Templeton Growth Fd (TEPLX) N-CSRS Certified semi-annual shareholder report (management investment company)

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. 2^nd Street, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices) (Zip code)

Craig S. Tyle, 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: 2/28/22

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.)

A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report.

Not Applicable

.

SEMIANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Templeton

Growth

Fund,

Inc.

February

28,

2022

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Semiannual

Report

1

Shareholder

Letter

Dear

Shareholder:

During

the

six

months

ended

February

28,

2022,

the

global

economic

recovery

was

hampered

by

renewed

outbreaks

of

COVID-19,

supply-chain

disruptions

and

geopolitical

tensions

and

conflict.

Rising

inflation

across

multiple

countries

caused

many

central

banks,

including

the

U.S.

Federal

Reserve,

to

adopt

less

accommodative

monetary

stances,

putting

pressure

on

global

equity

markets.

New

Chinese

government

regulations

on

some

businesses

further

dampened

investor

sentiment

in

Asian

and

emerging

market

stocks.

Near

period-end,

Russia’s

invasion

of

Ukraine

increased

investor

uncertainty,

as

international

sanctions

on

Russia

constrained

companies

that

do

business

with

Russia

and

threatened

to

disrupt

global

economic

activity

and

commodity

markets.

In

this

environment,

global

developed

and

emerging

market

stocks,

as

measured

by

the

MSCI

All

Country

World

Index-NR

(net

of

tax

withholding

when

dividends

are

paid),

posted

a

-5.26%

total

return

for

the

period.

1

We

are

committed

to

our

long-term

perspective

and

disciplined

investment

approach

as

we

conduct

a

rigorous,

fundamental

analysis

of

securities

with

a

regular

emphasis

on

investment

risk

management.

Historically,

patient

investors

have

achieved

rewarding

results

by

evaluating

their

goals,

diversifying

their

assets

globally

and

maintaining

a

disciplined

investment

program,

all

hallmarks

of

the

Templeton

investment

philosophy.

We

continue

to

recommend

investors

consult

financial

professionals

and

review

their

portfolios

to

design

a

long-term

strategy

and

portfolio

allocation

that

meet

their

individual

needs,

goals

and

risk

tolerance.

Templeton

Growth

Fund,

Inc.’s

semiannual

report

includes

more

detail

about

prevailing

conditions

and

a

discussion

about

investment

decisions

during

the

period.

Please

remember

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

We

thank

you

for

investing

with

Franklin

Templeton,

welcome

your

questions

and

comments,

and

look

forward

to

serving

your

investment

needs

in

the

years

ahead.

Sincerely,

Alan

Bartlett

Chief

Investment

Officer

Templeton

Global

Equity

Group

This

letter

reflects

our

analysis

and

opinions

as

of

February

28,

2022,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Templeton

Growth

Fund,

Inc.

3

Performance

Summary

7

Your

Fund’s

Expenses

9

Financial

Highlights

and

Statement

of

Investments

10

Financial

Statements

18

Notes

to

Financial

Statements

22

Shareholder

Information

31

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Templeton

Growth

Fund,

Inc.

This

semiannual

report

for

Templeton

Growth

Fund,

Inc.

covers

the

period

ended

February

28,

2022.

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

-5.07%

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

-5.26%

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

7

.

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

.

Economic

and

Market

Overview

Global

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

ACWI-NR,

posted

a

-5.26%

total

return

for

the

six

months

ended

February

28,

2022.

1

The

combination

of

increased

consumer

demand

and

persistent

supply-chain

disruptions

contributed

to

higher

inflation

in

many

countries.

This

inflationary

pressure

led

many

of

the

world’s

central

banks

to

adopt

less

accommodative

stances

regarding

monetary

policy.

The

Chinese

government’s

imposition

of

new

restrictions

on

some

businesses

also

pressured

Asian

and

global

emerging

market

stocks.

Near

period-end,

Russia’s

invasion

of

Ukraine

increased

investor

uncertainty,

as

international

sanctions

on

Russia

constrained

companies

that

do

business

with

Russia

and

threatened

to

disrupt

global

economic

activity

and

commodity

markets.

In

the

U.S.,

the

economy

continued

to

recover

amid

declining

unemployment,

solid

wage

growth

and

strong

business

confidence.

Gross

domestic

product

(GDP)

growth

accelerated

in

the

fourth

quarter

of

2021,

as

strong

consumer

and

business

spending

supported

the

economy.

However,

investor

expectations

for

higher

interest

rates

and

geopolitical

uncertainty

late

in

the

reporting

period

negatively

impacted

U.S.

equities.

The

U.S.

Federal

Reserve

(Fed)

kept

the

federal

funds

target

rate

at

a

record-low

range

of

0.00%–0.25%

and

continued

its

program

of

open-ended

U.S.

Treasury

(UST)

and

mortgage

bond

purchases

to

help

keep

markets

functioning.

In

its

January

2022

meeting

statement,

however,

the

Fed

noted

that

due

to

employment

gains

and

elevated

inflation,

it

expected

conditions

would

soon

be

appropriate

for

raising

interest

rates.

Furthermore,

the

Fed

maintained

its

timetable

for

reducing

its

purchases

of

UST

and

mortgage-backed

securities.

Economic

growth

slowed

in

the

eurozone,

declining

notably

in

the

fourth

quarter

of

2021

as

the

spread

of

the

Omicron

variant

of

COVID-19

disrupted

labor

markets

and

led

to

renewed

restrictions.

Additionally,

in

February

2022,

the

annual

inflation

rate

in

the

eurozone

reached

the

highest

level

on

record,

and

the

prospect

of

energy

shortages

during

the

winter

tempered

investor

optimism.

The

European

Central

Bank

struck

a

less

accommodative

tone

at

its

February

meeting,

acknowledging

that

inflation

has

been

more

persistent

than

expected

and

opening

the

possibility

Geographic

Composition

2/28/22

%

of

Total

Net

Assets

North

America

49.7%

Europe

27.9%

Asia

14.5%

Other

1.0%

Short-Term

Investments

&

Other

Net

Assets

6.9%

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

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

15

.

Templeton

Growth

Fund,

Inc.

4

franklintempleton.com

Semiannual

Report

of

an

interest-rate

increase

in

2022.

Stocks

of

companies

with

exposure

to

Russia,

particularly

banks,

endured

further

declines

late

in

the

reporting

period.

Consequently,

European

developed

market

equities,

as

measured

by

the

MSCI

Europe

Index-NR,

posted

a

-6.70%

total

return

for

the

six

months

under

review.

1

Asian

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

All

Country

Asia

Index-NR,

posted

a

-9.34%

total

return

for

the

six-month

period.

1

Although

China’s

economy

continued

to

grow,

it

was

pressured

by

COVID-19

restrictions

and

government

measures

to

limit

real

estate

speculation.

Unexpected

regulatory

changes

by

the

Chinese

government,

which

negatively

impacted

education-

and

technology-related

businesses,

and

investor

concerns

about

the

solvency

of

several

large

Chinese

property

developers

further

pressured

Asian

stocks

during

the

six-

month

period.

