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)

Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: 954 527-7500

Date of fiscal year end: 8/31

Date of reporting period: 2/28/23

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

SEMIANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Templeton

Growth

Fund,

Inc.

February

28,

2023

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,

2023,

global

equities

rose

despite

continued

challenges

resulting

from

elevated

inflation

and

higher

interest

rates.

The

price

of

oil

fell,

and

several

other

commodities

that

were

disrupted

by

Russia’s

invasion

of

Ukraine

stabilized

at

or

near

their

pre-war

prices,

easing

inflationary

pressure.

China

ended

its

restrictive

zero-COVID

policy,

prompting

investor

optimism

that

a

return

to

normal

conditions

would

benefit

global

growth.

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

+3.32%

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’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,

2023,

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

Schedule

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,

2023.

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

+12.03%

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

+3.32%

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

+3.32%

total

return

for

the

six

months

ended

February

28,

2023.

1

Despite

continued

challenges

from

elevated

inflation

and

higher

interest

rates,

stocks

gained

amid

signs

of

resilience

in

the

global

economy.

The

price

of

oil

fell,

and

several

other

commodities

that

were

disrupted

by

Russia’s

invasion

of

Ukraine

stabilized

at

or

near

their

pre-war

prices,

easing

inflationary

pressure.

China

ended

its

restrictive

zero-COVID

policy,

prompting

investor

optimism

that

a

return

to

normal

conditions

would

benefit

global

growth.

In

the

U.S.,

gross

domestic

product

growth

resumed

in

the

second

half

of

2022,

rebounding

from

contractions

in

the

first

two

quarters

of

the

year.

Increasing

consumer

and

government

spending,

rising

inventories

and

strong

nonresidential

fixed

investment

boosted

economic

growth.

Meanwhile,

inflation,

which

remained

heightened

relative

to

recent

decades,

showed

signs

of

easing.

The

annual

inflation

rate,

as

measured

by

the

consumer

price

index,

declined

each

month

from

September

2022

through

January

2023.

In

an

effort

to

control

inflation,

the

U.S.

Federal

Reserve

(Fed)

raised

the

federal

funds

target

rate

four

times

during

the

period

to

end

at

a

range

of

4.50%–4.75%.

The

Fed

slowed

the

pace

of

its

interest

rate

increases

from

75

basis

points

(bps)

at

its

September

and

November

2022

meetings

to

50

bps

in

December

and

25

bps

in

February

2023.

At

its

February

meeting,

the

Fed

noted

that

although

inflation

has

eased

somewhat,

it

remained

elevated,

and

job

growth

was

robust

while

the

unemployment

rate

continued

to

be

low.

Furthermore,

the

Fed

maintained

its

policy

of

reducing

its

accumulated

bond

holdings

and

decreasing

the

size

of

its

balance

sheet.

Economies

in

the

eurozone

maintained

a

slow

growth

rate

in

2022’s

third

and

fourth

quarters.

The

European

Central

Bank

continued

to

raise

interest

rates

during

the

six-month

period,

opting

to

increase

its

benchmark

rate

at

each

of

its

four

meetings

to

fight

growing

inflation.

While

the

ongoing

war

in

Ukraine

and

subsequent

sanctions

against

Russia

disrupted

the

supply

of

natural

gas

to

Europe,

alternate

supplies

Geographic

Composition

2/28/23

%

of

Total

Net

Assets

North

America

49.1%

Europe

31.3%

Asia

14.5%

Short-Term

Investments

&

Other

Net

Assets

5.1%

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

15

.

Templeton

Growth

Fund,

Inc.

4

franklintempleton.com

Semiannual

Report

and

reduced

industrial

consumption

helped

maintain

gas

inventories

at

historically

high

levels.

In

this

environment,

European

developed

market

equities,

as

measured

by

the

MSCI

Europe

Index-NR,

posted

a

+17.69%

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

-0.05%

total

return

for

the

six-month

period.

1

China’s

economy

grew

on

an

annual

basis

in

the

third

and

fourth

quarters

of

2022.

In

December

2022,

China

loosened

its

strict

zero-COVID

policy,

lifting

a

potential

barrier

to

continued

growth

and

driving

gains

in

China’s

equity

market.

Japan’s

economy

weakened

in

2022’s

third

quarter

before

returning

to

modest

growth

in

the

fourth

quarter,

driven

by

rising

private

consumption

amid

loosened

border

controls.

Global

emerging

market

stocks,

as

measured

by

the

MSCI

Emerging

Markets

Index-NR,

posted

a

-2.29%

total

return

for

the

six

months

under

review.

1

Concerns

that

continued

strength

in

the

U.S.

economy

could

keep

Fed

monetary

policy

tight

negatively

impacted

stocks

in

developing

nations.

Stocks

in

these

countries

are

negatively

impacted

by

high

interest

rates

in

the

U.S.,

which

increase

the

yield

of

some

U.S.-based

assets,

making

them

relatively

more

attractive

to

investors.

Investment

Strategy

When

choosing

equity

investments

for

the

Fund,

we

apply

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.

We

also

consider

the

company’s

price/earnings

ratio,

price/cash

flow

ratio,

profit

margins

and

liquidation

value.

The

Fund

may

also

use

a

variety

of

equity-related

derivatives,

which

may

include

equity

futures

and

equity

index

futures,

for

various

purposes

including

enhancing

Fund

returns,

increasing

liquidity

and

gaining

exposure

to

particular

markets

in

more

efficient

or

less

expensive

ways.

