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: 2/29/24

Item 1. Reports to Stockholders.

a.)

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

b.)

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

Not Applicable

.

Semiannual

Report

Templeton

Growth

Fund,

Inc.

February

29,

2024

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semiannual

shareholder

reports

beginning

in

July

2024.

If

you

have

previously

elected

to

receive

shareholder

reports

electronically,

you

will

continue

to

do

so

and

need

not

take

any

action.

Otherwise,

paper

copies

of

the

Fund’s

shareholder

reports

will

be

mailed

to

you

beginning

in

July

2024.

If

you

would

like

to

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

of

by

mail,

you

may

make

that

request

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank)

or,

if

you

are

a

direct

investor,

enrolling

at

franklintempleton.com.

You

may

access

franklintempleton.com

by

scanning

the

code

below.

franklintempleton.com

Semiannual

Report

1

Contents

Fund

Overview

2

Performance

Summary

4

Your

Fund’s

Expenses

6

Financial

Highlights

and

Schedule

of

Investments

7

Financial

Statements

15

Notes

to

Financial

Statements

19

Shareholder

Information

27

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

2

franklintempleton.com

Semiannual

Report

Templeton

Growth

Fund,

Inc.

This

semiannual

report

for

Templeton

Growth

Fund,

Inc.

covers

the

period

ended

February

29,

2024.

Fund

Overview

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

long-term

capital

growth.

Under

normal

market

conditions,

the

Fund

invests

primarily

in

the

equity

securities

of

companies

located

anywhere

in

the

world,

including

developing

markets.

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

+9.09%

cumulative

total

return

for

the

six

months

under

review.

In

comparison,

the

Fund’s

benchmark,

the

MSCI

All

Country

World

Index

(ACWI)-NR,

which

measures

stock

performance

in

global

developed

and

emerging

markets,

posted

a

+11.66%

cumulative

total

return

for

the

same

period.

1

Please

note

index

performance

information

is

provided

for

reference

and

we

do

not

attempt

to

track

the

index

but

rather

undertake

investments

on

the

basis

of

fundamental

research.

You

can

find

more

performance

data

in

the

Performance

Summary

beginning

on

page

4

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Geographic

Composition

2/29/24

%

of

Total

Net

Assets

North

America

51.9%

Europe

29.0%

Asia

15.1%

Short-Term

Investments

&

Other

Net

Assets

4.0%

Top

10

Industries

2/29/24

%

of

Total

Net

Assets

a

Aerospace

&

Defense

9.2%

Semiconductors

&

Semiconductor

Equipment

6.2%

Banks

5.5%

Oil,

Gas

&

Consumable

Fuels

5.5%

Consumer

Staples

Distribution

&

Retail

5.0%

Specialty

Retail

4.4%

Automobile

Components

4.2%

Hotels,

Restaurants

&

Leisure

4.1%

Interactive

Media

&

Services

3.5%

Health

Care

Providers

&

Services

3.2%

Top

10

Holdings

2/29/24

Company

Industry,

Country

%

of

Total

Net

Assets

a

a

Rolls-Royce

Holdings

plc

5.0%

Aerospace

&

Defense,

United

Kingdom

Alphabet,

Inc.

3.5%

Interactive

Media

&

Services,

United

States

Target

Corp.

3.0%

Consumer

Staples

Distribution

&

Retail,

United

States

Union

Pacific

Corp.

2.8%

Ground

Transportation,

United

States

Samsung

Electronics

Co.

Ltd.

2.7%

Technology

Hardware,

Storage

&

Peripherals,

South

Korea

Walt

Disney

Co.

(The)

2.7%

Entertainment,

United

States

TJX

Cos.,

Inc.

(The)

2.5%

Specialty

Retail,

United

States

Amazon.com,

Inc.

2.4%

Broadline

Retail,

United

States

Micron

Technology,

Inc.

2.4%

Semiconductors

&

Semiconductor

Equipment,

United

States

Anheuser-Busch

InBev

SA/NV

2.3%

Beverages,

Belgium

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Net

Return

(NR)

reflects

no

deduction

for

fees,

expenses

or

taxes

but

are

net

of

dividend

tax

withholding.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

12

.

Templeton

Growth

Fund,

Inc.