Global

emerging

market

stocks,

as

measured

by

the

MSCI

Emerging

Markets

Index-NR,

posted

a

-9.81%

total

return

for

the

six

months

under

review.

1

Rising

interest

rates

and

elevated

inflation

dampened

investor

enthusiasm

in

global

emerging

market

equities.

Geopolitical

instability

drove

strength

in

the

U.S.

dollar,

further

pressuring

stocks

in

emerging

market

countries,

especially

Russia

as

the

ruble

plunged

against

the

U.S.

dollar.

Interest-rate

increases

to

curb

inflation

by

several

central

banks,

including

those

of

Brazil

and

Mexico,

as

well

as

the

international

sanctions

on

Russia,

raised

investor

concerns

about

a

slowdown

in

economic

growth.

Investment

Strategy

Our

investment

strategy

employs

a

bottom-up,

value-

oriented,

long-term

approach.

We

focus

on

the

market

price

of

a

company’s

securities

relative

to

our

evaluation

of

the

company’s

long-term

earnings,

asset

value

and

cash

flow

potential.

Our

analysis

includes

an

assessment

of

the

potential

impacts

of

material

environmental,

social

and

governance

(ESG)

factors

on

the

long-term

risk

and

return

profile

of

a

company.

We

also

consider

the

company’s

price/

earnings

ratio,

price/cash

flow

ratio,

profit

margins

and

liquidation

value.

In

addition,

the

Fund

may,

from

time

to

time,

engage

in

currency-related

derivatives

to

seek

to

hedge

(protect)

against

currency

risks.

The

Fund

also

may,

from

time

to

time,

engage

in

equity-related

derivatives,

such

as

buying

and

selling

(writing)

put

and

call

options

on

individual

securities

(including

exchange-traded

funds)

and

indexes,

and

engaging

in

equity

futures

and

equity

index

futures,

for

various

purposes

including

enhancing

Fund

returns,

increasing

liquidity,

gaining

exposure

to

individual

securities

and

particular

markets

in

more

efficient

or

less

expensive

ways,

generating

additional

income

for

the

Fund

and/or

hedging

risks

relating

to

changes

in

certain

equity

markets.

Top

10

Industries

2/28/22

%

of

Total

Net

Assets

a

Pharmaceuticals

6.1%

Hotels,

Restaurants

&

Leisure

5.3%

Health

Care

Providers

&

Services

5.2%

Oil,

Gas

&

Consumable

Fuels

5.2%

IT

Services

4.8%

Machinery

4.1%

Health

Care

Equipment

&

Supplies

4.0%

Beverages

3.5%

Chemicals

3.3%

Specialty

Retail

3.3%

Top

10

Holdings

2/28/22

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

Samsung

Electronics

Co.

Ltd.

2.6%

Technology

Hardware,

Storage

&

Peripherals,

South

Korea

Walt

Disney

Co.

(The)

2.6%

Entertainment,

United

States

Dollar

Tree,

Inc.

2.5%

Multiline

Retail,

United

States

AbbVie,

Inc.

2.5%

Biotechnology,

United

States

Anheuser-Busch

InBev

SA/NV

2.4%

Beverages,

Belgium

Marathon

Petroleum

Corp.

2.3%

Oil,

Gas

&

Consumable

Fuels,

United

States

TJX

Cos.,

Inc.

(The)

2.1%

Specialty

Retail,

United

States

Medtronic

plc

2.1%

Health

Care

Equipment

&

Supplies,

United

States

DuPont

de

Nemours,

Inc.

2.1%

Chemicals,

United

States

AstraZeneca

plc

2.0%

Pharmaceuticals,

United

Kingdom

Templeton

Growth

Fund,

Inc.

5

franklintempleton.com

Semiannual

Report

Manager’s

Discussion

Templeton

Growth

Fund

outperformed

its

benchmark,

the

MSCI

ACWI-NR,

during

the

semiannual

review

period,

led

by

stock

selection

and

favorable

allocations

in

the

health

care,

communication

services

and

energy

sectors.

From

a

geographical

standpoint,

stock

selection

in

the

U.S.

and

a

favorable

underweighting

in

the

beleaguered

Chinese

market

also

contributed

to

relative

returns.

The

period

under

review

encompassed

what

we

viewed

as

a

meaningful

inflection

point

in

markets.

After

several

months

of

more

persistent

and

higher-than-expected

inflation,

in

November

2021

the

Fed

signaled

a

more

hawkish

position,

including

likely

interest

rate

hikes

and

the

gradual

phasing

out

of

asset

purchases

known

as

quantitative

easing.

The

policy

pivot

pushed

bond

yields

higher,

steepening

key

yield

curves

and

benefiting

value-oriented

sectors

with

positive

interest

rate

exposure

(like

financials)

and

inflation

hedge

characteristics

(like

energy

and

materials).

At

the

same

time,

the

erstwhile

leaders

of

the

last

market

cycle—expensive,

growth-oriented

stocks

in

areas

like

technology,

consumer

discretionary,

and

media

and

entertainment—sold

off

sharply.

Overall,

investors

seemed

to

refocus

on

fundamental

and

quality

characteristics

and

deemphasize

the

speculative

extrapolation

of

revenue

growth

trends,

an

about-face

that

benefited

Templeton’s

strategies

given

our

emphasis

on

rigorous

fundamental

analysis

and

valuation

discipline.

Indeed,

in

2022,

Templeton

Growth

Fund

had

its

best

start

to

a

year

relative

to

its

benchmark

during

the

first

two

months

of

a

year

in

more

than

two

decades.

Health

care

was

the

Fund’s

top

relative

contributor,

led

by

U.S.

biopharmaceuticals

firm

AbbVie.

Shares

advanced

after

the

firm

reported

decent

results

punctuated

by

better-than-

expected

sales

of

its

blockbuster

biologic

treatment

Humira.

We

remain

constructive

on

the

stock

given

what

we

view

as

its

low

valuation,

high

dividend

yield

and

generally

low

event

risk.

We

are

confident

that

management

will

be

able

to

navigate

biosimilar

erosion

to

Humira

starting

in

2023,

and

are

also

encouraged

by

management’s

strong

track

record

of

capital

allocation

and

strategic

execution.

This

is

important

given

the

prospect

of

further

likely

acquisitions

in

the

next

few

years.

Communication

services

also

contributed

to

relative

returns,

though

there

were

no

sector

holdings

among

the

Fund’s

10

biggest

contributors.

Energy

also

outperformed,

contributing

three

of

the

Fund’s

10

biggest

contributors.

The

sector

was

led

by

U.S.

refiner

Marathon

Petroleum,

which

rallied

after

the

firm

beat

earnings

estimates,

buoyed

by

stronger-than-expected

refining

results

and

the

authorization

of

a

multibillion

U.S.

dollar

share

buyback.

Norwegian-based

integrated

oil

firm

Equinor

and

U.K.-based

oil

and

gas

giant

BP

also

finished

among

the

Fund’s

top-10

contributors.