Top

10

Industries

2/28/23

%

of

Total

Net

Assets

a

Aerospace

&

Defense

5.8%

Oil,

Gas

&

Consumable

Fuels

5.7%

Semiconductors

&

Semiconductor

Equipment

5.6%

Hotels,

Restaurants

&

Leisure

5.2%

Health

Care

Providers

&

Services

4.8%

Health

Care

Equipment

&

Supplies

4.4%

Specialty

Retail

4.2%

Beverages

3.8%

Pharmaceuticals

3.3%

Media

3.2%

Top

10

Holdings

2/28/23

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

BP

plc

3.0%

Oil,

Gas

&

Consumable

Fuels,

United

Kingdom

AbbVie,

Inc.

2.7%

Biotechnology,

United

States

TJX

Cos.,

Inc.

(The)

2.6%

Specialty

Retail,

United

States

Anheuser-Busch

InBev

SA/NV

2.6%

Beverages,

Belgium

Samsung

Electronics

Co.

Ltd.

2.4%

Technology

Hardware,

Storage

&

Peripherals,

South

Korea

Unilever

plc

2.4%

Personal

Products,

United

Kingdom

Medtronic

plc

2.4%

Health

Care

Equipment

&

Supplies,

United

States

Rolls-Royce

Holdings

plc

2.3%

Aerospace

&

Defense,

United

Kingdom

UnitedHealth

Group,

Inc.

2.3%

Health

Care

Providers

&

Services,

United

States

Comcast

Corp.

2.1%

Media,

United

States

Templeton

Growth

Fund,

Inc.

5

franklintempleton.com

Semiannual

Report

Manager’s

Discussion

In

a

six-month

period

characterized

by

elevated

uncertainty

and

shifting

market

trends,

Templeton

Growth

Fund,

Inc.

delivered

double-digit

absolute

gains

and

outperformed

its

benchmark,

the

MSCI

ACWI-NR,

by

the

largest

margin

in

more

than

20

years.

Outperformance

during

the

period

was

primarily

attributable

to

stock

selection,

which

was

encouraging

given

the

volatility

in

factor

trends

during

the

period.

In

our

view,

outperformance

absent

a

strong

style

regime

is

a

good

sign,

as

it

highlights

the

portfolio’s

idiosyncratic

return

potential

and

the

positive

impact

of

stock

selection.

That

said,

we

have

repositioned

the

portfolio’s

risk

profile

on

the

margins

to

take

advantage

of

what

we

believed

were

evolving

opportunities.

Specifically,

we

had

increased

cyclical

exposures

prior

to

the

period

as

a

darkening

macroeconomic

outlook

created

opportunities

among

economically-sensitive

stocks.

We

trimmed

some

of

our

cyclical

exposures

during

the

review

period

as

optimism

returned

and

cyclical

stocks

were

re-rated.

Tactically,

that

was

the

correct

move,

in

our

assessment,

as

evidenced

by

strong

recent

performance

results.

Market

leadership

during

the

period

was

initially

dominated

by

large-capitalization

defensive

U.S.

value

stocks

at

a

time

when

policy

tightening,

U.S.

dollar

strength

and

slowing

economic

indicators

raised

expectations

of

a

global

recession.

As

the

period

progressed,

investors

began

to

focus

on

early

signs

that

inflation

could

be

peaking.

Consequently,

entering

2023,

rising

expectations

of

a

dovish

policy

pivot

from

the

Fed

led

to

a

revival

in

risk

appetite,

a

pull-back

in

the

U.S.

dollar,

and

a

resurgence

in

international

cyclical

growth

stocks.

However,

renewed

signs

of

more

persistent

inflation

late

in

the

period

led

to

increased

hawkishness

from

central

bankers,

causing

a

rotation

out

of

rate-sensitive

emerging

market

stocks

and

back

into

developed

market

equities,

particularly

in

Europe.

European

outperformance

was

the

most

consistent

market

trend

during

a

period

otherwise

characterized

by

ongoing

leadership

rotations.

In

fact,

it

was

the

best

six-month

period

for

European

equities

(relative

to

the

rest

of

the

world)

in

at

least

two

decades

as

mild

winter

weather

quelled

fears

of

an

energy

crisis

on

the

continent

and

investors

gravitated

to

the

region’s

relatively

inexpensive

valuations.

The

Fund’s

European

holdings

were

the

primary

regional

contributors,

led

by

a

favorable

overweighted

allocation

and

stock

selection

in

the

U.K.

Our

European

overweight

also

had

a

meaningfully

positive

currency

impact

during

the

period

given

the

strength

of

both

the

British

pound

and

the

euro

versus

the

U.S.

dollar.

The

Fund’s

other

major

regional

allocations

also

outperformed,

with

North

American

holdings

benefiting

from

stock

selection

in

the

U.S.

and

Asian

holdings

benefiting

from

stock

selection

in

Japan.

From

a

sector

standpoint,

stock

selection

in

consumer

discretionary

and

industrials

represented

the

primary

contributors.

U.S.

home

goods

retailer

TJX

was

the

top

consumer

discretionary

firm,

benefiting

from

solid

earnings

characterized

by

good

cost

and

inventory

controls

and

positive

revenue

guidance.

In

our

view,

TJX’s

size

and

quality

advantages

have

allowed

it

to

navigate

the

volatile

supply-chain

and

demand

environment

better

than

competitors,

and

the

firm

looks

well

positioned

to

maintain

positive

growth

in

an

uncertain

macroeconomic

environment.

U.K.

aerospace

and

defense

firm

Rolls-Royce

Holdings—

an

industrials

sector

constituent—was

the

top

single

stock

contributor,

also

rallying

on

strong

results.

