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,

2025

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

95.2%

Canada

3.1%

Canadian

Pacific

Kansas

City

Ltd.

....

Ground

Transportation

2,158,566

$

176,306,090

Royal

Bank

of

Canada

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

Banks

722,003

91,511,059

267,817,149

China

0.9%

Tencent

Holdings

Ltd.

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

Interactive

Media

&

Services

1,201,500

75,745,749

France

7.4%

Airbus

SE

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

Aerospace

&

Defense

1,111,155

204,368,723

Danone

SA

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

Food

Products

1,346,010

115,080,239

Safran

SA

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

Aerospace

&

Defense

499,786

147,815,254

Vinci

SA

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

Construction

&

Engineering

1,173,698

167,704,620

634,968,836

Germany

6.1%

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

4,363,145

169,637,860

SAP

SE

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

Software

620,319

187,659,008

Siemens

AG

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

Industrial

Conglomerates

679,939

163,541,173

520,838,041

India

2.4%

a

HDFC

Bank

Ltd.

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

Banks

5,166,185

117,892,628

Reliance

Industries

Ltd.

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

Oil,

Gas

&

Consumable

Fuels

5,402,720

89,858,731

207,751,359

Japan

5.5%

Ebara

Corp.

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

Machinery

3,816,195

61,027,677

IHI

Corp.

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

Machinery

777,200

74,805,500

Mitsubishi

Electric

Corp.

...........

Electrical

Equipment

3,255,400

64,968,010

Mizuho

Financial

Group,

Inc.

........

Banks

4,893,024

136,066,516

Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

5,202,729

133,662,993

470,530,696

Netherlands

2.8%

Akzo

Nobel

NV

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

Chemicals

731,935

49,951,252

ASM

International

NV

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

Semiconductors

&

Semiconductor

Equipment

178,022

96,887,786

ING

Groep

NV

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

Banks

4,378,864

93,016,507

239,855,545

Taiwan

2.6%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

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

Semiconductors

&

Semiconductor

Equipment

1,160,856

224,416,682

United

Kingdom

8.3%

AstraZeneca

plc

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

Pharmaceuticals

1,187,547

173,956,711

BAE

Systems

plc

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

Aerospace

&

Defense

7,614,710

195,240,228

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

15,948,098

185,587,733

Unilever

plc

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

Personal

Care

Products

2,371,049

151,058,730

705,843,402

United

States

56.1%

Alphabet,

Inc.

,

A

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

Interactive

Media

&

Services

758,653

130,291,066

a

Amazon.com,

Inc.

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

Broadline

Retail

1,002,902

205,604,939

Amphenol

Corp.

,

A

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

Electronic

Equipment,

Instruments

&

Components

2,104,769

189,281,876

Aramark

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

Hotels,

Restaurants

&

Leisure

3,721,591

150,724,435

AT&T,

Inc.

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

Diversified

Telecommunication

Services

3,814,531

106,043,962

a

Autodesk,

Inc.

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

Software

308,532

91,362,496

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)

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

37,557

$

207,274,454

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

29,541,913

143,635,711

Charles

Schwab

Corp.

(The)

........

Capital

Markets

1,692,096

149,479,761

CNH

Industrial

NV

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

Machinery

12,973,715

162,301,175

CRH

plc

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

Construction

Materials

1,398,325

127,471,307

Crown

Holdings,

Inc.

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

Containers

&

Packaging

996,144

98,120,184

Eli

Lilly

&

Co.

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

Pharmaceuticals

109,314

80,637,658

Ferguson

Enterprises,

Inc.

.........

Trading

Companies

&

Distributors

449,580

81,976,417

Fidelity

National

Information

Services,

Inc.

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

Financial

Services

1,167,097

92,912,592

Freeport-McMoRan,

Inc.

...........

Metals

&

Mining

3,306,504

127,234,274

HCA

Healthcare,

Inc.

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

Health

Care

Providers

&

Services

402,314

153,438,536

Honeywell

International,

Inc.

........

Industrial

Conglomerates

423,731

96,047,106

a

ICON

plc

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

Life

Sciences

Tools

&

Services

656,628

85,545,496

Intercontinental

Exchange,

Inc.

......

Capital

Markets

818,352

147,139,690

Intuit,

Inc.

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

Software

130,936

98,656,348

Kenvue,

Inc.

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

Personal

Care

Products

7,649,154

182,585,306

KeyCorp

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

Banks

5,421,612

85,986,766

Medtronic

plc

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

Health

Care

Equipment

&

Supplies

929,623

77,140,117

Meta

Platforms,

Inc.

,

A

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

Interactive

Media

&

Services

126,386

81,833,671

Microsoft

Corp.

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

Software

925,520

426,072,387

NVIDIA

Corp.

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

Semiconductors

&

Semiconductor

Equipment

2,610,478

352,753,892

a

Pinterest,

Inc.

,

A

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

Interactive

Media

&

Services

2,614,620

81,340,828

PNC

Financial

Services

Group,

Inc.

(The)

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

Banks

479,327

83,311,826

Salesforce,

Inc.

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

Software

524,878

139,286,875

Schneider

Electric

SE

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

Electrical

Equipment

375,604

94,769,312

Swiss

Re

AG

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

Insurance

486,337

85,932,733

Visa,

Inc.

,

A

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

Financial

Services

498,693

182,117,697

Wells

Fargo

&

Co.

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

Banks

2,680,337

200,435,601

4,798,746,494

Total

Common

Stocks

(Cost

$

6,577,578,678

)

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

8,146,513,953

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

$

6,577,578,678

)

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

8,146,513,953

Short

Term

Investments

4.7%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

2.3%

United

States

2.3%

c

FHLB

,

5

.6

%

,

6/03/25

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

200,000,000

199,906,778

Total

U.S.

Government

and

Agency

Securities

(Cost

$

199,954,222

)

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

199,906,778

Time

Deposits

2.4%

Canada

2.1%

National

Bank

of

Canada

,

4.33

%

,

6/02/25

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

77,000,000

77,000,000

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)

Canada

(continued)

Royal

Bank

of

Canada

,

4.3

%

,

6/02/25

.

100,000,000

$

100,000,000

177,000,000

France

0.3%

Credit

Agricole

Corporate

and

Investment

Bank

SA

,

4.31

%

,

6/02/25

28,000,000

28,000,000

Total

Time

Deposits

(Cost

$

205,000,000

)

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

205,000,000

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

404,954,222

)

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

404,906,778

a

a

a

Total

Investments

(Cost

$

6,982,532,900

)

99.9

%

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

$8,551,420,731

Other

Assets,

less

Liabilities

0.1

%

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

7,488,619

Net

Assets

100.0%

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

$8,558,909,350

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.

c

The

rate

shown

represents

the

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.

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

May

31,

2025,

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

May

31,

2025,

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

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

$

267,817,149

$

—

$

—

$

267,817,149

China

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

—

75,745,749

—

75,745,749

France

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

—

634,968,836

—

634,968,836

Germany

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

—

520,838,041

—

520,838,041

India

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

—

207,751,359

—

207,751,359

Japan

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

—

470,530,696

—

470,530,696

Netherlands

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

—

239,855,545

—

239,855,545

Taiwan

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

224,416,682

—

—

224,416,682

United

Kingdom

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

—

705,843,402

—

705,843,402

United

States

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

4,474,408,738

324,337,756

—

4,798,746,494

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

—

404,906,778

—

404,906,778

Total

Investments

in

Securities

...........

$4,966,642,569

$3,584,778,162

b

$—

$8,551,420,731

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$3,179,871,384,

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

FHLB

Federal

Home

Loan

Banks

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.