank

of

America

Corp.

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

Banks

5,513,427

168,104,389

a

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

30,528

95,421,370

Comcast

Corp.

,

A

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

Media

4,569,090

191,399,180

a

Dollar

Tree,

Inc.

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

Consumer

Staples

Distribution

&

Retail

1,195,432

147,743,441

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

States

(continued)

DuPont

de

Nemours,

Inc.

..........

Chemicals

1,735,542

$

124,160,675

a

DXC

Technology

Co.

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

IT

Services

4,045,201

93,565,499

HCA

Healthcare,

Inc.

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

Health

Care

Providers

&

Services

315,919

79,131,391

Honeywell

International,

Inc.

........

Industrial

Conglomerates

421,289

82,538,941

Hyatt

Hotels

Corp.

,

A

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

Hotels,

Restaurants

&

Leisure

869,201

99,749,507

a

ICON

plc

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

Life

Sciences

Tools

&

Services

577,844

154,249,677

Johnson

&

Johnson

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

Pharmaceuticals

491,835

76,067,201

Lear

Corp.

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

Automobile

Components

882,518

118,036,782

Medtronic

plc

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

Health

Care

Equipment

&

Supplies

2,345,991

185,966,706

Micron

Technology,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

2,269,255

172,735,691

Microsoft

Corp.

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

Software

274,032

103,833,465

PNC

Financial

Services

Group,

Inc.

(The)

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

Banks

926,823

124,157,209

Schneider

Electric

SE

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

Electrical

Equipment

613,435

112,904,374

Starbucks

Corp.

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

Hotels,

Restaurants

&

Leisure

1,221,594

121,304,284

Target

Corp.

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

Consumer

Staples

Distribution

&

Retail

1,665,765

222,896,015

Thermo

Fisher

Scientific,

Inc.

.......

Life

Sciences

Tools

&

Services

192,842

95,603,350

TJX

Cos.,

Inc.

(The)

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

Specialty

Retail

2,232,457

196,701,786

Union

Pacific

Corp.

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

Ground

Transportation

933,373

210,260,936

UnitedHealth

Group,

Inc.

...........

Health

Care

Providers

&

Services

401,322

221,919,026

Visa,

Inc.

,

A

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

Financial

Services

396,952

101,889,639

a

Walt

Disney

Co.

(The)

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

Entertainment

1,963,775

182,022,305

a

YETI

Holdings,

Inc.

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

Leisure

Products

1,904,953

81,227,196

4,146,590,598

Total

Common

Stocks

(Cost

$

6,656,663,653

)

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

7,771,682,204

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,b

Hemisphere

Properties

India

Ltd.,

Escrow

Account

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

104,748

—

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

—

Total

Long

Term

Investments

(Cost

$

6,656,663,653

)

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

7,771,682,204

Short

Term

Investments

5.6%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

5.6%

Canada

3.5%

National

Bank

of

Canada

,

5.31

%

,

12/01/23

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

200,000,000

200,000,000

Royal

Bank

of

Canada

,

5.3

%

,

12/01/23

82,400,000

82,400,000

282,400,000

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

(continued)

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

(continued)

France

2.1%

Credit

Agricole

Corporate

and

Investment

Bank

SA

,

5.3

%

,

12/01/23

175,000,000

$

175,000,000

Total

Time

Deposits

(Cost

$

457,400,000

)

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

457,400,000

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

457,400,000

)

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

457,400,000

a

a

a

Total

Investments

(Cost

$

7,114,063,653

)

100

.8

%

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

$8,229,082,204

Other

Assets,

less

Liabilities

(

0

.8

)

%

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

(68,402,177)

Net

Assets

100.0%

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

$8,160,680,027

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

3

regarding

fair

value

measurements.

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.

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 Fund's

Board

of Directors

(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.

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,

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,

2023,

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.

Templeton

Growth

Fund,

Inc.

Notes

to

Schedule

of

Investments

(unaudited)

6

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.

Fair

Value

Measurements

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

November

30,

2023,

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.

Level

1

Level

2

Level

3

Total

Templeton

Growth

Fund,

Inc.

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

$

—

$

219,725,476

$

—

$

219,725,476

France

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

—

408,020,827

—

408,020,827

Germany

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

—

556,917,238

—

556,917,238

Hong

Kong

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

—

114,713,600

—

114,713,600

India

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

—

140,667,829

—

140,667,829

Japan

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

—

545,401,047

—

545,401,047

Netherlands

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

—

116,462,977

—

116,462,977

South

Korea

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

—

235,349,410

—

235,349,410

Switzerland

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

—

84,283,842

—

84,283,842

Taiwan

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

129,079,574

—

—

129,079,574

United

Kingdom

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

—

1,074,469,786

—

1,074,469,786

United

States

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

4,033,686,224

112,904,374

—

4,146,590,598

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

—

457,400,000

—

457,400,000

Total

Investments

in

Securities

...........

$4,162,765,798

$4,066,316,406

b

$—

$8,229,082,204

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$3,608,916,406,

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.

2. Financial

Instrument

Valuation

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Schedule

of

Investments

(unaudited)

7

Quarterly

Schedule

of

Investments

Abbreviations

Selected

Portfolio

ADR

American

Depositary

Receipt

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.