Templeton Growth Fund Inc.

04/30/2024 | Press release | Distributed by Public on 04/30/2024 05:16

Semi-Annual Report by Investment Company - Form N-CSRS

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
.
Semiannual
Report
Templeton
Growth
Fund,
Inc.
February
29,
2024
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund's
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
4
Your
Fund's
Expenses
6
Financial
Highlights
and
Schedule
of
Investments
7
Financial
Statements
15
Notes
to
Financial
Statements
19
Shareholder
Information
27
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Templeton
Growth
Fund,
Inc.
This
semiannual
report
for
Templeton
Growth
Fund,
Inc.
covers
the
period
ended
February
29,
2024.
Fund
Overview
Your
Fund's
Goal
and
Main
Investments
The
Fund
seeks
long-term
capital
growth.
Under
normal
market
conditions,
the
Fund
invests
primarily
in
the
equity
securities
of
companies
located
anywhere
in
the
world,
including
developing
markets.
Performance
Overview
The
Fund's
Class
A
shares
posted
a
+9.09%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Fund's
benchmark,
the
MSCI
All
Country
World
Index
(ACWI)-NR,
which
measures
stock
performance
in
global
developed
and
emerging
markets,
posted
a
+11.66%
cumulative
total
return
for
the
same
period.
1
Please
note
index
performance
information
is
provided
for
reference
and
we
do
not
attempt
to
track
the
index
but
rather
undertake
investments
on
the
basis
of
fundamental
research.
You
can
find
more
performance
data
in
the
Performance
Summary
beginning
on
page
4
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Geographic
Composition
2/29/24
%
of
Total
Net
Assets
North
America
51.9%
Europe
29.0%
Asia
15.1%
Short-Term
Investments
&
Other
Net
Assets
4.0%
Top
10
Industries
2/29/24
%
of
Total
Net
Assets
a
Aerospace
&
Defense
9.2%
Semiconductors
&
Semiconductor
Equipment
6.2%
Banks
5.5%
Oil,
Gas
&
Consumable
Fuels
5.5%
Consumer
Staples
Distribution
&
Retail
5.0%
Specialty
Retail
4.4%
Automobile
Components
4.2%
Hotels,
Restaurants
&
Leisure
4.1%
Interactive
Media
&
Services
3.5%
Health
Care
Providers
&
Services
3.2%
Top
10
Holdings
2/29/24
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
Rolls-Royce
Holdings
plc
5.0%
Aerospace
&
Defense,
United
Kingdom
Alphabet,
Inc.
3.5%
Interactive
Media
&
Services,
United
States
Target
Corp.
3.0%
Consumer
Staples
Distribution
&
Retail,
United
States
Union
Pacific
Corp.
2.8%
Ground
Transportation,
United
States
Samsung
Electronics
Co.
Ltd.
2.7%
Technology
Hardware,
Storage
&
Peripherals,
South
Korea
Walt
Disney
Co.
(The)
2.7%
Entertainment,
United
States
TJX
Cos.,
Inc.
(The)
2.5%
Specialty
Retail,
United
States
Amazon.com,
Inc.
2.4%
Broadline
Retail,
United
States
Micron
Technology,
Inc.
2.4%
Semiconductors
&
Semiconductor
Equipment,
United
States
Anheuser-Busch
InBev
SA/NV
2.3%
Beverages,
Belgium
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund's
portfolio.
Net
Return
(NR)
reflects
no
deduction
for
fees,
expenses
or
taxes
but
are
net
of
dividend
tax
withholding.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund's
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
12
.
Templeton
Growth
Fund,
Inc.
3
franklintempleton.com
Semiannual
Report
On
December
31,
2023,
subsequent
to
period-end,
Herbert
Arnett
left
the
firm
to
pursue
other
opportunities.
We
thank
Herbert
for
his
service
and
contributions
to
the
Fund.
Effective
March
31,
2024,
Peter
D.
Sartori
was
added
as
Portfolio
Manager
of
the
Fund.
Thank
you
for
your
continued
participation
in
Templeton
Growth
Fund,
Inc.
We
look
forward
to
serving
your
future
investment
needs.
Peter
M.
Moeschter,
CFA
Lead
Portfolio
Manager
Christopher
James
Peel,
CFA
Peter
D.
Sartori
Warren
Pustam,
CFA
Portfolio
Management
Team
Top
10
Countries*
2/29/24
a
%
of
Total
Net
Assets
a
a
United
States
51.9%
United
Kingdom
14.6%
Japan
7.2%
France
5.1%
Germany
4.9%
South
Korea
2.7%
Belgium
2.3%
India
2.0%
Taiwan
2.0%
Netherlands
1.3%
*
Does
not
include
cash
and
cash
equivalents.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
February
29,
2024
Templeton
Growth
Fund,
Inc.