The

company

is

in

the

midst

of

a

strategic

review,

with

new

medium-term

financial

targets

expected

to

be

released

in

the

latter

half

of

the

year.

Overall,

the

firm’s

balance

sheet

is

improving,

with

positive

cash

flow

dynamics

and

a

healthy

industry

demand

profile.

Furthermore,

the

ongoing

recovery

in

international

long-haul

travel

significantly

benefits

Rolls-Royce

given

its

long-term

service

contracts,

which

tie

revenues

to

engine

flight

hours.

Other

notable

sector

outperformers

included

information

technology,

consumer

staples,

health

care

and

energy,

all

due

primarily

to

stock

selection.

Energy

delivered

one

of

the

Fund’s

biggest

individual

contributors:

U.K.

integrated

oil

major

BP.

Shares

rallied

after

the

firm

reported

strong

results,

with

a

larger-than-expected

share

buyback

and

10%

dividend

increase.

We

were

encouraged

to

see

BP

increase

long-term

profit

and

production

guidance,

especially

given

analyst

concerns

about

declining

volumes.

Overall,

we

are

confident

in

management’s

ability

to

strategically

allocate

Top

10

Countries

2/28/23

a

%

of

Total

Net

Assets

a

a

United

States

49.0%

United

Kingdom

13.6%

Germany

6.8%

Japan

6.8%

France

6.0%

Belgium

2.6%

South

Korea

2.4%

Hong

Kong

1.8%

Netherlands

1.4%

India

1.3%

Templeton

Growth

Fund,

Inc.

6

franklintempleton.com

Semiannual

Report

BP’s

prodigious

cash

flows

to

balance

shareholder

returns,

production

growth

and

capital

efficiency.

With

cash

flow

yields

in

the

high

teens

at

current

oil

prices,

we

continue

to

believe

BP

is

undervalued,

and

it

represents

a

core

holding

in

the

portfolio.

Financials

and

communication

services

were

the

only

relative

detractors

during

the

review

period.

Our

financials

holdings

delivered

double-digit

absolute

gains

and

there

were

no

sector

stocks

among

the

Fund’s

biggest

individual

detractors;

however,

an

unfavorable

underweighted

allocation

to

the

strong

sector

negatively

impacted

relative

performance.

Our

exposures

in

the

financials

sector

remain

highly

selective.

We

have

avoided

banks

in

what

we

view

as

low-returning,

over-regulated

markets

with

elevated

credit

risk.

Our

sole

bank

holding

during

the

period

was

U.K.

lender

Lloyds

Banking

Group,

which

exemplifies

our

preferred

investment

profile

in

the

sector:

what

we

believe

to

be

a

best-in-class

bank

in

an

attractive

market

with

shareholder-

friendly

management

and

earnings

sensitivity

as

interest

rates

rise.

We

also

have

modest

exposure

to

what

we

view

as

high-quality

consumer

finance

through

American

Express

and

structural

growth

opportunities

in

insurance

through

Hong

Kong-based

insurer

AIA

Group.

Communication

services

delivered

the

Fund’s

biggest

single-stock

detractor

during

the

review

period:

U.S.-based

media

conglomerate

and

theme

park

operator

Walt

Disney.

The

stock

was

volatile

during

the

period

given

well-known

industry

and

company

challenges,

including

a

leadership

rotation

that

saw

the

replacement

of

the

firm’s

beleaguered

CEO,

Bob

Chapek,

with

former

long-time

Disney

boss

Bob

Iger.

We

have

been

encouraged

by

Iger’s

early

efforts

to

communicate

a

strategy

that

transitions

Disney

out

of

its

expensive

pursuit

of

streaming

market

share

and

towards

a

path

of

greater

efficiency.

Near-term

pressures

aside,

we

believe

the

changes

underway

at

Disney

have

the

potential

to

significantly

unlock

additional

value

for

shareholders.

Management

plans

to

significantly

cut

costs

and

reinstate

the

company’s

dividend

by

the

end

of

the

year.

Furthermore,

an

activist

investor

remains

involved

and

is

likely

to

keep

pressure

on

management

to

execute

a

strategy

that

we

largely

support.

At

current

valuations,

the

stock

remains

a

core

portfolio

holding.

At

Templeton,

we

think

creatively

about

the

many

ways

that

value

gets

created

over

time.

The

result

is

a

process

that

combines

analytical

rigor

with

a

dynamic

approach

to

value

that

covers

a

range

of

different

investment

profiles.

One

of

the

objectives

underpinning

our

use

of

the

full

spectrum

of

value

is

the

independence

it

creates

from

the

large

momentum

shifts

that

so

often

buffet

markets.

We

seek

to

build

portfolios

that

we

believe

will

not

be

whipsawed

by

the

whims

of

the

equity

market

as

investors

rotate

between

narratives.

If

we

can

successfully

manage

the

volatility

associated

with

these

swings,

we

can

then

focus

on

pursuing

alpha

over

time

through

stock

picking—that

is,

through

the

evaluation

of

long-term

business

fundamentals

and

buying

shares

at

a

discount

to

their

intrinsic

worth.

Templeton

Growth

Fund,

Inc.

is

full

of

idiosyncratic

return

and

risk

characteristics,

which

we

believe

have

the

potential

to

support

performance

over

time,

particularly

if

the

market

continues

to

move

away

from

macroeconomic

themes

and

towards

a

more

discriminate

assessment

of

bottom-up

value.

Thank

you

for

your

continued

participation

in

Templeton

Growth

Fund,

Inc.