We

were

adding

selectively

to

our

energy

position

over

the

past

year

given

growing

supply-demand

imbalances

stemming

from

years

of

under-investment

in

production

on

the

supply

side

and

a

likely

slower-than-expected

transition

to

renewables

supporting

hydrocarbon

demand.

Turning

to

detractors,

an

underweighting

in

financials

notably

pressured

relative

returns

during

a

period

when

the

sector

held

up

well

amid

expectations

of

higher

interest

rates.

While

we

have

long

been

underweighting

the

sector

given

our

concerns

about

credit

risk

and

poor

earnings

quality,

we

had

begun

to

selectively

add

in

recent

quarters

on

expectations

of

a

potential

bottoming

in

the

interest

rate

cycle.

However,

we

didn’t

add

enough

to

match

the

global

benchmark’s

sector

weighting,

and

our

underweighting

negatively

impacted

returns

during

the

period.

An

overweighted

position

in

the

weak

consumer

discretionary

sector

also

negatively

impacted

returns,

pressured

by

weakness

at

European

food-delivery

firm

Just

Eat

Takeaway.com.

The

stock

remained

under

pressure

amid

concerns

about

competition

and

profitability,

and

this

remains

a

“show-me”

story

going

forward.

Investors

will

want

to

see

the

strategic

divestiture

of

certain

assets

(which

management

is

exploring),

more

consistency

hitting

guidance

targets,

and

an

improving

competitive

environment

that

shifts

from

“growth

at

any

cost”

to

“profitable

growth.”

We

see

numerous

catalysts

that

should

help

Just

Eat

achieve

these

goals,

creating

considerable

upside

potential

from

current

depressed

valuation

levels.

Top

10

Countries

2/28/22

a

%

of

Total

Net

Assets

a

a

United

States

49.7%

United

Kingdom

13.1%

Japan

8.9%

Germany

6.9%

France

2.7%

South

Korea

2.6%

Belgium

2.4%

Switzerland

2.0%

Hong

Kong

1.7%

China

1.2%

Templeton

Growth

Fund,

Inc.

6

franklintempleton.com

Semiannual

Report

Consumer

staples

and

materials

also

detracted

from

relative

performance.

Materials

was

led

lower

by

Belgian

specialty

chemicals

firm

Umicore.

The

company,

which

operates

a

scrap

recycling

business

and

makes

cathodes

for

batteries

as

well

as

catalysts

for

internal

combustion

engine

vehicles,

issued

two

consecutive

profit

warnings

at

the

end

of

2021.

These

unexpected

earnings

underscored

a

loss

of

technology

leadership

in

cathode

materials

(which

will

negatively

impact

growth

and

margins)

and

raised

questions

about

management’s

ability

to

execute.

Those

concerns,

combined

with

an

elevated

earnings

profile

in

the

cyclical

scrap

metals

recycling

business

given

high

commodity

prices,

caused

us

to

reevaluate

our

investment

thesis

and

exit

the

stock.

Market

volatility

spiked

at

the

end

of

the

reporting

period

after

Russia

invaded

Ukraine,

sparking

a

risk-off

event

across

asset

classes.

The

Fund

has

no

direct

exposure

(and

little

indirect

exposure)

to

Russia.

We

have

not

found

attractive

opportunities

in

Russian

equities

given

heightened

corporate

governance

concerns

and

geopolitical

risks.

Nevertheless,

the

impact

of

war

in

Europe

is

creating

volatility

in

all

risk

assets.

We

are

not

currently

making

any

major

changes

to

our

strategic

positioning,

though

the

portfolio

manager

continues

to

make

incremental

adjustments

designed

to

take

advantage

of

volatility

and

manage

evolving

risks.

This

has

included

reducing

cyclical

exposures

and

adding

to

higher

quality,

more

defensive

names

that

have

been

caught

up

in

the

broad-based

selling.

While

the

near-term

impact

of

war

in

Europe

will

likely

be

negative

for

financial

markets

(as

well

as

a

tragic

humanitarian

crisis),

it

also

accelerates

the

move

away

from

the

low

interest

rate,

low

inflation,

benign

economic

environment

that

favored

expensive

growth

stocks

in

the

past

cycle.

We

have

continued

to

see

risks

in

both

tails

of

the

market’s

valuation

distribution:

valuation

risk

among

expensive

growth

stocks

and

credit

risk

among

lower

quality

value

stocks.

We

have

viewed

the

recent

leadership

of

these

market

extremes

as

unsustainable

and

have

tried

to

manage

the

portfolio

toward

an

optimal

balance

of

quality,

earnings

growth

and

valuation.

It

is

important

to

recognize

the

effect

of

currency

movements

on

the

Fund’s

performance.

In

general,

if

the

value

of

the

U.S.

dollar

goes

up

compared

with

a

foreign

currency,

an

investment

traded

in

that

foreign

currency

will

go

down

in

value

because

it

will

be

worth

fewer

U.S.

dollars.

This

can

have

a

negative

effect

on

Fund

performance.

Conversely,

when

the

U.S.

dollar

weakens

in

relation

to

a

foreign

currency,

an

investment

traded

in

that

foreign

currency

will

increase

in

value,

which

can

contribute

to

Fund

performance.

For

the

six

months

ended

February

28,

2022,

the

U.S.

dollar

rose

in

value

relative

to

most

currencies.

As

a

result,

the

Fund’s

performance

was

negatively

affected

by

the

portfolio’s

significant

investment

in

securities

with

non-U.S.

currency

exposure.

Thank

you

for

your

continued

participation

in

Templeton

Growth

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Peter

M.

Moeschter,

CFA

Lead

Portfolio

Manager

Herbert

J.

Arnett,

Jr.

Christopher

James

Peel,

CFA

Warren

Pustam,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

February

28,

2022,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

February

28,

2022

Templeton

Growth

Fund,

Inc.

7

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

2/28/22

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

1

Average

Annual

Total

Return

2

–

A

3

6-Month

-5.07%

-10.28%

1-Year

+0.07%

-5.44%

5-Year

+19.57%

+2.47%

10-Year

+76.85%

+5.27%

Advisor

6-Month

-4.93%

-4.93%

1-Year

+0.37%

+0.37%

5-Year

+21.08%

+3.90%

10-Year

+81.42%

+6.14%

See

page

8

for

Performance

Summary

footnotes.

Templeton

Growth

Fund,

Inc.

Performance

Summary

8

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.

All

investments

involve

risks,

including

possible

loss

of

principal.

Special

risks

are

associated

with

foreign

investing,

including

currency

fluctuations,

economic

instability

and

political

developments;

investments

in

emerging

markets

involve

heightened

risks

related

to

the

same

factors.

Because

the

Fund

may

invest

its

assets

in

companies

in

a

specific

region,

including

Europe,

it

is

subject

to

greater

risks

of

adverse

developments

in

that

region

and/or

the

surrounding

regions

than

a

fund

that

is

more

broadly

diversified

geographically.