4
franklintempleton.com
Semiannual
Report
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund's
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund's
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
2/29/24
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
-
A
4
6-Month
+9.09%
+3.08%
1-Year
+16.10%
+9.73%
5-Year
+26.26%
+3.59%
10-Year
+36.86%
+2.60%
Advisor
6-Month
+9.22%
+9.22%
1-Year
+16.40%
+16.40%
5-Year
+27.84%
+5.03%
10-Year
+40.34%
+3.45%
See
page
5
for
Performance
Summary
footnotes.
Templeton
Growth
Fund,
Inc.
Performance
Summary
5
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
To
the
extent
the
Fund
invests
in
companies
in
a
spe-
cific
country
or
region,
the
Fund
may
experience
greater
volatility
than
a
Fund
that
is
more
broadly
diversified
geographically.
Small-
and
mid-cap
stocks
involve
greater
risks
and
volatility
than
large-cap
stocks.
Derivative
instruments
can
be
illiquid,
may
disproportionately
increase
losses,
and
have
a
potentially
large
impact
on
performance.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
de-
terminative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund's
prospectus.
1.
The
total
annual
operating
expenses
are
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Figures
are
as
stated
in
the
Fund's
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund's
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(9/1/23-2/29/24)
Share
Class
Net
Investment
Income
A
$0.2894
C
$0.2015
R
$0.2704
R6
$0.3127
Advisor
$0.3092
Total
Annual
Operating
Expenses
5
Share
Class
A
1.04%
Advisor
0.79%
Your
Fund's
Expenses
Templeton
Growth
Fund,
Inc.
6
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
"Actual."
In
these
columns
the
Fund's
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
"Ending
Account
Value"
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration)
:
Divide
your
account
value
by
$1,000
(if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6)
.
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
"Actual"
and
"Expenses
Paid
During
Period"
(if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50)
.
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
"Hypothetical"
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund's
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund's
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
"Hypothetical"
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above-in
the
far
right
column-multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
182/366
to
reflect
the
one-half
year
period.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
9/1/23
Ending
Account
Value
2/29/24
Expenses
Paid
During
Period
9/1/23-2/29/24
1
Ending
Account
Value
2/29/24
Expenses
Paid
During
Period
9/1/23-2/29/24
1
a
Annualized
Expense
Ratio
A
$1,000
$1,090.90
$5.38
$1,019.72
$5.19
1.03%
C
$1,000
$1,086.60
$9.22
$1,016.02
$8.91
1.78%
R
$1,000
$1,090.10
$6.68
$1,018.48
$6.45
1.28%
R6
$1,000
$1,092.90
$3.85
$1,021.19
$3.71
0.74%
Advisor
$1,000
$1,092.20
$4.08
$1,020.96
$3.94
0.78%
Templeton
Growth
Fund,
Inc.
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
Six
Months
Ended
February
29,
2024
(unaudited)
Year
Ended
August
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$24.19
$20.47
$25.34
$21.17
$20.96
$27.08
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.06
0.22
0.14
0.37
c
0.27
0.51
Net
realized
and
unrealized
gains
(losses)
2.12
3.69
(4.59)
4.03
1.16
(3.96)
Total
from
investment
operations
........
2.18
3.91
(4.45)
4.40
1.43
(3.45)
Less
distributions
from:
Net
investment
income
..............
(0.29)
(0.19)
(0.42)
(0.23)
(0.47)
(0.45)
Net
realized
gains
.................
-
-
-
-
(0.75)
(2.22)
Total
distributions
...................
(0.29)
(0.19)
(0.42)
(0.23)
(1.22)
(2.67)
Net
asset
value,
end
of
period
..........
$26.08
$24.19
$20.47
$25.34
$21.17
$20.96
Total
return
d
.......................
9.09%
19.23%
(17.76)%
20.80%
6.53%
(13.02)%
Ratios
to
average
net
assets
e
Expenses
.........................
1.03%
1.03%
f
1.05%
f
1.04%
f
1.06%
f
1.06%
f
Net
investment
income
...............
0.51%
0.96%
0.61%
1.53%
c
1.29%
2.20%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$8,042,794
$7,654,074
$6,913,896
$9,010,906
$8,191,333
$8,604,624
Portfolio
turnover
rate
................
13.09%
33.07%
42.82%
44.14%
g
52.90%
25.30%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.26
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.42%.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Templeton
Growth
Fund,
Inc.
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Six
Months
Ended
February
29,
2024
(unaudited)
Year
Ended
August
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$23.61
$20.09
$24.82
$20.71
$20.56
$26.31
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.04)
0.05
(0.03)
0.19
c
0.11
0.25
Net
realized
and
unrealized
gains
(losses)
2.07
3.61
(4.52)
3.95
1.12
(3.78)
Total
from
investment
operations
........