We

look

forward

to

serving

your

future

investment

needs.

Peter

M.

Moeschter,

CFA

Lead

Portfolio

Manager

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,

2023,

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,

2023

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

2/28/23

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A

:

5.50%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

6-Month

+12.03%

+5.88%

1-Year

-2.95%

-8.30%

5-Year

+2.29%

-0.68%

10-Year

+50.44%

+3.58%

Advisor

6-Month

+12.13%

+12.13%

1-Year

-2.74%

-2.74%

5-Year

+3.57%

+0.70%

10-Year

+54.28%

+4.43%

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

specific

regions,

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.

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.

The

total

annual

operating

expenses

are

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(9/1/22–2/28/23)

Share

Class

Net

Investment

Income

A

$0.1942

C

$0.1428

R

$0.1774

R6

$0.2152

Advisor

$0.2116

Total

Annual

Operating

Expenses

5

Share

Class

A

1.05%

Advisor

0.79%

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

9/1/22

Ending

Account

Value

2/28/23

Expenses

Paid

During

Period

9/1/22–2/28/23

1,2

Ending

Account

Value

2/28/23

Expenses

Paid

During

Period

9/1/22–2/28/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,120.30

$5.49

$1,019.62

$5.23

1.04%

C

$1,000

$1,115.90

$9.41

$1,015.90

$8.97

1.79%

R

$1,000

$1,118.40

$6.80

$1,018.38

$6.48

1.29%

R6

$1,000

$1,121.70

$3.86

$1,021.15

$3.68

0.73%

Advisor

$1,000

$1,121.30

$4.18

$1,020.86

$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,

2023

(unaudited)

Year

Ended

August

31,

2022

2021

2020

2019

2018

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$20.47

$25.34

$21.17

$20.96

$27.08

$26.26

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.04

0.14

0.37

c

0.27

0.51

0.47

Net

realized

and

unrealized

gains

(losses)

2.41

(4.59)

4.03

1.16

(3.96)

0.84

Total

from

investment

operations

........

2.45

(4.45)

4.40

1.43

(3.45)

1.31

Less

distributions

from:

Net

investment

income

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

(0.19)

(0.42)

(0.23)

(0.47)

(0.45)

(0.49)

Net

realized

gains

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

—

—

—

(0.75)

(2.22)

—

Total

distributions

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

(0.19)

(0.42)

(0.23)

(1.22)

(2.67)

(0.49)

Net

asset

value,

end

of

period

..........

$22.73

$20.47

$25.34

$21.17

$20.96

$27.08

Total

return

d

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

12.03%

(17.76)%

20.80%

6.53%

(13.02)%

4.99%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.05%

1.05%

1.04%

1.06%

1.06%

1.03%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.04%

1.05%

f

1.04%

f

1.06%

f

1.06%

f

1.03%

f

Net

investment

income

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

0.42%

0.61%

1.53%

c

1.29%

2.20%

1.75%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$7,489,224

$6,913,896

$9,010,906

$8,191,333

$8,604,624

$10,711,345

Portfolio

turnover

rate

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

16.30%

42.82%

44.14%

g

52.90%

25.30%

28.77%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.42%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

2021

2020

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$20.09

$24.82

$20.71

$20.56

$26.31

$25.52

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.03)

(0.03)

0.19

c

0.11

0.25

0.26

Net

realized

and

unrealized

gains

(losses)

2.35

(4.52)

3.95

1.12

(3.78)

0.81

Total

from

investment

operations

........

2.32

(4.55)

4.14

1.23

(3.53)

1.07

Less

distributions

from:

Net

investment

income

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

(0.14)

(0.18)

(0.03)

(0.33)

—

(0.28)

Net

realized

gains

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

—

—

—

(0.75)

(2.22)

—

Total

distributions

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

(0.14)

(0.18)

(0.03)

(1.08)

(2.22)

(0.28)

Net

asset

value,

end

of

period

..........

$22.27

$20.09

$24.82

$20.71

$20.56

$26.31

Total

return

d

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

11.59%

(18.38)%

19.93%

5.70%

(13.68)%

4.20%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.80%

1.80%

1.79%

1.82%

1.81%

1.78%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.79%

1.80%

f

1.79%

f

1.82%

f

1.81%

f

1.78%

f

Net

investment

income

(loss)

..........

(0.33)%

(0.13)%

0.80%

c

0.54%

1.45%

1.00%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$91,734

$84,172

$111,870

$125,500

$152,392

$554,889

Portfolio

turnover

rate

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

16.30%

42.82%

44.14%

g

52.90%

25.30%

28.77%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

(0.31)%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

2021

2020

2019

2018

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$20.24

$25.05

$20.93

$20.75

$26.81

$26.00

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.02

0.08

0.30

c

0.21

0.44

0.40

Net

realized

and

unrealized

gains

(losses)

2.37

(4.54)

3.99

1.14

(3.91)

0.83

Total

from

investment

operations

........

2.39

(4.46)

4.29

1.35

(3.47)

1.23

Less

distributions

from:

Net

investment

income

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

(0.18)

(0.35)

(0.17)

(0.42)

(0.37)

(0.42)

Net

realized

gains

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

—

—

—

(0.75)

(2.22)

—

Total

distributions

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

(0.18)

(0.35)

(0.17)

(1.17)

(2.59)

(0.42)

Net

asset

value,

end

of

period

..........