Political,

social

or

economic

disruptions

in

the

region,

even

in

countries

in

which

the

Fund

is

not

invested,

may

adversely

affect

the

value

of

securities

held

by

the

Fund.

Current

political

uncertainty

concerning

the

economic

consequences

of

the

departure

of

the

U.K.

from

the

European

Union

may

increase

market

volatility.

Derivatives

involve

costs

and

can

create

economic

leverage

which

may

result

in

significant

volatility

and

cause

the

Fund

to

participate

in

losses

(and

enable

gains)

on

an

amount

that

exceeds

the

Fund’s

initial

investment.

In

addition,

securities

issued

by

small-

and

mid-capitalization

companies

have

historically

experienced

more

price

volatility

than

larger-company

stocks,

especially

over

the

short

term

and

may

involve

additional

risks.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

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.

3.

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%.

4.

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.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(9/1/21–2/28/22)

Share

Class

Net

Investment

Income

A

$0.4150

C

$0.1806

R

$0.3507

R6

$0.4851

Advisor

$0.4783

Total

Annual

Operating

Expenses

4

Share

Class

A

1.05%

Advisor

0.80%

Your

Fund’s

Expenses

Templeton

Growth

Fund,

Inc.

9

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

181/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

9/1/21

Ending

Account

Value

2/28/22

Expenses

Paid

During

Period

9/1/21–2/28/22

1,2

Ending

Account

Value

2/28/22

Expenses

Paid

During

Period

9/1/21–2/28/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$949.30

$5.05

$1,019.61

$5.23

1.04%

C

$1,000

$945.80

$8.66

$1,015.89

$8.97

1.79%

R

$1,000

$948.20

$6.25

$1,018.37

$6.48

1.29%

R6

$1,000

$950.90

$3.60

$1,021.11

$3.73

0.74%

Advisor

$1,000

$950.70

$3.84

$1,020.85

$3.98

0.79%

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

28,

2022

(unaudited)

Year

Ended

August

31,

2021

2020

2019

2018

2017

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.34

$21.17

$20.96

$27.08

$26.26

$22.67

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.02

0.37

c

0.27

0.51

0.47

0.38

Net

realized

and

unrealized

gains

(losses)

(1.31)

4.03

1.16

(3.96)

0.84

3.55

Total

from

investment

operations

........

(1.29)

4.40

1.43

(3.45)

1.31

3.93

Less

distributions

from:

Net

investment

income

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

(0.42)

(0.23)

(0.47)

(0.45)

(0.49)

(0.34)

Net

realized

gains

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

—

—

(0.75)

(2.22)

—

—

Total

distributions

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

(0.42)

(0.23)

(1.22)

(2.67)

(0.49)

(0.34)

Net

asset

value,

end

of

period

..........

$23.63

$25.34

$21.17

$20.96

$27.08

$26.26

Total

return

d

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

(5.07)%

20.80%

6.53%

(13.02)%

4.99%

17.49%

Ratios

to

average

net

assets

e

Expenses

f

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

1.04%

1.04%

1.06%

1.06%

1.03%

1.06%

g

Net

investment

income

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

0.13%

1.53%

c

1.29%

2.20%

1.75%

1.55%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$8,215,344

$9,010,906

$8,191,333

$8,604,624

$10,711,345

$10,880,427

Portfolio

turnover

rate

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

21.84%

44.14%

h

52.90%

25.30%

28.77%

29.17%

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,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(h).

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

28,

2022

(unaudited)

Year

Ended

August

31,

2021

2020

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.82

$20.71

$20.56

$26.31

$25.52

$22.04

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.07)

0.19

c

0.11

0.25

0.26

0.19

Net

realized

and

unrealized

gains

(losses)

(1.29)

3.95

1.12

(3.78)

0.81

3.45

Total

from

investment

operations

........

(1.36)

4.14

1.23

(3.53)

1.07

3.64

Less

distributions

from:

Net

investment

income

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

(0.18)

(0.03)

(0.33)

—

(0.28)

(0.16)

Net

realized

gains

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

—

—

(0.75)

(2.22)

—

—

Total

distributions

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

(0.18)

(0.03)

(1.08)

(2.22)

(0.28)

(0.16)

Net

asset

value,

end

of

period

..........

$23.28

$24.82

$20.71

$20.56

$26.31

$25.52

Total

return

d

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

(5.42)%

19.93%

5.70%

(13.68)%

4.20%

16.61%

Ratios

to

average

net

assets

e

Expenses

f

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

1.79%

1.79%

1.82%

1.81%

1.78%

1.81%

g

Net

investment

income

(loss)

..........

(0.61)%

0.80%

c

0.54%

1.45%

1.00%

0.80%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$104,995

$111,870

$125,500

$152,392

$554,889

$594,594

Portfolio

turnover

rate

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

21.84%

44.14%

h

52.90%

25.30%

28.77%

29.17%

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,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(h).

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Six

Months

Ended

February

28,

2022

(unaudited)

Year

Ended

August

31,

2021

2020

2019

2018

2017

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.05

$20.93

$20.75

$26.81

$26.00

$22.45

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.01)

0.30

c

0.21

0.44

0.40

0.31

Net

realized

and

unrealized

gains

(losses)

(1.30)

3.99

1.14

(3.91)

0.83

3.52

Total

from

investment

operations

........

(1.31)

4.29

1.35

(3.47)

1.23

3.83

Less

distributions

from:

Net

investment

income

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

(0.35)

(0.17)

(0.42)

(0.37)

(0.42)

(0.28)

Net

realized

gains

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

—

—

(0.75)

(2.22)

—

—

Total

distributions

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

(0.35)

(0.17)

(1.17)

(2.59)

(0.42)

(0.28)

Net

asset

value,

end

of

period

..........

$23.39

$25.05

$20.93

$20.75

$26.81

$26.00

Total

return

d

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

(5.18)%

20.49%

6.24%

(13.21)%

4.73%

17.18%

Ratios

to

average

net

assets

e

Expenses

f

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

1.29%

1.29%

1.31%

1.31%

1.28%

1.31%

g

Net

investment

income

(loss)

..........

(0.11)%

1.29%

c

1.04%

1.95%

1.50%

1.30%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$56,666

$60,867

$56,912

$62,515

$88,560

$99,389

Portfolio

turnover

rate

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

21.84%

44.14%

h

52.90%

25.30%

28.77%

29.17%

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,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(h).

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

Six

Months

Ended

February

28,

2022

(unaudited)

Year

Ended

August

31,

2021

2020

2019

2018

2017

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.39

$21.20

$20.97

$27.10

$26.29

$22.69

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.05

0.59

c

0.34

0.59

0.56

0.46

Net

realized

and

unrealized

gains

(losses)

(1.32)

3.90

1.16

(3.97)

0.83

3.56

Total

from

investment

operations

........

