NPORT-EX 2 TGF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
101-Q3PH
1
Statement
of
Investments
(unaudited)
Templeton
Growth
Fund,
Inc.
2
Notes
to
Statement
of
Investments
5
Templeton
Growth
Fund,
Inc.
Statement
of
Investments
(unaudited),
May
31,
2021
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
94.0%
Belgium
3.3%
Anheuser-Busch
InBev
SA/NV
......
Beverages
2,983,809
$
224,638,711
Umicore
SA
....................
Chemicals
1,897,404
113,848,909
338,487,620
Brazil
1.1%
Wheaton
Precious
Metals
Corp.
.....
Metals
&
Mining
2,427,828
116,588,053
China
3.6%
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
A
...........................
Household
Durables
6,497,290
57,420,804
NXP
Semiconductors
NV
..........
Semiconductors
&
Semiconductor
Equipment
820,370
173,442,625
Yum
China
Holdings,
Inc.
..........
Hotels,
Restaurants
&
Leisure
2,121,623
143,506,580
374,370,009
France
1.7%
Danone
SA
.....................
Food
Products
1,036,545
73,893,856
Pernod
Ricard
SA
................
Beverages
481,673
106,132,539
180,026,395
Germany
7.4%
adidas
AG
......................
Textiles,
Apparel
&
Luxury
Goods
272,580
99,461,939
Continental
AG
..................
Auto
Components
883,034
130,575,741
E.ON
SE
.......................
Multi-Utilities
16,664,854
201,483,327
Fresenius
Medical
Care
AG
&
Co.
KGaA
Health
Care
Providers
&
Services
1,414,716
113,072,214
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
2,623,085
106,736,717
Siemens
AG
....................
Industrial
Conglomerates
705,225
114,414,253
765,744,191
Hong
Kong
1.9%
AIA
Group
Ltd.
..................
Insurance
15,217,831
194,158,538
Japan
13.4%
East
Japan
Railway
Co.
...........
Road
&
Rail
444,700
31,108,175
Fujitsu
Ltd.
.....................
IT
Services
868,103
140,841,522
Honda
Motor
Co.
Ltd.
.............
Automobiles
3,785,412
115,989,329
Isuzu
Motors
Ltd.
................
Automobiles
4,270,400
56,283,213
a
Japan
Airlines
Co.
Ltd.
............
Airlines
2,407,763
55,038,548
Kirin
Holdings
Co.
Ltd.
............
Beverages
3,887,054
78,470,023
Komatsu
Ltd.
...................
Machinery
6,045,300
177,417,605
Kyocera
Corp.
...................
Electronic
Equipment,
Instruments
&
Components
1,720,292
105,721,700
Makita
Corp.
....................
Machinery
1,959,600
94,413,665
Mitsubishi
Electric
Corp.
...........
Electrical
Equipment
7,575,300
117,268,071
Nexon
Co.
Ltd.
..................
Entertainment
3,054,910
71,958,603
Panasonic
Corp.
.................
Household
Durables
10,190,000
116,184,222
Sony
Group
Corp.
................
Household
Durables
1,605,460
158,247,596
Suntory
Beverage
&
Food
Ltd.
......
Beverages
1,862,391
68,531,117
1,387,473,389
Luxembourg
1.0%
ArcelorMittal
SA
.................
Metals
&
Mining
3,281,656
107,957,131
Macau
0.8%
a
Galaxy
Entertainment
Group
Ltd.
....
Hotels,
Restaurants
&
Leisure
9,649,703
77,992,929
a
Norway
1.2%
Equinor
ASA
....................
Oil,
Gas
&
Consumable
Fuels
5,569,497
119,968,209
Templeton
Growth
Fund,
Inc.
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
South
Korea
2.9%
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
4,180,487
$
303,476,380
Switzerland
2.3%
Roche
Holding
AG
...............
Pharmaceuticals
699,577
243,470,366
United
Kingdom
9.3%
BAE
Systems
plc
................
Aerospace
&
Defense
14,622,483
108,876,654
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
25,993,909
113,425,041
a
Burberry
Group
plc
...............
Textiles,
Apparel
&
Luxury
Goods
3,890,852
117,675,205
a
Compass
Group
plc
..............
Hotels,
Restaurants
&
Leisure
6,775,324
153,811,558
a
InterContinental
Hotels
Group
plc
....
Hotels,
Restaurants
&
Leisure
1,755,301
121,989,079
a
International
Consolidated
Airlines
Group
SA
.....................
Airlines
31,293,543
89,465,284
a
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
46,785,585
70,822,330
Unilever
plc
.....................
Personal
Products
1,821,609
108,620,068
a
Whitbread
plc
...................
Hotels,
Restaurants
&
Leisure
1,755,914
78,986,458
963,671,677
United
States
44.1%
Albemarle
Corp.
.................
Chemicals
1,004,715
167,867,782
American
Express
Co.
............
Consumer
Finance
1,033,331
165,467,293
a
Booking
Holdings,
Inc.
............
Hotels,
Restaurants
&
Leisure
83,142
196,343,990
BorgWarner,
Inc.
.................
Auto
Components
2,142,988
109,913,855
Comcast
Corp.,
A
................
Media
2,466,927
141,453,594
a
Dollar
Tree,
Inc.
.................
Multiline
Retail
1,608,666
156,844,935
DuPont
de
Nemours,
Inc.
..........
Chemicals
2,266,416
191,716,129
a
DXC
Technology
Co.
..............
IT
Services
3,061,840
116,104,973
a
EPAM
Systems,
Inc.
..............
IT
Services
251,670
120,197,592
Freeport-McMoRan,
Inc.
...........
Metals
&
Mining
2,630,377
112,369,705
Honeywell
International,
Inc.
........