$22.45

$20.24

$25.05

$20.93

$20.75

$26.81

Total

return

d

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

11.84%

(17.95)%

20.49%

6.24%

(13.21)%

4.73%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

1.30%

1.30%

1.29%

1.31%

1.31%

1.28%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.29%

1.30%

f

1.29%

f

1.31%

f

1.31%

f

1.28%

f

Net

investment

income

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

0.18%

0.36%

1.29%

c

1.04%

1.95%

1.50%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$48,693

$45,502

$60,867

$56,912

$62,515

$88,560

Portfolio

turnover

rate

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

16.30%

42.82%

44.14%

g

52.90%

25.30%

28.77%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.18%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

2021

2020

2019

2018

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$20.50

$25.39

$21.20

$20.97

$27.10

$26.29

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.08

0.21

0.59

c

0.34

0.59

0.56

Net

realized

and

unrealized

gains

(losses)

2.41

(4.61)

3.90

1.16

(3.97)

0.83

Total

from

investment

operations

........

2.49

(4.40)

4.49

1.50

(3.38)

1.39

Less

distributions

from:

Net

investment

income

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

(0.22)

(0.49)

(0.30)

(0.52)

(0.53)

(0.58)

Net

realized

gains

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

—

—

—

(0.75)

(2.22)

—

Total

distributions

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

(0.22)

(0.49)

(0.30)

(1.27)

(2.75)

(0.58)

Net

asset

value,

end

of

period

..........

$22.77

$20.50

$25.39

$21.20

$20.97

$27.10

Total

return

d

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

12.17%

(17.50)%

21.15%

6.87%

(12.73)%

5.33%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.74%

0.75%

0.74%

0.74%

0.73%

0.70%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.73%

0.75%

f

0.74%

f

0.74%

f

0.73%

f

0.70%

f

Net

investment

income

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

0.74%

0.92%

2.56%

c

1.63%

2.53%

2.08%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$286,256

$277,985

$349,281

$1,342,940

$1,504,941

$1,791,152

Portfolio

turnover

rate

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

16.30%

42.82%

44.14%

g

52.90%

25.30%

28.77%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.45%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

Six

Months

Ended

February

28,

2023

(unaudited)

Year

Ended

August

31,

2022

2021

2020

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$20.54

$25.42

$21.24

$21.01

$27.15

$26.33

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.07

0.20

0.42

c

0.32

0.57

0.54

Net

realized

and

unrealized

gains

(losses)

2.41

(4.60)

4.05

1.17

(3.98)

0.83

Total

from

investment

operations

........

2.48

(4.40)

4.47

1.49

(3.41)

1.37

Less

distributions

from:

Net

investment

income

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

(0.21)

(0.48)

(0.29)

(0.51)

(0.51)

(0.55)

Net

realized

gains

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

—

—

—

(0.75)

(2.22)

—

Total

distributions

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

(0.21)

(0.48)

(0.29)

(1.26)

(2.73)

(0.55)

Net

asset

value,

end

of

period

..........

$22.81

$20.54

$25.42

$21.24

$21.01

$27.15

Total

return

d

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

12.13%

(17.53)%

21.06%

6.79%

(12.79)%

5.24%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.80%

0.79%

0.80%

0.81%

0.81%

0.78%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.79%

0.79%

f

0.80%

f

0.81%

f

0.81%

f

0.78%

f

Net

investment

income

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

0.68%

0.85%

1.76%

c

1.54%

2.45%

2.00%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$163,790

$159,910

$429,251

$377,028

$427,371

$533,358

Portfolio

turnover

rate

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

16.30%

42.82%

44.14%

g

52.90%

25.30%

28.77%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.66%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Templeton

Growth

Fund,

Inc.

Schedule

of

Investments

(unaudited),

February

28,

2023

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

94.9%

Belgium

2.6%

Anheuser-Busch

InBev

SA/NV

......

Beverages

3,424,320

$

207,714,507

China

1.2%

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

531,163

94,801,972

France

6.0%

Danone

SA

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

Food

Products

2,709,003

152,279,478

LVMH

Moet

Hennessy

Louis

Vuitton

SE

Textiles,

Apparel

&

Luxury

Goods

120,245

99,962,939

Pernod

Ricard

SA

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

Beverages

481,673

100,482,492

Thales

SA

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

Aerospace

&

Defense

973,322

136,074,196

488,799,105

Germany

6.8%

Bayer

AG

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

Pharmaceuticals

1,674,531

99,435,745

Continental

AG

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

Auto

Components

1,883,049

135,188,055

Fresenius

Medical

Care

AG

&

Co.

KGaA

Health

Care

Providers

&

Services

3,270,051

127,779,086

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

4,178,343

147,814,820

SAP

SE

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

Software

357,395

40,603,998

550,821,704

Hong

Kong

1.8%

AIA

Group

Ltd.

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

Insurance

13,342,557

141,800,411

India

1.3%

Reliance

Industries

Ltd.

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

Oil,

Gas

&

Consumable

Fuels

3,870,631

108,593,529

Japan

6.8%

Hitachi

Ltd.

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

Industrial

Conglomerates

1,491,474

75,500,888

Honda

Motor

Co.

Ltd.

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

Automobiles

4,046,234

105,222,673

Komatsu

Ltd.

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

Machinery

4,301,830

102,930,553

Nitori

Holdings

Co.

Ltd.

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

Specialty

Retail

1,091,242

123,326,215

Sony

Group

Corp.