3

franklintempleton.com

Semiannual

Report

On

December

31,

2023,

subsequent

to

period-end,

Herbert

Arnett

left

the

firm

to

pursue

other

opportunities.

We

thank

Herbert

for

his

service

and

contributions

to

the

Fund.

Effective

March

31,

2024,

Peter

D.

Sartori

was

added

as

Portfolio

Manager

of

the

Fund.

Thank

you

for

your

continued

participation

in

Templeton

Growth

Fund,

Inc.

We

look

forward

to

serving

your

future

investment

needs.

Peter

M.

Moeschter,

CFA

Lead

Portfolio

Manager

Christopher

James

Peel,

CFA

Peter

D.

Sartori

Warren

Pustam,

CFA

Portfolio

Management

Team

Top

10

Countries*

2/29/24

a

%

of

Total

Net

Assets

a

a

United

States

51.9%

United

Kingdom

14.6%

Japan

7.2%

France

5.1%

Germany

4.9%

South

Korea

2.7%

Belgium

2.3%

India

2.0%

Taiwan

2.0%

Netherlands

1.3%

*

Does

not

include

cash

and

cash

equivalents.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

February

29,

2024

Templeton

Growth

Fund,

Inc.

4

franklintempleton.com

Semiannual

Report

The

performance

table

does

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

2/29/24

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A

:

5.50%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

6-Month

+9.09%

+3.08%

1-Year

+16.10%

+9.73%

5-Year

+26.26%

+3.59%

10-Year

+36.86%

+2.60%

Advisor

6-Month

+9.22%

+9.22%

1-Year

+16.40%

+16.40%

5-Year

+27.84%

+5.03%

10-Year

+40.34%

+3.45%

See

page

5

for

Performance

Summary

footnotes.

Templeton

Growth

Fund,

Inc.

Performance

Summary

5

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

International

investments

are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

in

emerging

markets.

To

the

extent

the

Fund

invests

in

companies

in

a

spe-

cific

country

or

region,

the

Fund

may

experience

greater

volatility

than

a

Fund

that

is

more

broadly

diversified

geographically.

Small-

and

mid-cap

stocks

involve

greater

risks

and

volatility

than

large-cap

stocks.

Derivative

instruments

can

be

illiquid,

may

disproportionately

increase

losses,

and

have

a

potentially

large

impact

on

performance.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

de-

terminative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

The

total

annual

operating

expenses

are

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

Distributions

(9/1/23–2/29/24)

Share

Class

Net

Investment

Income

A

$0.2894

C

$0.2015

R

$0.2704

R6

$0.3127

Advisor

$0.3092

Total

Annual

Operating

Expenses

5

Share

Class

A

1.04%

Advisor

0.79%

Your

Fund’s

Expenses

Templeton

Growth

Fund,

Inc.

6

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration)

:

Divide

your

account

value

by

$1,000

(if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6)

.

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50)

.

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

182/366

to

reflect

the

one-half

year

period.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

9/1/23

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period

9/1/23–2/29/24

1

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period

9/1/23–2/29/24

1

a

Annualized

Expense

Ratio

A

$1,000

$1,090.90

$5.38

$1,019.72

$5.19

1.03%

C

$1,000

$1,086.60

$9.22

$1,016.02

$8.91

1.78%

R

$1,000

$1,090.10

$6.68

$1,018.48

$6.45

1.28%

R6

$1,000

$1,092.90

$3.85

$1,021.19

$3.71

0.74%

Advisor

$1,000

$1,092.20

$4.08

$1,020.96

$3.94

0.78%

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

7

a

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

2022

2021

2020

2019

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.19

$20.47

$25.34

$21.17

$20.96

$27.08

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.06

0.22

0.14

0.37

c

0.27

0.51

Net

realized

and

unrealized

gains

(losses)

2.12

3.69

(4.59)

4.03

1.16

(3.96)

Total

from

investment

operations

........

2.18

3.91

(4.45)

4.40

1.43

(3.45)

Less

distributions

from:

Net

investment

income

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

(0.29)

(0.19)

(0.42)

(0.23)

(0.47)

(0.45)

Net

realized

gains

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

—

—

—

—

(0.75)

(2.22)

Total

distributions

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

(0.29)

(0.19)

(0.42)

(0.23)

(1.22)

(2.67)

Net

asset

value,

end

of

period

..........