2.03
3.66
(4.55)
4.14
1.23
(3.53)
Less
distributions
from:
Net
investment
income
..............
(0.20)
(0.14)
(0.18)
(0.03)
(0.33)
-
Net
realized
gains
.................
-
-
-
-
(0.75)
(2.22)
Total
distributions
...................
(0.20)
(0.14)
(0.18)
(0.03)
(1.08)
(2.22)
Net
asset
value,
end
of
period
..........
$25.44
$23.61
$20.09
$24.82
$20.71
$20.56
Total
return
d
.......................
8.66%
18.31%
(18.38)%
19.93%
5.70%
(13.68)%
Ratios
to
average
net
assets
e
Expenses
.........................
1.78%
1.78%
f
1.80%
f
1.79%
f
1.82%
f
1.81%
f
Net
investment
income
(loss)
..........
(0.35)%
0.21%
(0.13)%
0.80%
c
0.54%
1.45%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$29,368
$92,670
$84,172
$111,870
$125,500
$152,392
Portfolio
turnover
rate
................
13.09%
33.07%
42.82%
44.14%
g
52.90%
25.30%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.26
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
(0.31)%.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Templeton
Growth
Fund,
Inc.
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
Six
Months
Ended
February
29,
2024
(unaudited)
Year
Ended
August
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$23.86
$20.24
$25.05
$20.93
$20.75
$26.81
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.03
0.16
0.08
0.30
c
0.21
0.44
Net
realized
and
unrealized
gains
(losses)
2.10
3.64
(4.54)
3.99
1.14
(3.91)
Total
from
investment
operations
........
2.13
3.80
(4.46)
4.29
1.35
(3.47)
Less
distributions
from:
Net
investment
income
..............
(0.27)
(0.18)
(0.35)
(0.17)
(0.42)
(0.37)
Net
realized
gains
.................
-
-
-
-
(0.75)
(2.22)
Total
distributions
...................
(0.27)
(0.18)
(0.35)
(0.17)
(1.17)
(2.59)
Net
asset
value,
end
of
period
..........
$25.72
$23.86
$20.24
$25.05
$20.93
$20.75
Total
return
d
.......................
9.01%
18.86%
(17.95)%
20.49%
6.24%
(13.21)%
Ratios
to
average
net
assets
e
Expenses
.........................
1.28%
1.28%
f
1.30%
f
1.29%
f
1.31%
f
1.31%
f
Net
investment
income
...............
0.26%
0.71%
0.36%
1.29%
c
1.04%
1.95%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$54,006
$50,808
$45,502
$60,867
$56,912
$62,515
Portfolio
turnover
rate
................
13.09%
33.07%
42.82%
44.14%
g
52.90%
25.30%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.26
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.18%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Templeton
Growth
Fund,
Inc.
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Six
Months
Ended
February
29,
2024
(unaudited)
Year
Ended
August
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$24.27
$20.50
$25.39
$21.20
$20.97
$27.10
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.10
0.29
0.21
0.59
c
0.34
0.59
Net
realized
and
unrealized
gains
(losses)
2.13
3.70
(4.61)
3.90
1.16
(3.97)
Total
from
investment
operations
........
2.23
3.99
(4.40)
4.49
1.50
(3.38)
Less
distributions
from:
Net
investment
income
..............
(0.31)
(0.22)
(0.49)
(0.30)
(0.52)
(0.53)
Net
realized
gains
.................
-
-
-
-
(0.75)
(2.22)
Total
distributions
...................
(0.31)
(0.22)
(0.49)
(0.30)
(1.27)
(2.75)
Net
asset
value,
end
of
period
..........
$26.19
$24.27
$20.50
$25.39
$21.20
$20.97
Total
return
d
.......................
9.29%
19.56%
(17.50)%
21.15%
6.87%
(12.73)%
Ratios
to
average
net
assets
e
Expenses
.........................
0.74%
0.73%
f
0.75%
f
0.74%
f
0.74%
f
0.73%
f
Net
investment
income
...............
0.81%
1.27%
0.92%
2.56%
c
1.63%
2.53%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$285,195
$294,490
$277,985
$349,281
$1,342,940
$1,504,941
Portfolio
turnover
rate
................
13.09%
33.07%
42.82%
44.14%
g
52.90%
25.30%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.26
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.45%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Templeton
Growth
Fund,
Inc.
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
Six
Months
Ended
February
29,
2024
(unaudited)
Year
Ended
August
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$24.31
$20.54
$25.42
$21.24
$21.01
$27.15
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.09
0.27
0.20
0.42
c
0.32
0.57
Net
realized
and
unrealized
gains
(losses)
2.13
3.71
(4.60)
4.05
1.17
(3.98)
Total
from
investment
operations
........