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

Household

Durables

1,710,721

143,054,982

550,035,311

Netherlands

1.3%

Shell

plc

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

Oil,

Gas

&

Consumable

Fuels

3,603,035

109,121,024

South

Korea

2.4%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

4,206,638

192,781,082

Switzerland

1.0%

Adecco

Group

AG

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

Professional

Services

2,198,253

78,385,688

Taiwan

1.1%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

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

Semiconductors

&

Semiconductor

Equipment

986,427

85,888,199

United

Kingdom

13.6%

BAE

Systems

plc

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

Aerospace

&

Defense

13,416,569

144,889,634

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

37,399,371

245,750,753

Compass

Group

plc

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

Hotels,

Restaurants

&

Leisure

4,237,511

97,886,026

a

Farfetch

Ltd.,

A

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

Internet

&

Direct

Marketing

Retail

3,561,960

18,272,855

a,b

International

Consolidated

Airlines

Group

SA

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

Airlines

34,033,220

63,351,759

a,c

Just

Eat

Takeaway.com

NV,

144A,

Reg

S

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

Internet

&

Direct

Marketing

Retail

3,157,948

68,686,365

Lloyds

Banking

Group

plc

..........

Banks

127,452,481

80,483,459

a

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

106,351,667

185,281,036

Unilever

plc

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

Personal

Products

3,813,784

190,272,043

1,094,873,930

Templeton

Growth

Fund,

Inc.

Schedule

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

49.0%

AbbVie,

Inc.

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

Biotechnology

1,405,973

$

216,379,245

Albemarle

Corp.

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

Chemicals

406,004

103,250,877

a

Alphabet,

Inc.,

A

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

Interactive

Media

&

Services

1,405,626

126,590,678

a

Amazon.com,

Inc.

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

Internet

&

Direct

Marketing

Retail

1,192,303

112,350,712

American

Express

Co.

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

Consumer

Finance

349,490

60,807,765

Applied

Materials,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

465,559

54,074,678

a

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

37,945

95,773,180

Comcast

Corp.,

A

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

Media

4,569,090

169,833,075

a

Dollar

Tree,

Inc.

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

Multiline

Retail

999,129

145,153,461

DuPont

de

Nemours,

Inc.

..........

Chemicals

2,093,992

152,924,236

a

DXC

Technology

Co.

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

IT

Services

5,306,055

147,189,966

a

Haleon

plc

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

Personal

Products

15,320,340

59,279,517

HCA

Healthcare,

Inc.

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

Health

Care

Providers

&

Services

319,452

77,770,589

Honeywell

International,

Inc.

........

Industrial

Conglomerates

421,289

80,668,418

a

Hyatt

Hotels

Corp.,

A

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

Hotels,

Restaurants

&

Leisure

843,036

97,994,505

a

ICON

plc

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

Life

Sciences

Tools

&

Services

651,544

147,007,873

Johnson

&

Johnson

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

Pharmaceuticals

1,094,406

167,728,663

Lear

Corp.

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

Auto

Components

784,348

109,534,198

Medtronic

plc

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

Health

Care

Equipment

&

Supplies

2,295,669

190,081,393

Micron

Technology,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

1,265,015

73,143,167

Microsoft

Corp.

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

Software

301,700

75,250,014

Paramount

Global,

B

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

Media

4,163,681

89,186,047

Schneider

Electric

SE

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

Electrical

Equipment

743,197

119,251,262

Starbucks

Corp.

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

Hotels,

Restaurants

&

Leisure

1,221,594

124,712,531

Target

Corp.

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

Multiline

Retail

381,502

64,283,087

TJX

Cos.,

Inc.

(The)

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

Specialty

Retail

2,787,238

213,502,431

a

T-Mobile

US,

Inc.

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

Wireless

Telecommunication

Services

1,170,074

166,361,121

UnitedHealth

Group,

Inc.

...........

Health

Care

Providers

&

Services

388,204

184,761,812

Visa,

Inc.,

A

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

IT

Services

502,488

110,517,211

a

Walt

Disney

Co.

(The)

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

Entertainment

1,686,570

167,999,238

Westinghouse

Air

Brake

Technologies

Corp.

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

Machinery

634,722

66,220,546

a

YETI

Holdings,

Inc.

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

Leisure

Products

711,185

27,721,991

Zimmer

Biomet

Holdings,

Inc.

.......

Health

Care

Equipment

&

Supplies

1,335,594

165,440,029

3,962,743,516

Total

Common

Stocks

(Cost

$7,068,157,518)

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

7,666,359,978

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

$7,068,157,518)

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

7,666,359,978

Short

Term

Investments

6.3%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

5.9%

Canada

2.9%

National

Bank

of

Canada,

4.56%,

3/01/23

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

220,000,000

220,000,000

Templeton

Growth

Fund,

Inc.

Schedule

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

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

(continued)

Canada

(continued)

Royal

Bank

of

Canada,

4.55%,

3/01/23

16,600,000

$

16,600,000

236,600,000

France

3.0%

Credit

Agricole

Corporate

and

Investment

Bank

SA,

4.55%,

3/01/23

242,000,000

242,000,000

Total

Time

Deposits

(Cost

$478,600,000)

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

478,600,000

Shares

e

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.4%

Money

Market

Funds

0.4%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.204%

.........

27,742,104

27,742,104

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$27,742,104)

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

27,742,104

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$506,342,104

)

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

506,342,104

a

a

a

Total

Investments

(Cost

$7,574,499,622)

101.2%

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

$8,172,702,082

Other

Assets,

less

Liabilities

(1.2)%

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

(93,004,541)

Net

Assets

100.0%

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

$8,079,697,541

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

February

28,

2023.