$26.08

$24.19

$20.47

$25.34

$21.17

$20.96

Total

return

d

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

9.09%

19.23%

(17.76)%

20.80%

6.53%

(13.02)%

Ratios

to

average

net

assets

e

Expenses

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

1.03%

1.03%

f

1.05%

f

1.04%

f

1.06%

f

1.06%

f

Net

investment

income

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

0.51%

0.96%

0.61%

1.53%

c

1.29%

2.20%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$8,042,794

$7,654,074

$6,913,896

$9,010,906

$8,191,333

$8,604,624

Portfolio

turnover

rate

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

13.09%

33.07%

42.82%

44.14%

g

52.90%

25.30%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.42%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

2022

2021

2020

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$23.61

$20.09

$24.82

$20.71

$20.56

$26.31

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.04)

0.05

(0.03)

0.19

c

0.11

0.25

Net

realized

and

unrealized

gains

(losses)

2.07

3.61

(4.52)

3.95

1.12

(3.78)

Total

from

investment

operations

........

2.03

3.66

(4.55)

4.14

1.23

(3.53)

Less

distributions

from:

Net

investment

income

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

(0.20)

(0.14)

(0.18)

(0.03)

(0.33)

—

Net

realized

gains

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

—

—

—

—

(0.75)

(2.22)

Total

distributions

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

(0.20)

(0.14)

(0.18)

(0.03)

(1.08)

(2.22)

Net

asset

value,

end

of

period

..........

$25.44

$23.61

$20.09

$24.82

$20.71

$20.56

Total

return

d

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

8.66%

18.31%

(18.38)%

19.93%

5.70%

(13.68)%

Ratios

to

average

net

assets

e

Expenses

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

1.78%

1.78%

f

1.80%

f

1.79%

f

1.82%

f

1.81%

f

Net

investment

income

(loss)

..........

(0.35)%

0.21%

(0.13)%

0.80%

c

0.54%

1.45%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$29,368

$92,670

$84,172

$111,870

$125,500

$152,392

Portfolio

turnover

rate

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

13.09%

33.07%

42.82%

44.14%

g

52.90%

25.30%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

(0.31)%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

2022

2021

2020

2019

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$23.86

$20.24

$25.05

$20.93

$20.75

$26.81

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.03

0.16

0.08

0.30

c

0.21

0.44

Net

realized

and

unrealized

gains

(losses)

2.10

3.64

(4.54)

3.99

1.14

(3.91)

Total

from

investment

operations

........

2.13

3.80

(4.46)

4.29

1.35

(3.47)

Less

distributions

from:

Net

investment

income

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

(0.27)

(0.18)

(0.35)

(0.17)

(0.42)

(0.37)

Net

realized

gains

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

—

—

—

—

(0.75)

(2.22)

Total

distributions

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

(0.27)

(0.18)

(0.35)

(0.17)

(1.17)

(2.59)

Net

asset

value,

end

of

period

..........

$25.72

$23.86

$20.24

$25.05

$20.93

$20.75

Total

return

d

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

9.01%

18.86%

(17.95)%

20.49%

6.24%

(13.21)%

Ratios

to

average

net

assets

e

Expenses

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

1.28%

1.28%

f

1.30%

f

1.29%

f

1.31%

f

1.31%

f

Net

investment

income

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

0.26%

0.71%

0.36%

1.29%

c

1.04%

1.95%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$54,006

$50,808

$45,502

$60,867

$56,912

$62,515

Portfolio

turnover

rate

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

13.09%

33.07%

42.82%

44.14%

g

52.90%

25.30%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.18%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

2022

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.27

$20.50

$25.39

$21.20

$20.97

$27.10

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.10

0.29

0.21

0.59

c

0.34

0.59

Net

realized

and

unrealized

gains

(losses)

2.13

3.70

(4.61)

3.90

1.16

(3.97)

Total

from

investment

operations

........