2.22
3.98
(4.40)
4.47
1.49
(3.41)
Less
distributions
from:
Net
investment
income
..............
(0.31)
(0.21)
(0.48)
(0.29)
(0.51)
(0.51)
Net
realized
gains
.................
-
-
-
-
(0.75)
(2.22)
Total
distributions
...................
(0.31)
(0.21)
(0.48)
(0.29)
(1.26)
(2.73)
Net
asset
value,
end
of
period
..........
$26.22
$24.31
$20.54
$25.42
$21.24
$21.01
Total
return
d
.......................
9.22%
19.51%
(17.53)%
21.06%
6.79%
(12.79)%
Ratios
to
average
net
assets
e
Expenses
.........................
0.78%
0.78%
f
0.79%
f
0.80%
f
0.81%
f
0.81%
f
Net
investment
income
...............
0.76%
1.21%
0.85%
1.76%
c
1.54%
2.45%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$182,671
$169,293
$159,910
$429,251
$377,028
$427,371
Portfolio
turnover
rate
................
13.09%
33.07%
42.82%
44.14%
g
52.90%
25.30%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.26
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.66%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Templeton
Growth
Fund,
Inc.
Schedule
of
Investments
(unaudited),
February
29,
2024
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Industry
Shares
a
Value
a
Common
Stocks
96.0%
Belgium
2.3%
Anheuser-Busch
InBev
SA/NV
......
Beverages
3,359,292
$
203,056,288
China
1.2%
Li
Ning
Co.
Ltd.
..................
Textiles,
Apparel
&
Luxury
Goods
40,676,500
100,638,791
France
5.1%
Danone
SA
.....................
Food
Products
3,038,223
193,891,147
a
Forvia
SE
......................
Automobile
Components
5,721,440
81,625,696
Thales
SA
......................
Aerospace
&
Defense
1,104,179
163,779,968
439,296,811
Germany
4.9%
Continental
AG
..................
Automobile
Components
1,883,049
151,063,279
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
4,319,416
155,105,580
SAP
SE
.......................
Software
620,319
116,254,441
422,423,300
India
2.0%
Reliance
Industries
Ltd.
............
Oil,
Gas
&
Consumable
Fuels
4,927,806
173,479,814
Japan
7.2%
Hitachi
Ltd.
.....................
Industrial
Conglomerates
1,050,469
88,999,275
Honda
Motor
Co.
Ltd.
.............
Automobiles
9,669,102
114,897,512
Komatsu
Ltd.
...................
Machinery
3,956,560
114,855,215
Nitori
Holdings
Co.
Ltd.
............
Specialty
Retail
1,091,242
160,516,419
Sony
Group
Corp.
................
Household
Durables
1,609,780
138,684,258
617,952,679
Netherlands
1.3%
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
3,603,035
111,445,707
South
Korea
2.7%
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
4,206,638
231,577,515
Switzerland
0.8%
Adecco
Group
AG
................
Professional
Services
1,747,118
70,041,570
Taiwan
2.0%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
..................
Semiconductors
&
Semiconductor
Equipment
1,326,478
170,677,924
United
Kingdom
14.6%
BAE
Systems
plc
................
Aerospace
&
Defense
12,251,942
192,322,311
Barratt
Developments
plc
..........
Household
Durables
8,814,121
52,006,317
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
32,604,325
189,440,951
Lloyds
Banking
Group
plc
..........
Banks
252,013,309
149,015,203
Persimmon
plc
..................
Household
Durables
2,996,282
51,638,326
a
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
92,499,149
431,738,939
Unilever
plc
.....................
Personal
Care
Products
3,866,424
189,272,538
1,255,434,585
United
States
51.9%
Albemarle
Corp.
.................
Chemicals
1,172,564
161,637,947
a
Alphabet,
Inc.
,
A
.................
Interactive
Media
&
Services
2,168,788
300,290,386
a
Amazon.com,
Inc.
................
Broadline
Retail
1,183,363
209,171,244
Bank
of
America
Corp.
............
Banks
5,513,427
190,323,500
a
Booking
Holdings,
Inc.
............
Hotels,
Restaurants
&
Leisure
30,528
105,896,442
CNH
Industrial
NV
................
Machinery
11,119,040
132,872,528
Comcast
Corp.
,
A
................
Media
4,569,090
195,785,507
a
Dollar
Tree,
Inc.
.................
Consumer
Staples
Distribution
&
Retail
1,195,432
175,345,966
Templeton
Growth
Fund,
Inc.
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
United
States
(continued)
HCA
Healthcare,
Inc.
..............
Health
Care
Providers
&
Services
315,919
$
98,471,952
Honeywell
International,
Inc.
........
Industrial
Conglomerates
421,289
83,722,763
Hyatt
Hotels
Corp.
