UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04892
Templeton Growth Fund, Inc.
(Exact name of registrant as specified in charter)
300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923
(Address of principal executive offices) (Zip code)
Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
Registrant's telephone number, including area code: 954 527-7500
Date of fiscal year end: 8/31
Date of reporting period: 2/29/24
Item 1. Reports to Stockholders.
a.)
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30e-1.)
b.)
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
Templeton
Growth
Fund,
Inc.
Financial
Statements
Statement
of
Assets
and
Liabilities
February
29,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
Templeton
Growth
Fund,
Inc.
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$6,764,067,887
Value
-
Unaffiliated
issuers
..................................................................
$8,647,541,103
Cash
....................................................................................
14,036
Receivables:
Capital
shares
sold
........................................................................
1,496,311
Dividends
and
interest
.....................................................................
16,222,125
European
Union
tax
reclaims
(Note
1
d
)
.........................................................
972,849
Total
assets
..........................................................................
8,666,246,424
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
2,886,811
Capital
shares
redeemed
...................................................................
6,829,995
Management
fees
.........................................................................
4,662,932
Distribution
fees
..........................................................................
1,620,035
Transfer
agent
fees
........................................................................
1,373,079
Directors'
fees
and
expenses
................................................................
72,658
IRS
closing
agreement
payments
for
European
Union
tax
reclaims
(Note
1
d
)
.............................
53,060,280
Deferred
tax
...............................................................................
1,130,024
Accrued
expenses
and
other
liabilities
...........................................................
575,996
Total
liabilities
.........................................................................
72,211,810
Net
assets,
at
value
.................................................................
$8,594,034,614
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$7,084,972,019
Total
distributable
earnings
(losses)
.............................................................
1,509,062,595
Net
assets,
at
value
.................................................................
$8,594,034,614
Templeton
Growth
Fund,
Inc.
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
February
29,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Templeton
Growth
Fund,
Inc.
Class
A:
Net
assets,
at
value
.......................................................................
$8,042,793,720
Shares
outstanding
........................................................................
308,379,139
Net
asset
value
per
share
a
,b
..................................................................
$26.08
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94
.50
%
)
b
................................
$27.60
Class
C:
Net
assets,
at
value
.......................................................................
$29,368,452
Shares
outstanding
........................................................................
1,154,450
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$25.44
Class
R:
Net
assets,
at
value
.......................................................................
$54,006,145
Shares
outstanding
........................................................................
2,100,138
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$25.72
Class
R6:
Net
assets,
at
value
.......................................................................
$285,195,438
Shares
outstanding
........................................................................
10,891,034
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$26.19
Advisor
Class:
Net
assets,
at
value
.......................................................................
$182,670,859
Shares
outstanding
........................................................................
6,966,018
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$26.22
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Templeton
Growth
Fund,
Inc.
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
February
29,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
Templeton
Growth
Fund,
Inc.
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$2,255,292)
Unaffiliated
issuers
........................................................................
$52,204,921
Interest:
Unaffiliated
issuers
........................................................................
11,958,873
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
161
Other
income
(Note
1
d
)
......................................................................
34,027
Less:
IRS
closing
agreement
payments
for
European
Union
tax
reclaims
(Note
1
d
)
..........................
(1,458,473)
Total
investment
income
...................................................................
62,739,509
Expenses:
Management
fees
(Note
3a)
...................................................................
28,192,749
Distribution
fees:
(Note
3c)
Class
A
................................................................................
9,520,863
Class
C
................................................................................
175,626
Class
R
................................................................................
126,433
Transfer
agent
fees:
(Note
3e)
Class
A
................................................................................
2,436,053
Class
C
................................................................................
11,349
Class
R
................................................................................
16,174
Class
R6
...............................................................................
24,789
Advisor
Class
............................................................................
54,216
Custodian
fees
.............................................................................
152,710
Reports
to
shareholders
fees
..................................................................
163,094
Registration
and
filing
fees
....................................................................
72,992
Professional
fees
...........................................................................
50,283
Directors'
fees
and
expenses
..................................................................
519,768
Other
....................................................................................
155,800
Total
expenses
.........................................................................
41,672,899
Net
investment
income
................................................................
21,066,610
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$991,033)
Unaffiliated
issuers
......................................................................
(146,966,393)
Foreign
currency
transactions
................................................................
36,256
Net
realized
gain
(loss)
..................................................................
(146,930,137)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
851,438,039
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(107,273)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(1,130,024)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
850,200,742
Net
realized
and
unrealized
gain
(loss)
............................................................
703,270,605
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$724,337,215
Templeton
Growth
Fund,
Inc.
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
Templeton
Growth
Fund,
Inc.
Six
Months
Ended
February
29,
2024
(unaudited)
Year
Ended
August
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$21,066,610
$77,388,295
Net
realized
gain
(loss)
.................................................
(146,930,137)
138,235,907
Net
change
in
unrealized
appreciation
(depreciation)
...........................
850,200,742
1,177,819,374
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
724,337,215
1,393,443,576
Distributions
to
shareholders:
Class
A
.............................................................
(90,690,115)
(64,548,857)
Class
C
.............................................................
(241,681)
(578,484)
Class
R
.............................................................
(570,050)
(395,576)
Class
R6
............................................................
(3,250,827)
(2,730,340)
Advisor
Class
........................................................
(2,127,889)
(1,571,073)
Total
distributions
to
shareholders
..........................................
(96,880,562)
(69,824,330)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(201,718,032)
(485,852,353)
Class
C
.............................................................
(64,932,283)
(5,779,179)
Class
R
.............................................................
(693,048)
(2,613,035)
Class
R6
............................................................
(27,460,723)
(31,508,472)
Advisor
Class
........................................................
47,066
(17,996,416)
Total
capital
share
transactions
............................................
(294,757,020)
(543,749,455)
Net
increase
(decrease)
in
net
assets
...................................
332,699,633
779,869,791
Net
assets:
Beginning
of
period
.....................................................
8,261,334,981
7,481,465,190
End
of
period
..........................................................
$8,594,034,614
$8,261,334,981
Item 2. Code of Ethics.
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f)Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
(2) The audit committee financial experts are Ann Torre Bates andDavid W. Niemiec and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
Item 4.
Principal Accountant Fees and Services. N/A
Item 5. Audit Committee
of Listed Registrants.
N/A
Item 6. Schedule of Investments.
N/A
Item 7
. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. N/A
Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. N/A
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Directors that would require disclosure herein.
Item 11. Controls and Procedures.
(a)
Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant's filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant's management, including the Registrant's principal executive officer and the Registrant's principal financial officer, of the effectiveness of the design and operation of the Registrant's disclosure controls and procedures. Based on such evaluation, the Registrant's principal executive officer and principal financial officer concluded that the Registrant's disclosure controls and procedures are effective.
(b)
Changes in Internal Controls. There have been no changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company. N/A
Item 13. Recovery of Erroneously Awarded Compensation.
(a) N/A
(b) N/A
Item 14. Exhibits.
(a)(1) Code of Ethics
codeofethics
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
section302
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(2)(2) There was no change in the Registrant's independent public accountant during the period covered by the report.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
section906
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TEMPLETON GROWTH FUND, INC.
By S\CHRISTOPHER KINGS _________________
Christopher Kings
Chief Executive Officer - Finance and Administration
Date April 29, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By S\CHRISTOPHER KINGS _________________
Christopher Kings
Chief Executive Officer - Finance and Administration
Date April 29, 2024
By S\JEFFREY WHITE______________________
Jeffrey White
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date April 29, 2024