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,

2023,

the

value

of

this

security

was

$68,686,365,

representing

0.9%

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,

2023

(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

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

$7,546,757,518

Cost

-

Non-controlled

affiliates

(Note

3

f

)

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

27,742,104

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$25,992,175)

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

$8,144,959,978

Value

-

Non-controlled

affiliates

(Note

3

f

)

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

27,742,104

Cash

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

30,859

Foreign

currency,

at

value

(cost

$369,892)

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

370,944

Receivables:

Investment

securities

sold

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

19,696,549

Capital

shares

sold

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

471,582

Dividends

and

interest

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

15,315,939

European

Union

tax

reclaims

(Note

1

d

)

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

2,482,569

Total

assets

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

8,211,070,524

Liabilities:

Payables:

Investment

securities

purchased

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

36,811,440

Capital

shares

redeemed

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

6,849,790

Management

fees

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

4,391,762

Distribution

fees

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

1,620,778

Transfer

agent

fees

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

1,063,749

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

1

d

)

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

51,601,807

Payable

upon

return

of

securities

loaned

(Note

1

c

)

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

27,742,104

Accrued

expenses

and

other

liabilities

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

1,291,553

Total

liabilities

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

131,372,983

Net

assets,

at

value

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

$8,079,697,541

Net

assets

consist

of:

Paid-in

capital

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

$7,709,191,482

Total

distributable

earnings

(losses)

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

370,506,059

Net

assets,

at

value

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

$8,079,697,541

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

February

28,

2023

(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

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

$7,489,223,934

Shares

outstanding

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

329,541,877

Net

asset

value

per

share

a

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

$22.73

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

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

$24.05

Class

C:

Net

assets,

at

value

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

$91,733,911

Shares

outstanding

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

4,120,114

Net

asset

value

and

maximum

offering

price

per

share

a

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

$22.27

Class

R:

Net

assets,

at

value

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

$48,693,278

Shares

outstanding

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

2,168,939

Net

asset

value

and

maximum

offering

price

per

share

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

$22.45

Class

R6:

Net

assets,

at

value

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

$286,256,256

Shares

outstanding

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

12,571,121

Net

asset

value

and

maximum

offering

price

per

share

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

$22.77

Advisor

Class:

Net

assets,

at

value

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

$163,790,162

Shares

outstanding

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

7,180,602

Net

asset

value

and

maximum

offering

price

per

share

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

$22.81

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,

2023

(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

$1,595,265)

Unaffiliated

issuers

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

$50,993,137

Interest:

Unaffiliated

issuers

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

9,278,291

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

47,429

Non-controlled

affiliates

(Note

3

f

)

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

836,668

Less:

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

1

d

)

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

(5,067,076)

Total

investment

income

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

56,088,449

Expenses:

Management

fees

(Note

3

a

)

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

26,527,855

Distribution

fees:

(Note

3c

)

    Class

A

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

8,845,480

    Class

C

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

428,028

    Class

R

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

116,397

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

2,863,884

    Class

C

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

34,661

    Class

R

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

18,837

    Class

R6

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

28,984

    Advisor

Class

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

64,248

Custodian

fees

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

123,180

Registration

and

filing

fees

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

66,785

Professional

fees

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

100,015

Directors'

fees

and

expenses

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

404,827

Other

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

112,227

Total

expenses

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

39,735,408

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(75,768)

Net

expenses

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

39,659,640

Net

investment

income

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

16,428,809

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

120,076,432

Foreign

currency

transactions

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

(34,199)

Net

realized

gain

(loss)

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

120,042,233

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

742,838,032

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

690,169

Net

change

in

unrealized

appreciation

(depreciation)

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

743,528,201

Net

realized

and

unrealized

gain

(loss)

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

863,570,434

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$879,999,243

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,

2023

(unaudited)

Year

Ended

August

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$16,428,809

$55,323,121

Net

realized

gain

(loss)

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

120,042,233

659,908,715

Net

change

in

unrealized

appreciation

(depreciation)

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

743,528,201

(2,411,525,881)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

879,999,243

(1,696,294,045)

Distributions

to

shareholders:

Class

A

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

(64,548,857)

(144,707,194)

Class

C

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

(578,484)

(780,823)

Class

R

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

(395,576)

(835,559)

Class

R6

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

(2,730,340)

(6,642,236)

Advisor

Class

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

(1,571,073)

(7,975,892)

Total

distributions

to

shareholders

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

(69,824,330)

(160,941,704)

Capital

share

transactions:

(Note

2

)

Class

A

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

(174,922,040)

(417,885,156)

Class

C

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

(1,367,135)

(6,948,306)

Class

R

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

(1,691,749)

(4,122,944)

Class

R6

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

(21,106,353)

(4,163,187)

Advisor

Class

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

(12,855,285)

(190,354,970)

Total

capital

share

transactions

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

(211,942,562)

(623,474,563)

Net

increase

(decrease)

in

net

assets

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

598,232,351

(2,480,710,312)

Net

assets:

Beginning

of

period

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

7,481,465,190

9,962,175,502

End

of

period

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

$8,079,697,541

$7,481,465,190

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.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

Fund

offers

five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the

Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Fund's Board

of

Directors

(the

Board),

the Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV. Investments

in

time

deposits

are

valued

at

cost,

which

approximates

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day.

Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At February

28,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

23

franklintempleton.com

Semiannual

Report

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

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,

2023,

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,

2023,

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,

2023

Year

Ended

August

31,

2022

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

5,422,662

$115,570,892

12,961,576

$301,976,998

Shares

issued

in

reinvestment

of

distributions

..........