,
A
..............
Hotels,
Restaurants
&
Leisure
869,201
133,500,582
a
ICON
plc
.......................
Life
Sciences
Tools
&
Services
364,849
116,977,886
Intercontinental
Exchange,
Inc.
......
Capital
Markets
748,903
103,663,153
Lear
Corp.
.....................
Automobile
Components
913,521
125,472,109
Medtronic
plc
...................
Health
Care
Equipment
&
Supplies
2,345,991
195,561,810
Micron
Technology,
Inc.
............
Semiconductors
&
Semiconductor
Equipment
2,269,255
205,617,196
Microsoft
Corp.
..................
Software
274,032
113,350,597
PNC
Financial
Services
Group,
Inc.
(The)
........................
Banks
926,823
136,428,346
Schneider
Electric
SE
.............
Electrical
Equipment
613,435
139,441,991
Starbucks
Corp.
.................
Hotels,
Restaurants
&
Leisure
1,221,594
115,929,271
Target
Corp.
....................
Consumer
Staples
Distribution
&
Retail
1,665,765
254,728,784
Thermo
Fisher
Scientific,
Inc.
.......
Life
Sciences
Tools
&
Services
192,842
109,954,652
TJX
Cos.,
Inc.
(The)
..............
Specialty
Retail
2,153,502
213,498,188
Union
Pacific
Corp.
...............
Ground
Transportation
933,373
236,787,396
UnitedHealth
Group,
Inc.
...........
Health
Care
Providers
&
Services
361,772
178,570,659
Visa,
Inc.
,
A
.....................
Financial
Services
396,952
112,194,513
Walt
Disney
Co.
(The)
.............
Entertainment
2,053,605
229,141,246
a
YETI
Holdings,
Inc.
...............
Leisure
Products
2,034,101
83,479,505
4,457,816,119
Total
Common
Stocks
(Cost
$
6,370,367,887
)
....................................
8,253,841,103
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
$
6,370,367,887
)
.............................
8,253,841,103
Short
Term
Investments
4.6%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
4.6%
Canada
3.9%
National
Bank
of
Canada
,
5.31
%
,
3/01/24
......................
156,700,000
156,700,000
Royal
Bank
of
Canada
,
5.3
%
,
3/01/24
.
177,000,000
177,000,000
333,700,000
France
0.7%
Credit
Agricole
Corporate
and
Investment
Bank
SA
,
5.3
%
,
3/01/24
.
60,000,000
60,000,000
Total
Time
Deposits
(Cost
$
393,700,000
)
.......................................
393,700,000
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
393,700,000
)
...............................
393,700,000
a
a
a
Total
Investments
(Cost
$
6,764,067,887
)
100.6
%
................................
$8,647,541,103
Other
Assets,
less
Liabilities
(
0.6
)
%
...........................................
(53,506,489)
Net
Assets
100.0%
...........................................................
$8,594,034,614
a
a
a
Templeton
Growth
Fund,
Inc.
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
See
Abbreviations
on
page
26
.
*
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
8
regarding
fair
value
measurements.
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
Templeton
Growth
Fund,
Inc.
19
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
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.
The
Fund
offers five
classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
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 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
February
29,
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
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
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.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day. The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the Statement of
Operations.
The
Fund
bears
the
market
risk
with
respect
to
any
cash
collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
At
February
29,
2024,
the
Fund
had
no
securities
on
loan.
d.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and if
applicable,
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
As
a
result
of
several
court
cases,
in
certain
countries
across
the
European
Union, the
Fund
filed
additional
tax
reclaims
for
previously
withheld
taxes
on
dividends
earned
in
those
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
countries
(EU
reclaims). Income
recognized,
if
any,
for
EU
reclaims
is
reflected
as
other
income
in
the
Statement
of
Operations
and
any
related
receivable,
if
any,
is
reflected
as
European
Union
tax
reclaims
in
the
Statement
of
Assets
and
Liabilities.
Any
fees
associated
with
these
filings
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
When
uncertainty
exists
as
to
the
ultimate
resolution
of
these
proceedings,
the
likelihood
of
receipt
of
these
EU
reclaims,
and
the
potential
timing
of
payment,
no
amounts
are
reflected
in
the
financial
statements.
For
U.S.
income
tax
purposes,
EU
reclaims
received
by
the
Fund,
if
any,
reduce
the
amount
of
foreign
taxes
Fund
shareholders
can
use
as
tax
deductions
or credits
on
their
income
tax
returns.