(1.27)

4.49

1.50

(3.38)

1.39

4.02

Less

distributions

from:

Net

investment

income

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

(0.49)

(0.30)

(0.52)

(0.53)

(0.58)

(0.42)

Net

realized

gains

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

—

—

(0.75)

(2.22)

—

—

Total

distributions

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

(0.49)

(0.30)

(1.27)

(2.75)

(0.58)

(0.42)

Net

asset

value,

end

of

period

..........

$23.63

$25.39

$21.20

$20.97

$27.10

$26.29

Total

return

d

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

(4.91)%

21.15%

6.87%

(12.73)%

5.33%

17.94%

Ratios

to

average

net

assets

e

Expenses

f

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

0.74%

0.74%

0.74%

0.73%

0.70%

0.71%

g

Net

investment

income

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

0.43%

2.56%

c

1.63%

2.53%

2.08%

1.90%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$326,451

$349,281

$1,342,940

$1,504,941

$1,791,152

$1,843,276

Portfolio

turnover

rate

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

21.84%

44.14%

h

52.90%

25.30%

28.77%

29.17%

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,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(h).

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

Six

Months

Ended

February

28,

2022

(unaudited)

Year

Ended

August

31,

2021

2020

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.42

$21.24

$21.01

$27.15

$26.33

$22.73

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.05

0.42

c

0.32

0.57

0.54

0.45

Net

realized

and

unrealized

gains

(losses)

(1.31)

4.05

1.17

(3.98)

0.83

3.55

Total

from

investment

operations

........

(1.26)

4.47

1.49

(3.41)

1.37

4.00

Less

distributions

from:

Net

investment

income

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

(0.48)

(0.29)

(0.51)

(0.51)

(0.55)

(0.40)

Net

realized

gains

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

—

—

(0.75)

(2.22)

—

—

Total

distributions

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

(0.48)

(0.29)

(1.26)

(2.73)

(0.55)

(0.40)

Net

asset

value,

end

of

period

..........

$23.68

$25.42

$21.24

$21.01

$27.15

$26.33

Total

return

d

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

(4.93)%

21.06%

6.79%

(12.79)%

5.24%

17.78%

Ratios

to

average

net

assets

e

Expenses

f

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

0.79%

0.80%

0.81%

0.81%

0.78%

0.81%

g

Net

investment

income

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

0.38%

1.76%

c

1.54%

2.45%

2.00%

1.80%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$391,801

$429,251

$377,028

$427,371

$533,358

$523,263

Portfolio

turnover

rate

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

21.84%

44.14%

h

52.90%

25.30%

28.77%

29.17%

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,

except

for

non-recurring

expenses,

if

any.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(h).

Templeton

Growth

Fund,

Inc.

Statement

of

Investments

(unaudited),

February

28,

2022

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Industry

Shares

a

Value

a

Common

Stocks

93.1%

Belgium

2.4%

Anheuser-Busch

InBev

SA/NV

......

Beverages

3,499,695

$

215,910,554

Brazil

1.0%

Wheaton

Precious

Metals

Corp.

.....

Metals

&

Mining

2,076,659

90,985,399

China

1.2%

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

578,294

109,945,255

France

2.7%

Danone

SA

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

Food

Products

2,279,298

138,639,864

Pernod

Ricard

SA

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

Beverages

481,673

105,125,982

243,765,846

Germany

6.9%

adidas

AG

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

Textiles,

Apparel

&

Luxury

Goods

369,067

87,243,458

a

Continental

AG

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

Auto

Components

1,127,219

96,032,486

E.ON

SE

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

Multi-Utilities

12,746,784

173,337,371

Fresenius

Medical

Care

AG

&

Co.

KGaA

Health

Care

Providers

&

Services

2,222,183

142,540,584

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

2,820,919

95,427,129

Siemens

AG

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

Industrial

Conglomerates

218,767

30,813,558

625,394,586

Hong

Kong

1.7%

AIA

Group

Ltd.

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

Insurance

15,217,831

158,020,606

Japan

8.9%

Fujitsu

Ltd.

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

IT

Services

851,084

123,659,710

Honda

Motor

Co.

Ltd.

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

Automobiles

3,473,034

105,523,112

Isuzu

Motors

Ltd.

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

Automobiles

4,270,400

57,760,513

Komatsu

Ltd.

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

Machinery

5,306,851

122,089,095

Nitori

Holdings

Co.

Ltd.

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

Specialty

Retail

716,002

107,752,069

Panasonic

Corp.

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

Household

Durables

12,505,454

130,609,709

Sony

Group

Corp.

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

Household

Durables

1,605,460

164,047,653

811,441,861

Norway

0.9%

Equinor

ASA

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

Oil,

Gas

&

Consumable

Fuels

2,437,824

76,652,532

South

Korea

2.6%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

3,974,204

239,472,252

Switzerland

2.0%

Roche

Holding

AG

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

Pharmaceuticals

487,437

184,588,654

United

Kingdom

13.1%

AstraZeneca

plc

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

Pharmaceuticals

1,532,357

186,224,635

BAE

Systems

plc

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

Aerospace

&

Defense

14,622,483

140,369,362

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

37,399,371

182,261,675

Burberry

Group

plc

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

Textiles,

Apparel

&

Luxury

Goods

2,298,712

59,587,932

Compass

Group

plc

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

Hotels,

Restaurants

&

Leisure

5,459,429

123,381,393

a

Farfetch

Ltd.,

A

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

Internet

&

Direct

Marketing

Retail

2,410,499

45,920,006

a,b

International

Consolidated

Airlines

Group

SA

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

Airlines

40,895,500

80,261,624

a,c

Just

Eat

Takeaway.com

NV,

144A,

Reg

S

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

Internet

&

Direct

Marketing

Retail

2,786,080

112,733,592

a

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

64,676,343

89,205,263

Unilever

plc

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

Personal

Products

3,344,817

167,787,266

1,187,732,748

Templeton

Growth

Fund,

Inc.

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

States

49.7%

AbbVie,

Inc.

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

Biotechnology

1,533,888

$

226,662,630

Albemarle

Corp.

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

Chemicals

593,847

116,328,689

American

Express

Co.

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

Consumer

Finance

935,543

182,000,535

Bank

of

America

Corp.

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

Banks

3,103,123

137,158,037

a

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

82,138

178,424,271

Comcast

Corp.,

A

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

Media

2,898,882

135,551,722

Crown

Holdings,

Inc.

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

Containers

&

Packaging

688,832

84,499,021

a

Dollar

Tree,

Inc.

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

Multiline

Retail

1,605,480

228,106,598

DuPont

de

Nemours,

Inc.

..........

Chemicals

2,419,448

187,192,692

a

DXC

Technology

Co.

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

IT

Services

5,050,169

171,857,251

Freeport-McMoRan,

Inc.

...........

Metals

&

Mining

2,109,202

99,027,034

HCA

Healthcare,

Inc.

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

Health

Care

Providers

&

Services

728,092

182,248,709

Honeywell

International,

Inc.

........

Industrial

Conglomerates

505,607

95,938,928

a

Hyatt

Hotels

Corp.,

A

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

Hotels,

Restaurants

&

Leisure

969,276

94,126,392

Johnson

&

Johnson

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

Pharmaceuticals

1,094,406

180,106,395

Lear

Corp.

