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FDIC
Insured
May
Lose
Value
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Bank
Guarantee
101-Q3PH
1
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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,
2026
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
98.8%
Australia
1.8%
Rio
Tinto
Ltd.
...................
Metals
&
Mining
1,280,900
$
171,313,325
Canada
1.1%
Royal
Bank
of
Canada
............
Banks
512,746
98,350,235
China
2.3%
BYD
Co.
Ltd.
,
H
.................
Automobiles
11,167,000
129,991,429
a
JD.com,
Inc.
,
ADR
................
Broadline
Retail
2,924,776
84,321,292
214,312,721
Denmark
1.1%
Novo
Nordisk
A/S
,
B
..............
Pharmaceuticals
2,280,212
104,194,656
France
5.0%
Airbus
SE
......................
Aerospace
&
Defense
642,490
134,169,389
Safran
SA
......................
Aerospace
&
Defense
499,786
177,750,083
Vinci
SA
.......................
Construction
&
Engineering
1,035,401
150,586,968
462,506,440
Germany
3.8%
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
1,748,444
165,779,726
Siemens
Energy
AG
..............
Electrical
Equipment
984,434
186,367,243
352,146,969
Hong
Kong
2.9%
AIA
Group
Ltd.
..................
Insurance
9,931,200
104,176,078
Hong
Kong
Exchanges
&
Clearing
Ltd.
Capital
Markets
1,713,160
87,473,886
Sun
Hung
Kai
Properties
Ltd.
.......
Real
Estate
Management
&
Development
4,926,603
82,741,019
274,390,983
India
0.6%
HDFC
Bank
Ltd.
.................
Banks
6,919,985
54,245,682
Japan
5.9%
Ebara
Corp.
....................
Machinery
2,719,708
96,708,190
IHI
Corp.
.......................
Machinery
5,447,565
94,658,923
Keyence
Corp.
..................
Electronic
Equipment,
Instruments
&
Components
265,089
133,216,471
Mitsubishi
Electric
Corp.
...........
Electrical
Equipment
2,290,979
93,135,347
a
SBI
Shinsei
Bank
Ltd.
.............
Banks
5,895,674
51,736,962
Toyota
Motor
Corp.
...............
Automobiles
4,125,600
78,046,929
547,502,822
Netherlands
2.4%
ING
Groep
NV
..................
Banks
7,146,755
221,373,861
South
Korea
2.3%
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
1,019,161
213,813,506
Taiwan
3.2%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
..................
Semiconductors
&
Semiconductor
Equipment
719,413
301,038,370
United
Kingdom
8.4%
AstraZeneca
plc
.................
Pharmaceuticals
502,870
93,365,168
HSBC
Holdings
plc
...............
Banks
10,707,767
201,073,031
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
13,108,275
235,841,870
SSE
plc
.......................
Electric
Utilities
4,253,233
133,012,257
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
Care
Products
2,079,113
$
117,663,159
780,955,485
United
States
58.0%
b
Advanced
Micro
Devices,
Inc.
.......
Semiconductors
&
Semiconductor
Equipment
203,594
105,074,863
Alphabet,
Inc.
,
A
.................
Interactive
Media
&
Services
988,531
375,977,881
b
Amazon.com,
Inc.
................
Broadline
Retail
1,401,531
379,310,350
Amphenol
Corp.
,
A
...............
Electronic
Equipment,
Instruments
&
Components
733,094
109,055,063
Apple,
Inc.
.....................
Technology
Hardware,
Storage
&
Peripherals
1,488,893
464,623,950
Applied
Materials,
Inc.
.............
Semiconductors
&
Semiconductor
Equipment
206,471
92,924,338
b
Arista
Networks,
Inc.
..............
Communications
Equipment
605,720
96,594,168
Booking
Holdings,
Inc.
............
Hotels,
Restaurants
&
Leisure
859,852
143,965,020
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
13,045,495
92,146,476
Broadcom,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
767,150
342,739,606
Carrier
Global
Corp.
..............
Building
Products
1,433,717
91,571,505
Charles
Schwab
Corp.
(The)
........
Capital
Markets
996,908
87,079,914
CNH
Industrial
NV
................
Machinery
8,569,730
87,496,943
ConocoPhillips
..................
Oil,
Gas
&
Consumable
Fuels
832,267
94,861,793
Crown
Holdings,
Inc.
..............
Containers
&
Packaging
996,144
94,713,372
Eli
Lilly
&
Co.
...................
Pharmaceuticals
73,112
80,788,760
Ferguson
Enterprises,
Inc.
.........