In
the
event
that
EU
reclaims
received
by
the Fund
during a
fiscal
year
exceed
foreign
withholding
taxes
paid
by
the
Fund,
and
the
Fund previously
passed
through to
its
shareholders
foreign
taxes
incurred
by
the
Fund
to
be
used
as
a
credit
or
deduction
on
a
shareholder's
income
tax
return,
the Fund
will enter
into
a
closing
agreement
with
the
Internal
Revenue
Service
(IRS)
in
order
to
pay
the
associated
tax
liability
on
behalf
of
the Fund's
shareholders.
The
Fund
determined
to
enter
into
a
closing
agreement
with
the
IRS
and
recorded
the
estimated payments
as
a
reduction
to
income,
as
reflected
in
the
Statement
of
Operations.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
February
29,
2024, the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and directors
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Income
and
Deferred
Taxes
(continued)
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
February
29,
2024,
there
were 2.7
million
shares
authorized ($0.01
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Trust are
also
officers
and/or
directors
of
the
following
subsidiaries:
Six
Months
Ended
February
29,
2024
Year
Ended
August
31,
2023
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
7,991,248
$193,228,359
14,057,965
$317,803,676
Shares
issued
in
reinvestment
of
distributions
..........
2,987,013
72,883,150
2,405,692
52,179,509
Shares
redeemed
...............................
(19,062,198)
(467,829,541)
(37,689,662)
(855,835,538)
Net
increase
(decrease)
..........................
(8,083,937)
$(201,718,032)
(21,226,005)
$(485,852,353)
Class
C
Shares:
Shares
sold
...................................
70,429
$1,669,961
868,500
$19,198,683
Shares
issued
in
reinvestment
of
distributions
..........
10,070
240,065
27,130
577,316
Shares
redeemed
a
..............................
(2,851,702)
(66,842,309)
(1,160,012)
(25,555,178)
Net
increase
(decrease)
..........................
(2,771,203)
$(64,932,283)
(264,382)
$(5,779,179)
Class
R
Shares:
Shares
sold
...................................
82,601
$1,994,320
216,492
$4,871,971
Shares
issued
in
reinvestment
of
distributions
..........
23,683
570,050
18,459
395,576
Shares
redeemed
...............................
(135,357)
(3,257,418)
(354,173)
(7,880,582)
Net
increase
(decrease)
..........................
(29,073)
$(693,048)
(119,222)
$(2,613,035)
Class
R6
Shares:
Shares
sold
...................................
667,632
$16,724,744
525,898
$12,032,432
Shares
issued
in
reinvestment
of
distributions
..........
132,565
3,245,183
108,785
2,361,726
Shares
redeemed
...............................
(2,042,604)
(47,430,650)
(2,059,895)
(45,902,630)
Net
increase
(decrease)
..........................
(1,242,407)
$(27,460,723)
(1,425,212)
$(31,508,472)
Advisor
Class
Shares:
Shares
sold
...................................
721,843
$17,923,930
1,110,827
$25,086,506
Shares
issued
in
reinvestment
of
distributions
..........
84,160
2,063,612
68,096
1,481,094
Shares
redeemed
...............................
(805,048)
(19,940,476)
(1,999,162)
(44,564,016)
Net
increase
(decrease)
..........................
955
$47,066
(820,239)
$(17,996,416)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Templeton
Global
Advisors
Limited
(Global
Advisors)
Investment
manager
Templeton
Asset
Management
Ltd
(Asset
Management)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
a.
Management
Fees
The
Fund
pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to
Global
Advisors based
on the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
February
29,
2024,
the
annualized
gross
effective
investment
management
fee
rate
was 0.693%
of
the
Fund's
average daily
net
assets.
Effective
March
31,
2024,
under
a
subadvisory
agreement,
Asset
Management,
an
affiliate
of
Global
Advisors,
will
provide subadvisory
services
to
the
Fund.
The
subadvisory
fee will
be paid
by Global
Advisors
based
on Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Global
Advisors,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Global Advisors
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund's
Class
A
reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund's
Class
C
and
R compensation
distribution
plans,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
Annualized
Fee
Rate
Net
Assets
0.780%
Up
to
and
including
$200
million
0.765%
Over
$200
million,
up
to
and
including
$700
million
0.730%
Over
$700
million,
up
to
and
including
$1
billion
0.715%
Over
$1
billion,
up
to
and
including
$1.2
billion
0.690%
Over
$1.2
billion,
up
to
and
including
$5
billion
0.675%
Over
$5
billion,
up
to
and
including
$10
billion
0.655%
Over
$10
billion,
up
to
and
including
$15
billion
0.635%
Over
$15
billion,
up
to
and
including
$20
billion
0.615%
Over
$20
billion,
up
to
and
including
$25
billion
0.605%
Over
$25
billion,
up
to
and
including
$30
billion
0.595%
Over
$30
billion,
up
to
and
including
$35
billion
0.585%
Over
$35
billion,
up
to
and
including
$40
billion
0.575%
Over
$40
billion,
up
to
and
including
$45
billion
0.565%
In
excess
of
$45
billion
3.