Industrial
Conglomerates
455,281
105,128,936
a
Hyatt
Hotels
Corp.,
A
..............
Hotels,
Restaurants
&
Leisure
713,676
55,723,822
Johnson
&
Johnson
..............
Pharmaceuticals
789,020
133,541,635
a
Laboratory
Corp.
of
America
Holdings
.
Health
Care
Providers
&
Services
448,209
123,024,406
Lear
Corp.
.....................
Auto
Components
460,057
88,956,622
Marathon
Petroleum
Corp.
.........
Oil,
Gas
&
Consumable
Fuels
3,082,867
190,521,181
Medtronic
plc
...................
Health
Care
Equipment
&
Supplies
1,494,673
189,210,655
Public
Service
Enterprise
Group,
Inc.
.
Multi-Utilities
874,390
54,317,107
Ross
Stores,
Inc.
................
Specialty
Retail
1,401,259
177,105,125
Southern
Co.
(The)
...............
Electric
Utilities
1,656,068
105,855,867
a
Southwest
Airlines
Co.
............
Airlines
2,140,028
131,526,121
Stanley
Black
&
Decker,
Inc.
........
Machinery
309,280
67,051,904
Starbucks
Corp.
.................
Hotels,
Restaurants
&
Leisure
782,450
89,105,406
Sysco
Corp.
....................
Food
&
Staples
Retailing
2,761,922
223,715,682
TJX
Cos.,
Inc.
(The)
..............
Specialty
Retail
2,310,746
156,067,785
a
T-Mobile
US,
Inc.
................
Wireless
Telecommunication
Services
726,011
102,694,256
United
Parcel
Service,
Inc.,
B
.......
Air
Freight
&
Logistics
470,909
101,057,071
UnitedHealth
Group,
Inc.
...........
Health
Care
Providers
&
Services
289,876
119,405,722
Verizon
Communications,
Inc.
.......
Diversified
Telecommunication
Services
3,440,922
194,377,684
Visa,
Inc.,
A
.....................
IT
Services
605,021
137,521,273
a
Walt
Disney
Co.
(The)
.............
Entertainment
1,263,858
225,788,232
Westinghouse
Air
Brake
Technologies
Corp.
........................
Machinery
1,501,011
124,223,670
Zimmer
Biomet
Holdings,
Inc.
.......
Health
Care
Equipment
&
Supplies
1,125,177
189,401,044
4,563,601,054
Total
Common
Stocks
(Cost
$7,072,999,991)
....................................
9,736,985,941
Templeton
Growth
Fund,
Inc.
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
4
a
a
Industry
Shares
a
Value
a
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
$7,072,999,991)
.............................
9,736,985,941
Short
Term
Investments
2.3%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
2.3%
Canada
1.8%
National
Bank
of
Canada,
0.02%,
6/01/21
......................
100,000,000
100,000,000
Royal
Bank
of
Canada,
0.02%,
6/01/21
90,000,000
90,000,000
France
0.5%
BNP
Paribas
SA,
0.01%,
6/01/21
.....
10,000,000
10,000,000
Credit
Agricole
Corporate
and
Investment
Bank
SA,
0.02%,
6/01/21
36,000,000
36,000,000
Total
Time
Deposits
(Cost
$236,000,000)
.......................................
236,000,000
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$236,000,000
)
...............................
236,000,000
a
a
a
a
Total
Investments
(Cost
$7,308,999,991)
96.3%
..................................
$9,972,985,941
Other
Assets,
less
Liabilities
3.7%
.............................................
384,455,208
Net
Assets
100.0%
...........................................................
$10,357,441,149
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
6
regarding
fair
value
measurements.
Templeton
Growth
Fund,
Inc.
5
Notes
to
Statement
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
May
31,
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
Statement
of
Investments
(unaudited)
6
3.
Concentration
of
Risk 
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
4.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
5.
Investments
in
Affiliated
Management
Investment
Companies 
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2021,
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)
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,
0.01%
.......
$—
$83,625,000
$(83,625,000)
$
—
$
—
$—
—
$—
Total
Affiliated
Securities
....
$—
$83,625,000
$(83,625,000)
$—
$—
$—
$—
Templeton
Growth
Fund,
Inc.
Notes
to
Statement
of
Investments
(unaudited)
7
A
summary
of
inputs
used
as
of
May
31,
2021,
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.
7.
Subsequent
Events
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
Statement
of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Level
1
Level
2
Level
3
Total
Templeton
Growth
Fund,
Inc.
Assets:
Investments
in
Securities:
Common
Stocks
:
Belgium
.............................
$
—
$
338,487,620
$
—
$
338,487,620
Brazil
...............................
116,588,053
—
—
116,588,053
China
...............................
316,949,205
57,420,804
—
374,370,009
France
..............................
—
180,026,395
—
180,026,395
Germany
............................
—
765,744,191
—
765,744,191
Hong
Kong
...........................
—
194,158,538
—
194,158,538
Japan
...............................
—
1,387,473,389
—
1,387,473,389
Luxembourg
..........................
—
107,957,131
—
107,957,131
Macau
..............................
—
77,992,929
—
77,992,929
Norway
..............................
—
119,968,209
—
119,968,209
South
Korea
..........................
—
303,476,380
—
303,476,380
Switzerland
...........................
—
243,470,366
—
243,470,366
United
Kingdom
.......................
108,620,068
855,051,609
—
963,671,677
United
States
.........................
4,563,601,054
—
—
4,563,601,054
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
—
236,000,000
—
236,000,000
Total
Investments
in
Securities
...........
$5,105,758,380
$4,867,227,561
b
$—
$9,972,985,941
a
Includes
securities
determined
to
have
no
value
at
May
31,
2021.
b
Includes
foreign
securities
valued
at
$4,631,227,561,
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.
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.