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

Auto

Components

636,697

100,177,906

Marathon

Petroleum

Corp.

.........

Oil,

Gas

&

Consumable

Fuels

2,723,311

212,064,228

Medtronic

plc

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

Health

Care

Equipment

&

Supplies

1,790,229

187,956,143

Paramount

Global,

B

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

Media

3,530,713

108,075,125

Southern

Co.

(The)

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

Electric

Utilities

2,113,652

136,901,240

a

Southwest

Airlines

Co.

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

Airlines

2,581,275

113,059,845

Stanley

Black

&

Decker,

Inc.

........

Machinery

473,483

77,035,684

Starbucks

Corp.

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

Hotels,

Restaurants

&

Leisure

916,219

84,099,742

TJX

Cos.,

Inc.

(The)

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

Specialty

Retail

2,847,282

188,205,340

a

T-Mobile

US,

Inc.

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

Wireless

Telecommunication

Services

1,200,713

147,939,849

UnitedHealth

Group,

Inc.

...........

Health

Care

Providers

&

Services

313,563

149,215,225

Visa,

Inc.,

A

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

IT

Services

646,654

139,754,862

a

Walt

Disney

Co.

(The)

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

Entertainment

1,564,235

232,226,328

Westinghouse

Air

Brake

Technologies

Corp.

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

Machinery

1,890,045

175,433,977

Zimmer

Biomet

Holdings,

Inc.

.......

Health

Care

Equipment

&

Supplies

1,349,694

171,667,580

4,523,041,978

Total

Common

Stocks

(Cost

$7,090,847,870)

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

8,466,952,271

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,d

Hemisphere

Properties

India

Ltd.,

Escrow

Account

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

104,748

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$7,090,847,870)

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

8,466,952,271

Short

Term

Investments

6.3%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

6.1%

Australia

0.0%

†

National

Australia

Bank

Ltd.,

0.03%,

3/01/22

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

3,000,000

3,000,000

Canada

4.1%

National

Bank

of

Canada,

0.06%,

3/01/22

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

185,000,000

185,000,000

Templeton

Growth

Fund,

Inc.

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

Short

Term

Investments

(continued)

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

(continued)

Canada

(continued)

Royal

Bank

of

Canada,

0.06%,

3/01/22

185,500,000

$

185,500,000

370,500,000

France

2.0%

Credit

Agricole

Corporate

and

Investment

Bank

SA,

0.07%,

3/01/22

185,000,000

185,000,000

Total

Time

Deposits

(Cost

$558,500,000)

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

558,500,000

Industry

Shares

e

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.2%

Money

Market

Funds

0.2%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

18,186,104

18,186,104

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$18,186,104)

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

18,186,104

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$576,686,104

)

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

576,686,104

a

a

a

Total

Investments

(Cost

$7,667,533,974)

99.4%

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

$9,043,638,375

Other

Assets,

less

Liabilities

0.6%

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

51,618,619

Net

Assets

100.0%

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

$9,095,256,994

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

February

28,

2022.

See

Note

1(c).

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

February

28,

2022,

the

value

of

this

security

was

$112,733,592,

representing

1.2%

of

net

assets.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

e

See

Note

1(c)

regarding

securities

on

loan.

f

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statement

of

Assets

and

Liabilities

February

28,

2022

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

Templeton

Growth

Fund,

Inc.

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$7,649,347,870

Cost

-

Non-controlled

affiliates

(Note

3

f

)

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

18,186,104

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$16,477,476)

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

$9,025,452,271

Value

-

Non-controlled

affiliates

(Note

3

f

)

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

18,186,104

Cash

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

121,100

Receivables:

Investment

securities

sold

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

117,353,635

Capital

shares

sold

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

1,302,553

Dividends

and

interest

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

19,505,467

European

Union

tax

reclaims

(Note

1

d

)

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

22,921,776

Total

assets

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

9,204,842,906

Liabilities:

Payables:

Investment

securities

purchased

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

30,886,070

Capital

shares

redeemed

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

7,092,397

Management

fees

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

4,903,927

Distribution

fees

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

1,707,213

Transfer

agent

fees

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

803,139

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

1

d

)

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

44,414,838

Payable

upon

return

of

securities

loaned

(Note

1

c

)

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

18,186,104

Accrued

expenses

and

other

liabilities

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

1,592,224

Total

liabilities

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

109,585,912

Net

assets,

at

value

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

$9,095,256,994

Net

assets

consist

of:

Paid-in

capital

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

$8,339,007,299

Total

distributable

earnings

(losses)

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

756,249,695

Net

assets,

at

value

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

$9,095,256,994

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

February

28,

2022

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

Templeton

Growth

Fund,

Inc.

Class

A:

Net

assets,

at

value

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

$8,215,344,107

Shares

outstanding

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

347,606,144

Net

asset

value

per

share

a

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

$23.63

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

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

$25.01

Class

C:

Net

assets,

at

value

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

$104,994,553

Shares

outstanding

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

4,510,589

Net

asset

value

and

maximum

offering

price

per

share

a

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

$23.28

Class

R:

Net

assets,

at

value

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

$56,666,261

Shares

outstanding

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

2,422,652

Net

asset

value

and

maximum

offering

price

per

share

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

$23.39

Class

R6:

Net

assets,

at

value

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

$326,451,055

Shares

outstanding

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

13,814,509

Net

asset

value

and

maximum

offering

price

per

share

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

$23.63

Advisor

Class:

Net

assets,

at

value

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

$391,801,018

Shares

outstanding

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

16,546,231

Net

asset

value

and

maximum

offering

price

per

share

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

$23.68

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

February

28,

2022

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

Templeton

Growth

Fund,

Inc.

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$4,889,740)

Unaffiliated

issuers

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

$55,753,863

Interest:

Unaffiliated

issuers

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

145,560

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

23,709

Non-controlled

affiliates

(Note

3

f

)

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

421

Other

income

(Note

1

d

)

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

8,523,201

Less:

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

1

d

)

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

(8,589,830)

Total

investment

income

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

55,856,924

Expenses:

Management

fees

(Note

3

a

)

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

32,745,301

Distribution

fees:

(Note

3c

)

    Class

A

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

10,717,214

    Class

C

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

531,348

    Class

R

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

146,107

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

3,302,707

    Class

C

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

40,915

    Class

R

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

22,499

    Class

R6

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

43,970

    Advisor

Class

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

158,137

Custodian

fees

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

196,312

Reports

to

shareholders

fees

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

375,662

Registration

and

filing

fees

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

54,108

Professional

fees

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

13,860

Directors'

fees

and

expenses

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

335,395

Other

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

292,442

Total

expenses

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

48,975,977

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(2,142)

Net

expenses

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

48,973,835

Net

investment

income

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

6,883,089

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

384,523,566

Foreign

currency

transactions

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

(562,786)

Net

realized

gain

(loss)

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

383,960,780

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(890,404,326)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(806,014)

Net

change

in

unrealized

appreciation

(depreciation)

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

(891,210,340)

Net

realized

and

unrealized

gain

(loss)

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

(507,249,560)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(500,366,471)

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

Templeton

Growth

Fund,

Inc.