Transactions
with
Affiliates
(continued)
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. Effective
October
1,
2023,
the
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions.
Prior
to
October
1,
2023,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a transaction
based
fee.
In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
February
29,
2024,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$1,202,800
was
retained
by
Investor
Services.
f.
Waiver
and
Expense
Reimbursements
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
December
31,
2024.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
August
31,
2023,
the
capital
loss
carryforwards
were
as
follows:
Class
A
....................................................................................
0.25%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$78,857
CDSC
retained
..............................................................................
$1,409
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$123,858,473
Long
term
................................................................................
57,089,462
Total
capital
loss
carryforwards
...............................................................
$180,947,935
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
At
February
29,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales
and
corporate
actions.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
February
29,
2024,
aggregated
$1,020,247,957 and
$1,269,776,840,
respectively.
6.
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.
7.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
January
31,
2025.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
February
29,
2024,
the Fund
did
not
use
the
Global
Credit
Facility.
8.
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
Cost
of
investments
..........................................................................
$6,825,622,848
Unrealized
appreciation
........................................................................
$2,062,422,210
Unrealized
depreciation
........................................................................
(240,503,955)
Net
unrealized
appreciation
(depreciation)
..........................................................
$1,821,918,255
4.
Income
Taxes
(continued)
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
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 February
29,
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.
9.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Level
1
Level
2
Level
3
Total
Templeton
Growth
Fund,
Inc.
Assets:
Investments
in
Securities:
Common
Stocks
:
Belgium
..............................
$
-
$
203,056,288
$
-
$
203,056,288
China
...............................
-
100,638,791
-
100,638,791
France
...............................
-
439,296,811
-
439,296,811
Germany
.............................
-
422,423,300
-
422,423,300
India
................................
-
173,479,814
-
173,479,814
Japan
...............................
-
617,952,679
-
617,952,679
Netherlands
...........................
-
111,445,707
-
111,445,707
South
Korea
..........................
-
231,577,515
-
231,577,515
Switzerland
...........................
-
70,041,570
-
70,041,570
Taiwan
...............................
170,677,924
-
-
170,677,924
United
Kingdom
........................
-
1,255,434,585
-
1,255,434,585
United
States
..........................
4,318,374,128
139,441,991
-
4,457,816,119
Escrows
and
Litigation
Trusts
...............
-
-
-
a
-
Short
Term
Investments
...................
-
393,700,000
-
393,700,000
Total
Investments
in
Securities
...........
$4,489,052,052
$4,158,489,051
b
$-
$8,647,541,103
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$3,764,789,051,
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
8.
Fair
Value
Measurements
(continued)
Templeton
Growth
Fund,
Inc.
Shareholder
Information
27
franklintempleton.com
Semiannual
Report
Board
Approval
of
Investment
Management
Agreements
TEMPLETON
GROWTH
FUND,
INC.
(Fund)
At
an
in-person
meeting
held
on
February
26,
2024
(Meeting),
the
Board
of
Trustees
(Board)
of
the
Fund,
including
a
majority
of
the
trustees
who
are
not
"interested
persons"
as
defined
in
the
Investment
Company
Act
of
1940)
(Independent
Trustees),
reviewed
and
approved
a
new
investment
sub-advisory
agreement
between
Templeton
Global
Advisors
Limited
(Manager),
the
Fund's
investment
manager,
and
Templeton
Asset
Management
Ltd.
(Sub-
Adviser),
an
affiliate
of
the
Manager,
on
behalf
of
the
Fund
(Sub-Advisory
Agreement),
for
an
initial
two-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
Sub-Advisory
Agreement.
The
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
with
respect
to
the
Sub-Advisory
Agreement.
The
Board
also
reviewed
and
considered
the
factors
it
deemed
relevant
in
approving
the
Sub-Advisory
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent,
and
quality
of
the
services
to
be
provided
by
the
Sub-Adviser;
and
(ii)
the
costs
of
the
services
to
be
provided
by
the
Sub-Adviser.
The
Board
further
reviewed
and
considered
information
provided
by
management
showing
the
expected
impact
of
hiring
the
Sub-Adviser
on
the
Manager's
profitability
consistent
with
the
Order
(as
defined
below).
The
Board
also
considered
that
management
proposed
that
the
Board
approve
the
Sub-Advisory
Agreement
in
order
to
facilitate
portfolio
management
team
changes,
effective
March
31,
2024.
The
Board
reviewed
and
further
considered
the
form
of
Sub-Advisory
Agreement
and
the
terms
of
the
Sub-Advisory
Agreement,
which
were
discussed
at
the
Meeting,
noting
that
the
terms
and
conditions
of
the
Sub-Advisory
Agreement
were
identical
(except
with
respect
to
the
sub-advisory
fee)
to
the
terms
and
conditions
of
sub-advisory
agreements
for
other
Franklin
Templeton
(FT)
mutual
funds.