2,405,693

52,179,545

4,879,775

117,700,180

Shares

redeemed

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

(15,975,559)

(342,672,477)

(35,768,006)

(837,562,334)

Net

increase

(decrease)

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

(8,147,204)

$(174,922,040)

(17,926,655)

$(417,885,156)

Class

C

Shares:

Shares

sold

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

462,114

$9,785,577

1,044,312

$24,399,782

Shares

issued

in

reinvestment

of

distributions

..........

27,130

577,316

32,713

778,574

Shares

redeemed

a

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

(559,165)

(11,730,028)

(1,395,107)

(32,126,662)

Net

increase

(decrease)

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

(69,921)

$(1,367,135)

(318,082)

$(6,948,306)

Class

R

Shares:

Shares

sold

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

81,000

$1,711,801

194,775

$4,518,288

Shares

issued

in

reinvestment

of

distributions

..........

18,459

395,576

34,975

835,559

Shares

redeemed

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

(178,953)

(3,799,126)

(411,472)

(9,476,791)

Net

increase

(decrease)

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

(79,494)

$(1,691,749)

(181,722)

$(4,122,944)

Class

R6

Shares:

Shares

sold

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

202,394

$4,358,095

496,965

$11,748,815

Shares

issued

in

reinvestment

of

distributions

..........

108,785

2,361,726

240,095

5,786,278

Shares

redeemed

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

(1,298,711)

(27,826,174)

(933,822)

(21,698,280)

Net

increase

(decrease)

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

(987,532)

$(21,106,353)

(196,762)

$(4,163,187)

Advisor

Class

Shares:

Shares

sold

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

546,534

$11,720,310

5,350,129

$113,603,833

Shares

issued

in

reinvestment

of

distributions

..........

68,096

1,481,094

316,124

7,637,562

Shares

redeemed

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

(1,219,330)

(26,056,689)

(14,767,271)

(311,596,365)

Net

increase

(decrease)

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

(604,700)

$(12,855,285)

(9,101,018)

$(190,354,970)

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,

2023,

the

annualized

gross

effective

investment

management

fee

rate

was 0.694%

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.

Effective

October

1,

2022,

the

fees

are

based

on

an

annualized

asset

based

fee

of

0.016%

plus

a

reduced

transaction

based

fee.

Prior

to

October

1,

2022,

the

fees

were

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,

2023,

the

Fund

paid

transfer

agent

fees

of

$3,010,614,

of

which

$1,443,226

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,

2023,

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,

2023.

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$80,141

CDSC

retained

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

$1,438

    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,

4.204%

$54,376,208

$260,300,736

$(286,934,840)

$—

$—

$27,742,104

27,742,104

$836,668

Total

Affiliated

Securities

...

$54,376,208

$260,300,736

$(286,934,840)

$—

$—

$27,742,104

$836,668

3.

Transactions

with

Affiliates

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

28

franklintempleton.com

Semiannual

Report

4.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

August

31,

2022,

the

capital

loss

carryforwards

were

as

follows:

At

February

28,

2023,

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,

wash

sales,

EU

reclaims

and

corporate

actions.

5.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

February

28,

2023,

aggregated

$1,176,602,632

and

$1,340,710,738,

respectively. 

At

February

28,

2023,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received $27,742,104 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.

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.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$96,571,211

Long

term

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

260,731,930

Total

capital

loss

carryforwards

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

$357,303,141

Cost

of

investments

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

$7,582,957,652

Unrealized

appreciation

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

$1,239,740,717

Unrealized

depreciation

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

(649,996,287)

Net

unrealized

appreciation

(depreciation)

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

$589,744,430

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

29

franklintempleton.com

Semiannual

Report

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

2,

2024.

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,

2023,

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)

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,

2023,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Growth

Fund,

Inc.

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

$

—

$

207,714,507

$

—

$

207,714,507

China

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

94,801,972

—

—

94,801,972

France

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

—

488,799,105

—

488,799,105

Germany

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

—

550,821,704

—

550,821,704

Hong

Kong

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

—

141,800,411

—

141,800,411

India

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

—

108,593,529

—

108,593,529

Japan

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

—

550,035,311

—

550,035,311

Netherlands

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

—

109,121,024

—

109,121,024

South

Korea

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

—

192,781,082

—

192,781,082

Switzerland

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

—

78,385,688

—

78,385,688

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

30

franklintempleton.com

Semiannual

Report

11.

New

Accounting

Pronouncements

In June

2022,

the FASB

issued

Accounting

Standards

Update

(ASU)

No.

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions.

The

amendments

in

the

ASU

clarify

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

should

not

be

considered

in

measuring

fair

value.

The

ASU

is

effective

for

interim

and

annual

reporting

periods

beginning

after

December

15,

2023,

with

the

option

of

early

adoption.

Management

has

reviewed

the

requirements

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

12.

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.

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Taiwan

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

$

85,888,199

$

—

$

—

$

85,888,199

United

Kingdom

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

18,272,855

1,076,601,075

—

1,094,873,930

United

States

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

3,784,212,737

178,530,779

—

3,962,743,516

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

27,742,104

478,600,000

—

506,342,104

Total

Investments

in

Securities

...........

$4,010,917,867

$4,161,784,215

b

$—

$8,172,702,082

a

Includes

financial

instruments

determined

to

have

no

value

at

February

28,

2023.

b

Includes

foreign

securities

valued

at

$3,683,184,215,

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

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Schedule

of

Investments

The

Fund

files

a

complete

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

as

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

101

S

04/23

©

2023

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

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of 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, 2023

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, 2023

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date 

April 26, 2023