Six

Months

Ended

February

28,

2022

(unaudited)

Year

Ended

August

31,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$6,883,089

$164,207,560

Net

realized

gain

(loss)

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

383,960,780

733,542,446

Net

change

in

unrealized

appreciation

(depreciation)

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

(891,210,340)

1,028,319,736

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(500,366,471)

1,926,069,742

Distributions

to

shareholders:

Class

A

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

(144,707,193)

(86,973,881)

Class

C

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

(780,823)

(190,023)

Class

R

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

(835,559)

(450,648)

Class

R6

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

(6,642,236)

(18,346,054)

Advisor

Class

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

(7,975,892)

(4,890,382)

Total

distributions

to

shareholders

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

(160,941,703)

(110,850,988)

Capital

share

transactions:

(Note

2

)

Class

A

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

(198,412,194)

(745,855,966)

Class

C

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

838

(36,651,009)

Class

R

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

(216,384)

(6,773,560)

Class

R6

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

1,379,115

(1,137,838,574)

Advisor

Class

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

(8,361,709)

(19,636,940)

Total

capital

share

transactions

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

(205,610,334)

(1,946,756,049)

Net

increase

(decrease)

in

net

assets

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

(866,918,508)

(131,537,295)

Net

assets:

Beginning

of

period

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

9,962,175,502

10,093,712,797

End

of

period

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

$9,095,256,994

$9,962,175,502

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

22

franklintempleton.com

Semiannual

Report

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

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

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 Fund's

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV. Investments

in

time

deposits

are

valued

at

cost,

which

approximates

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

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

28,

2022,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

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

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

23

franklintempleton.com

Semiannual

Report

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.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Fund.

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.

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 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.

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

24

franklintempleton.com

Semiannual

Report

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

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

28,

2022,

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)

25

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

February

28,

2022,

there

were

2.7

billion

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

directors

of

the

Fund

are

also

officers

and/or

directors

of

the

following

subsidiaries:

Six

Months

Ended

February

28,

2022

Year

Ended

August

31,

2021

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

6,065,903

$148,737,053

14,148,810

$337,806,959

Shares

issued

in

reinvestment

of

distributions

..........

4,879,813

117,701,098

3,072,895

71,076,068

Shares

redeemed

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

(18,955,308)

(464,850,345)

(48,521,454)

(1,154,738,993)

Net

increase

(decrease)

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

(8,009,592)

$(198,412,194)

(31,299,749)

$(745,855,966)

Class

C

Shares:

Shares

sold

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

728,540

$17,551,092

1,066,971

$24,864,528

Shares

issued

in

reinvestment

of

distributions

..........

32,713

778,573

8,315

189,337

Shares

redeemed

a

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

(758,781)

(18,328,827)

(2,626,529)

(61,704,874)

Net

increase

(decrease)

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

2,472

$838

(1,551,243)

$(36,651,009)

Class

R

Shares:

Shares

sold

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

124,599

$3,001,193

223,204

$5,233,169

Shares

issued

in

reinvestment

of

distributions

..........

34,975

835,559

19,663

450,486

Shares

redeemed

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

(167,077)

(4,053,136)

(532,136)

(12,457,215)

Net

increase

(decrease)

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

(7,503)

$(216,384)

(289,269)

$(6,773,560)

Class

R6

Shares:

Shares

sold

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

320,208

$7,857,411

666,247

$15,737,628

Shares

issued

in

reinvestment

of

distributions

..........

240,095

5,786,278

769,785

17,789,730

Shares

redeemed

in-kind

(Note

3h)

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

—

—

(46,036,025)

(1,058,754,908)

Shares

redeemed

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

(501,209)

(12,264,574)

(4,995,981)

(112,611,024)

Net

increase

(decrease)

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

59,094

$1,379,115

(49,595,974)

$(1,137,838,574)

Advisor

Class

Shares:

Shares

sold

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

591,372

$14,602,245

1,761,161

$42,203,228

Shares

issued

in

reinvestment

of

distributions

..........

316,125

7,637,562

199,649

4,625,861

Shares

redeemed

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

(1,247,586)

(30,601,516)

(2,829,121)

(66,466,029)

Net

increase

(decrease)

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

(340,089)

$(8,361,709)

(868,311)

$(19,636,940)

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

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)

26

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

28,

2022,

the

annualized

gross

effective

investment

management

fee

rate

was

0.691%

of

the

Fund’s

average

daily

net

assets. 

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

Class

A

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

0.25%

Class

C

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

1.00%

Class

R

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

0.50%

3.

Transactions

with

Affiliates

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

27

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

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

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

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

February

28,

2022,

the

Fund

paid

transfer

agent

fees

of

$3,568,228,

of

which $2,189,571

was

retained

by

Investor

Services.

f.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

February

28,

2022,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

g.

Waiver

and

Expense

Reimbursements

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

December

31,

2022.

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$101,223

CDSC

retained

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

$3,271

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

Growth

Fund,

Inc.

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$—

$126,996,651

$(108,810,547)

$—

$—

$18,186,104

18,186,104

$421

Total

Affiliated

Securities

...

$—

$126,996,651

$(108,810,547)

$—

$—

$18,186,104

$421

3.

Transactions

with

Affiliates

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

28

franklintempleton.com

Semiannual

Report

h.

Other

Affiliated

Transactions

During

the

year

ended

August

31,

2021,

the

Franklin

Global

Allocation

Fund

(formerly

Franklin

Founding

Funds

Allocation

Fund)

(Allocation

Fund),

a

series

of

the

Franklin

Fund

Allocator

Series,

repositioned

to

a

direct

investment

fund

and

subsequently

fully

redeemed

out

of

the

Fund.

As

a

result,

on

January

29,

2021,

the

Fund

delivered

portfolio

securities

and

cash

that

were

transferred

in-kind

to

the

Allocation

Fund,

which

included

$161,407,329

of

net

realized

gains.

As

such

gains

are

not

taxable

to

the

Fund

and

are

not

distributed

to

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gains

to

paid-in

capital.

4.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

August

31,

2021,

the

capital

loss

carryforwards

were

as

follows:

At

February

28,

2022,

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

foreign

currency

transactions,

EU

reclaims,

corporate

actions

and

gains

realized

on

in-kind

shareholder

redemptions.

5.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

February

28,

2022,

aggregated

$1,947,753,390

and

$2,446,185,390

respectively.

At

February

28,

2022,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received

$18,186,104

of

cash

collateral.

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statement

of

Assets

and

Liabilities.

The

agreements

can

be

terminated

at

any

time.

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.

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

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

$1,032,619,499

Cost

of

investments

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

$7,674,549,616

Unrealized

appreciation

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

$1,717,981,044

Unrealized

depreciation

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

(348,892,285)

Net

unrealized

appreciation

(depreciation)

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

$1,369,088,759

3.