Trading
Companies
&
Distributors
402,194
90,883,778
HCA
Healthcare,
Inc.
..............
Health
Care
Providers
&
Services
201,982
76,458,266
Honeywell
International,
Inc.
........
Industrial
Conglomerates
663,395
157,795,135
b
IQVIA
Holdings,
Inc.
..............
Life
Sciences
Tools
&
Services
279,464
50,921,135
Linde
plc
.......................
Chemicals
449,131
223,528,007
Medtronic
plc
...................
Health
Care
Equipment
&
Supplies
1,442,161
106,445,903
Microsoft
Corp.
..................
Software
911,599
410,438,334
b
Netflix,
Inc.
.....................
Entertainment
1,048,176
90,164,100
NextEra
Energy,
Inc.
..............
Electric
Utilities
1,026,959
89,355,703
NVIDIA
Corp.
...................
Semiconductors
&
Semiconductor
Equipment
2,293,461
484,241,356
PNC
Financial
Services
Group,
Inc.
(The)
........................
Banks
479,327
105,988,786
Progressive
Corp.
(The)
...........
Insurance
468,478
89,198,211
Schneider
Electric
SE
.............
Electrical
Equipment
575,057
180,615,796
Smurfit
Westrock
plc
..............
Containers
&
Packaging
2,264,500
93,184,175
Thermo
Fisher
Scientific,
Inc.
.......
Life
Sciences
Tools
&
Services
412,077
202,952,043
United
Rentals,
Inc.
...............
Trading
Companies
&
Distributors
62,150
61,880,891
Visa,
Inc.
,
A
.....................
Financial
Services
433,968
141,629,796
5,394,605,417
Total
Common
Stocks
(Cost
$
6,948,432,594
)
....................................
9,190,750,472
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
b,c
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
104,748
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
—
Total
Long
Term
Investments
(Cost
$
6,948,432,594
)
.............................
9,190,750,472
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
2.0%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
1.5%
Australia
1.5%
Australia
&
New
Zealand
Banking
Group
Ltd.
,
3.62
%
,
6/01/26
.............
143,900,000
$
143,900,000
Total
Time
Deposits
(Cost
$
143,900,000
)
.......................................
143,900,000
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.5%
Money
Market
Funds
0.5%
d,e
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.579
%
......
44,705,864
44,705,864
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
44,705,864
)
................................................................
44,705,864
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
188,605,864
)
...............................
188,605,864
a
a
a
Total
Investments
(Cost
$
7,137,038,458
)
100.8
%
................................
$9,379,356,336
Other
Assets,
less
Liabilities
(
0.8
)
%
...........................................
(74,472,514)
Net
Assets
100.0%
...........................................................
$9,304,883,822
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
A
portion
or
all
of
the
security
is
on
loan
at
May
31,
2026.
b
Non-income
producing.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
d
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
e
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.
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,
2026,
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.
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,
2026,
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
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.579%
............
$—
$415,857,941
$(371,152,077)
$—
$—
$44,705,864
44,705,864
$614,616
Total
Affiliated
Securities
...
$—
$415,857,941
$(371,152,077)
$—
$—
$44,705,864
$614,616
2. Financial
Instrument
Valuation
(continued)
Templeton
Growth
Fund,
Inc.
Notes
to
Schedule
of
Investments
(unaudited)
7
Quarterly
Schedule
of
Investments
A
summary
of
inputs
used
as
of
May
31,
2026,
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:
a
Common
Stocks
:
Australia
.............................
$
—
$
171,313,325
$
—
$
171,313,325
Canada
..............................
98,350,235
—
—
98,350,235
China
...............................
84,321,292
129,991,429
—
214,312,721
Denmark
.............................
—
104,194,656
—
104,194,656
France
...............................
—
462,506,440
—
462,506,440
Germany
.............................
—
352,146,969
—
352,146,969
Hong
Kong
...........................
—
274,390,983
—
274,390,983
India
................................
—
54,245,682
—
54,245,682
Japan
...............................
—
547,502,822
—
547,502,822
Netherlands
...........................
—
221,373,861
—
221,373,861
South
Korea
..........................
—
213,813,506
—
213,813,506
Taiwan
...............................
301,038,370
—
—
301,038,370
United
Kingdom
........................
—
780,955,485
—
780,955,485
United
States
..........................
5,121,843,145
272,762,272
—
5,394,605,417
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
44,705,864
143,900,000
—
188,605,864
Total
Investments
in
Securities
...........
$5,650,258,906
$3,729,097,430
c
$—
$9,379,356,336
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
c
Includes
foreign
securities
valued
at
$3,585,197,430,
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.