NPORT-EX 2 TGFI.htm
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,
2024
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
94.7%
Canada
1.2%
Royal
Bank
of
Canada
............
Banks
853,611
$
107,374,332
Denmark
1.0%
a,b
Orsted
A/S
,
144A
,
Reg
S
...........
Independent
Power
and
Renewable
Electricity
Producers
1,562,827
87,008,130
France
5.0%
Airbus
SE
......................
Aerospace
&
Defense
1,111,155
173,679,997
Danone
SA
.....................
Food
Products
1,346,010
92,066,760
Thales
SA
......................
Aerospace
&
Defense
1,104,179
165,228,239
430,974,996
Germany
3.3%
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
4,174,829
136,086,393
SAP
SE
.......................
Software
620,319
147,304,601
283,390,994
India
1.0%
Reliance
Industries
Ltd.
............
Oil,
Gas
&
Consumable
Fuels
5,402,720
82,903,776
Japan
3.5%
Sumitomo
Mitsui
Financial
Group,
Inc.
.
Banks
8,429,549
208,048,322
Tokyo
Electron
Ltd.
...............
Semiconductors
&
Semiconductor
Equipment
591,513
92,738,694
300,787,016
Taiwan
3.3%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
..................
Semiconductors
&
Semiconductor
Equipment
1,573,161
290,499,910
United
Kingdom
11.1%
AstraZeneca
plc
.................
Pharmaceuticals
1,187,547
160,728,028
BAE
Systems
plc
................
Aerospace
&
Defense
10,348,255
161,741,916
Barratt
Redrow
plc
...............
Household
Durables
8,814,121
48,002,153
Lloyds
Banking
Group
plc
..........
Banks
173,289,244
116,829,701
Persimmon
plc
..................
Household
Durables
2,996,282
47,998,969
a
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
39,634,090
281,935,197
Unilever
plc
.....................
Personal
Care
Products
2,371,049
141,887,918
959,123,882
United
States
65.3%
a
Adobe,
Inc.
.....................
Software
303,334
156,499,111
Alphabet,
Inc.
,
A
.................
Interactive
Media
&
Services
1,532,457
258,908,610
a
Amazon.com,
Inc.
................
Broadline
Retail
1,183,363
246,009,334
Apple,
Inc.
.....................
Technology
Hardware,
Storage
&
Peripherals
784,261
186,128,663
Aramark
.......................
Hotels,
Restaurants
&
Leisure
3,721,591
151,431,538
a
Autodesk,
Inc.
...................
Software
308,532
90,060,491
Bank
of
America
Corp.
............
Banks
6,052,329
287,546,151
Booking
Holdings,
Inc.
............
Hotels,
Restaurants
&
Leisure
43,202
224,735,940
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
32,604,325
159,664,946
CNH
Industrial
NV
................
Machinery
15,624,592
196,244,876
CRH
plc
.......................
Construction
Materials
1,777,293
181,763,755
Exxon
Mobil
Corp.
................
Oil,
Gas
&
Consumable
Fuels
747,897
88,221,930
Freeport-McMoRan,
Inc.
...........
Metals
&
Mining
2,026,038
89,550,880
HCA
Healthcare,
Inc.
..............
Health
Care
Providers
&
Services
402,314
131,645,187
Hyatt
Hotels
Corp.
,
A
..............
Hotels,
Restaurants
&
Leisure
869,201
137,281,606
a
ICON
plc
.......................
Life
Sciences
Tools
&
Services
656,628
138,056,037
Intercontinental
Exchange,
Inc.
......
Capital
Markets
954,489
153,634,549
Kenvue,
Inc.
....................
Personal
Care
Products
7,649,154
184,191,628
Medtronic
plc
...................
Health
Care
Equipment
&
Supplies
1,908,434
165,155,878
Templeton
Growth
Fund,
Inc.
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
See
Abbreviations
on
page
7
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
United
States
(continued)
Micron
Technology,
Inc.
............
Semiconductors
&
Semiconductor
Equipment
1,296,911
$
127,032,432
Microsoft
Corp.
..................
Software
818,941
346,788,756
NVIDIA
Corp.
...................
Semiconductors
&
Semiconductor
Equipment
1,168,710
161,574,158
PNC
Financial
Services
Group,
Inc.
(The)
........................
Banks
1,417,640
304,395,661
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
5,508,197
177,017,361
Swiss
Re
AG
....................
Insurance
699,583
103,384,398
TJX
Cos.,
Inc.
(The)
..............
Specialty
Retail
1,520,084
191,059,358
T-Mobile
US,
Inc.
................
Wireless
Telecommunication
Services
492,483
121,613,752
Union
Pacific
Corp.
...............
Ground
Transportation
933,373
228,359,038
UnitedHealth
Group,
Inc.
...........
Health
Care
Providers
&
Services
488,166
297,878,893
Visa,
Inc.
,
A
.....................
Financial
Services
498,693
157,128,190
Wells
Fargo
&
Co.
................
Banks
2,832,284
215,735,072
5,658,698,179
Total
Common
Stocks
(Cost
$
6,310,742,920
)
....................................
8,200,761,215
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,c
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
104,748
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
—
Total
Long
Term
Investments
(Cost
$
6,310,742,920
)
.............................
8,200,761,215
Short
Term
Investments
6.0%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
6.0%
Canada
4.0%
National
Bank
of
Canada
,
4.58
%
,
12/02/24
.....................
197,000,000
197,000,000
Royal
Bank
of
Canada
,
4.55
%
,
12/02/24
154,800,000
154,800,000
351,800,000
France
2.0%
Credit
Agricole
Corporate
and
Investment
Bank
SA
,
4.56
%
,
12/02/24
170,000,000
170,000,000
Total
Time
Deposits
(Cost
$
521,800,000
)
.......................................
521,800,000
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
521,800,000
)
...............................
521,800,000
a
a
a
Total
Investments
(Cost
$
6,832,542,920
)
100.7
%
................................
$8,722,561,215
Other
Assets,
less
Liabilities
(
0.7
)
%
...........................................
(63,645,653)
Net
Assets
100.0%
...........................................................
$8,658,915,562
a
a
a
Templeton
Growth
Fund,
Inc.
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
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
November
30,
2024,
the
value
of
this
security
was
$87,008,130,
representing
1.0%
of
net
assets.
c
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,
2024,
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,
2024,
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
:
Canada
..............................
$
107,374,332
$
—
$
—
$
107,374,332
Denmark
.............................
—
87,008,130
—
87,008,130
France
...............................
—
430,974,996
—
430,974,996
Germany
.............................
—
283,390,994
—
283,390,994
India
................................
—
82,903,776
—
82,903,776
Japan
...............................
—
300,787,016
—
300,787,016
Taiwan
...............................
290,499,910
—
—
290,499,910
United
Kingdom
........................
—
959,123,882
—
959,123,882
United
States
..........................
5,218,631,474
440,066,705
—
5,658,698,179
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
—
521,800,000
—
521,800,000
Total
Investments
in
Securities
...........
$5,616,505,716
$3,106,055,499
b
$—
$8,722,561,215
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$2,584,255,499,
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.