In
approving
the
Sub-Advisory
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
hiring
of
the
Sub-Adviser
is
in
the
best
interests
of
the
Fund
and
its
shareholders
and
does
not
involve
a
conflict
of
interest
from
which
the
Manager
or
Sub-Adviser
derives
an
inappropriate
advantage.
The
Board
also
determined
that
the
terms
of
the
Sub-Advisory
Agreement
are
fair
and
reasonable.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board's
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
to
be
provided
by
the
Sub-Adviser
and
currently
being
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
In
doing
so,
the
Board
noted
that
the
Fund
employs
a
"manager
of
managers"
structure
pursuant
to
an
exemptive
order
(Order)
granted
to
the
Manager
by
the
U.S.
Securities
and
Exchange
Commission,
whereby
the
Manager
and
the
Fund
may,
without
shareholder
approval,
enter
into
sub-advisory
agreements
with
sub-advisers
that
are
indirect
or
direct
wholly
owned
subsidiaries
of
Franklin
Resources,
Inc.
(FRI).
In
particular,
with
respect
to
the
Sub-Adviser,
the
Board
took
into
account
that
the
new
portfolio
manager
proposed
to
serve
as
a
portfolio
manager
for
the
Fund
is
an
employee
of
the
Sub-Adviser.
The
Board
reviewed
and
considered
information
regarding
the
nature,
quality
and
extent
of
investment
sub-advisory
services
to
be
provided
by
the
Sub-Adviser
to
the
Fund
and
its
shareholders
under
the
Sub-Advisory
Agreement;
the
Sub-Adviser's
experience
as
a
manager
of
other
funds
and
accounts,
including
those
within
the
FT
organization;
the
personnel,
operations,
financial
condition,
and
investment
management
capabilities,
methodologies
and
resources
of
the
Sub-Adviser
and
the
Sub-Adviser's
capabilities,
as
demonstrated
by,
among
other
things,
its
policies
and
procedures
reasonably
designed
to
prevent
violations
of
the
federal
securities
laws.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
FRI,
the
parent
of
the
Manager
and
the
Sub-
Adviser,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT's
commitment
to
technological
innovation
and
advancement
and
investments
to
promote
alternative
investing.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
to
be
provided
by
the
Sub-Adviser
to
the
Fund
and
its
shareholders.
Templeton
Growth
Fund,
Inc.
Shareholder
Information
28
franklintempleton.com
Semiannual
Report
Fund
Performance
The
Board
noted
its
review
and
consideration
of
and
conclusions
made
regarding
the
performance
results
of
the
Fund
in
connection
with
the
2023
annual
contract
renewals
("Annual
Contract
Renewal")
of
the
Fund's
investment
management
agreement
and
at
regular
Board
meetings
throughout
the
year.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
investment
sub-advisory
fee
to
be
charged
by
the
Sub-
Adviser.
The
Board
noted
that
the
addition
of
the
Sub-
Adviser
will
have
no
impact
on
the
amount
of
management
fees
that
are
currently
paid
by
the
Fund
as
the
Sub-Adviser
will
be
paid
by
the
Manager
out
of
the
management
fee
that
the
Manager
receives
from
the
Fund.
The
Board
further
noted
that
the
allocation
of
the
fee
between
the
Manager
and
the
Sub-Adviser
reflected
the
services
to
be
provided
by
the
Sub-Adviser.
The
Board
concluded
that
the
proposed
investment
sub-advisory
fee
to
be
paid
to
the
Sub-Adviser
is
reasonable.
Management
Profitability
and
Economies
of
Scale
The
Board
noted
management's
belief
that
the
Manager's
profitability
is
not
expected
to
materially
change
as
a
result
of
the
addition
of
the
Sub-Adviser.
The
Board
determined
that
its
conclusions
regarding
profitability
and
economies
of
scale
reached
in
connection
with
the
Annual
Contract
Renewal
of
the
investment
management
agreement
with
the
Manager
had
not
changed
as
a
result
of
the
proposal
to
approve
the
Sub-Advisory
Agreement.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
Sub-Advisory
Agreement
for
an
initial
two-year
period.
Proxy
Voting
Policies
and
Procedures
The
Fund's
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund's
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund's
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission's
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Fund
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission's
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission's
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund's
financial
reports
every
six
months.
In
addition,
you
will
receive
as
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
"householding,"
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)632-
2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
101
S
04/24
©
2024
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund's
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Templeton
Growth
Fund,
Inc.
Investment
Manager
Distributor
Shareholder
Services
Templeton
Global
Advisors
Limited
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
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