Transactions

with

Affiliates

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

29

franklintempleton.com

Semiannual

Report

7.

Geopolitical

Risk

On

February

24,

2022,

Russia

engaged

in

military

actions

in

the

sovereign

territory

of

Ukraine.

The

current

political

and

financial

uncertainty

surrounding

Russia

and

Ukraine

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

these

countries

and

may

also

cause

uncertainty

for

the

global

economy

and

broader

financial

markets.

The

ultimate

fallout

and

long-term

impact

from

these

events

are

not

known.

The

Fund

will

continue

to

assess

the

impact

on

valuations

and

liquidity

and

will

take

any

potential

actions

needed

in

accordance

with

procedures

approved

by

the

Board.

8.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

9.

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

February

3,

2023.

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

28,

2022,

the Fund

did

not

use

the

Global

Credit

Facility.

10.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

30

franklintempleton.com

Semiannual

Report

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

28,

2022,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

11.

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.

Level

1

Level

2

Level

3

Total

Templeton

Growth

Fund,

Inc.

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

$

—

$

215,910,554

$

—

$

215,910,554

Brazil

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

90,985,399

—

—

90,985,399

China

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

109,945,255

—

—

109,945,255

France

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

—

243,765,846

—

243,765,846

Germany

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

—

625,394,586

—

625,394,586

Hong

Kong

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

—

158,020,606

—

158,020,606

Japan

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

—

811,441,861

—

811,441,861

Norway

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

—

76,652,532

—

76,652,532

South

Korea

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

—

239,472,252

—

239,472,252

Switzerland

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

—

184,588,654

—

184,588,654

United

Kingdom

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

45,920,006

1,141,812,742

—

1,187,732,748

United

States

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

4,523,041,978

—

—

4,523,041,978

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

18,186,104

558,500,000

—

576,686,104

Total

Investments

in

Securities

...........

$4,788,078,742

$4,255,559,633

b

$—

$9,043,638,375

a

Includes

securities

determined

to

have

no

value

at

February

28,

2022.

b

Includes

foreign

securities

valued

at

$3,697,059,633,

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.

10.

Fair

Value

Measurements

(continued)

Templeton

Growth

Fund,

Inc.

Shareholder

Information

31

franklintempleton.com

Semiannual

Report

BOARD

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENTS

TEMPLETON

GROWTH

FUND,

INC.

(Fund)

At

an

in-person

meeting

held

on

February

28,

2022

(Meeting),

the

Board

of

Directors

(Board)

of

the

Fund,

including

a

majority

of

the

directors

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Directors),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Templeton

Global

Advisors

Limited

(Manager)

and

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Directors

received

advice

from

and

met

separately

with

Independent

Director

counsel

in

considering

whether

to

approve

the

continuation

of

the

Management

Agreement.

In

considering

the

continuation

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Director

counsel

on

behalf

of

the

Independent

Directors

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Directors

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Directors

first

conferred

amongst

themselves

and

Independent

Director

counsel

about

contract

renewal

matters;

then

met

with

senior

leadership

regarding

the

performance

of

the

global

equity

funds,

as

well

as

expected

enhancements

to

the

Templeton

Global

Equity

Group

leadership;

and

last

met

with

management

to

request

additional

information

that

the

Independent

Directors

reviewed

and

considered

at

the

Meeting.

The

Board

later

had

an

opportunity

for

an

expanded

discussion

with

the

leadership

of

the

Templeton

Global

Equity

Group

to

hear

about

strategies

to

deliver

improved

investment

returns

to

shareholders.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii)

the

investment

performance

of

the

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Directors,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

such

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

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

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Fund

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements,

which

included

discussion

of

the

changing

distribution

landscape

for

the

Fund.

The

Board

noted

management’s

continued

focus

on

enhancing

the

leadership

of

the

Templeton

Global

Equity

Group

and

commitment

to

providing

the

resources

important

to

delivering

sustainable

returns.

The

Board

also

acknowledged

the

ongoing

integration

of

the

Legg

Mason

family

of

funds

into

the

FT

family

of

funds

and

developing

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

recent

geopolitical

concerns.

Templeton

Growth

Fund,

Inc.

Shareholder

Information

32

franklintempleton.com

Semiannual

Report

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

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

reassessment

of

the

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

being

a

global

leader

in

stewardship

and

sustainability

and

the

recent

addition

of

a

senior

executive

focused

on

environmental,

social

and

governance

and

climate

control

initiatives.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

November

30,

2021.

The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund’s

performance

results

is

below.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

global

multi-cap

value

funds.

The

Board

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

this

performance

with

management

and

management

explained

that,

even

though

the

Fund’s

peer

group

is

comprised

of

multi-cap

value

funds,

some

funds

within

the

Performance

Universe

are

more

skewed

toward

the

growth

style,

which

negatively

impacted

the

Fund’s

relative

returns

during

periods

of

outperformance

of

growth

investing

strategies

over

value

investing

strategies.

Management

further

explained

that

the

Fund

had

underweight

positions

to

domestic

securities

and

the

information

technology

sector

during

the

one-,

three-

and

five-year

periods

compared

to

its

peer

group,

which

detracted

from

the

Fund’s

relative

performance.

Management

then

discussed

with

the

Board

the

actions

that

are

being

taken

in

an

effort

to

improve

the

performance

of

the

Fund

and

the

global

equity

funds

as

a

whole.

Management

specifically

highlighted

the

strategic

initiatives

being

undertaken

in

the

Templeton

Global

Equity

Group,

including

enhancements

to

the

leadership

of

the

group

and

the

commitment

of

additional

resources

important

to

delivering

sustainable

returns.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management’s

efforts

continue

to

be

closely

monitored.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

the

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

the

Fund

and

for

each

other

fund

in

the

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund,

four

other

global

multi-cap

value

funds,

six

global

multi-cap

core

funds,

and

two

global

multi-cap

growth

funds.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

approximately

one

basis

point

above

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

actual

total

expense

ratio

for

the

Fund

was

below

the

median

and

in

the

first

quintile

of

its

Expense

Group.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Templeton

Growth

Fund,

Inc.

Shareholder

Information

33

franklintempleton.com

Semiannual

Report

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2021,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund’s

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund’s

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management’s

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager

but,

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund’s

shareholders

by

reducing

the

Fund’s

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager’s

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

the

Fund’s

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

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

continuation

of

the

Management

Agreement

for

an

additional

one-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

Statement

of

Investments

The

Fund

files

a

complete

statement

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.

Templeton

Growth

Fund,

Inc.

Shareholder

Information

34

franklintempleton.com

Semiannual

Report

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

04/22

©

2022

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

and

Shareholder

Letter

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. Exhibits.

(a)(1)

Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of

Matthew T. Hinkle

, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of

Matthew T. Hinkle

, Chief Executive Officer - Finance and Administration, and Christopher Kings, 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\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date  April 26, 2022

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\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle

      Chief Executive Officer - Finance and Administration

Date  April 26, 2022

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  April 26, 2022