2.23

3.99

(4.40)

4.49

1.50

(3.38)

Less

distributions

from:

Net

investment

income

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

(0.31)

(0.22)

(0.49)

(0.30)

(0.52)

(0.53)

Net

realized

gains

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

—

—

—

—

(0.75)

(2.22)

Total

distributions

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

(0.31)

(0.22)

(0.49)

(0.30)

(1.27)

(2.75)

Net

asset

value,

end

of

period

..........

$26.19

$24.27

$20.50

$25.39

$21.20

$20.97

Total

return

d

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

9.29%

19.56%

(17.50)%

21.15%

6.87%

(12.73)%

Ratios

to

average

net

assets

e

Expenses

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

0.74%

0.73%

f

0.75%

f

0.74%

f

0.74%

f

0.73%

f

Net

investment

income

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

0.81%

1.27%

0.92%

2.56%

c

1.63%

2.53%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$285,195

$294,490

$277,985

$349,281

$1,342,940

$1,504,941

Portfolio

turnover

rate

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

13.09%

33.07%

42.82%

44.14%

g

52.90%

25.30%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.45%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

2022

2021

2020

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.31

$20.54

$25.42

$21.24

$21.01

$27.15

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.09

0.27

0.20

0.42

c

0.32

0.57

Net

realized

and

unrealized

gains

(losses)

2.13

3.71

(4.60)

4.05

1.17

(3.98)

Total

from

investment

operations

........

2.22

3.98

(4.40)

4.47

1.49

(3.41)

Less

distributions

from:

Net

investment

income

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

(0.31)

(0.21)

(0.48)

(0.29)

(0.51)

(0.51)

Net

realized

gains

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

—

—

—

—

(0.75)

(2.22)

Total

distributions

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

(0.31)

(0.21)

(0.48)

(0.29)

(1.26)

(2.73)

Net

asset

value,

end

of

period

..........

$26.22

$24.31

$20.54

$25.42

$21.24

$21.01

Total

return

d

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

9.22%

19.51%

(17.53)%

21.06%

6.79%

(12.79)%

Ratios

to

average

net

assets

e

Expenses

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

0.78%

0.78%

f

0.79%

f

0.80%

f

0.81%

f

0.81%

f

Net

investment

income

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

0.76%

1.21%

0.85%

1.76%

c

1.54%

2.45%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$182,671

$169,293

$159,910

$429,251

$377,028

$427,371

Portfolio

turnover

rate

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

13.09%

33.07%

42.82%

44.14%

g

52.90%

25.30%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.66%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Templeton

Growth

Fund,

Inc.

Schedule

of

Investments

(unaudited),

February

29,

2024

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

a

Industry

Shares

a

Value

a

Common

Stocks

96.0%

Belgium

2.3%

Anheuser-Busch

InBev

SA/NV

......

Beverages

3,359,292

$

203,056,288

China

1.2%

Li

Ning

Co.

Ltd.

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

Textiles,

Apparel

&

Luxury

Goods

40,676,500

100,638,791

France

5.1%

Danone

SA

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

Food

Products

3,038,223

193,891,147

a

Forvia

SE

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

Automobile

Components

5,721,440

81,625,696

Thales

SA

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

Aerospace

&

Defense

1,104,179

163,779,968

439,296,811

Germany

4.9%

Continental

AG

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

Automobile

Components

1,883,049

151,063,279

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

4,319,416

155,105,580

SAP

SE

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

Software

620,319

116,254,441

422,423,300

India

2.0%

Reliance

Industries

Ltd.

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

Oil,

Gas

&

Consumable

Fuels

4,927,806

173,479,814

Japan

7.2%

Hitachi

Ltd.

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

Industrial

Conglomerates

1,050,469

88,999,275

Honda

Motor

Co.

Ltd.

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

Automobiles

9,669,102

114,897,512

Komatsu

Ltd.

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

Machinery

3,956,560

114,855,215

Nitori

Holdings

Co.

Ltd.

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

Specialty

Retail

1,091,242

160,516,419

Sony

Group

Corp.

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

Household

Durables

1,609,780

138,684,258

617,952,679

Netherlands

1.3%

Shell

plc

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

Oil,

Gas

&

Consumable

Fuels

3,603,035

111,445,707

South

Korea

2.7%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

4,206,638

231,577,515

Switzerland

0.8%

Adecco

Group

AG

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

Professional

Services

1,747,118

70,041,570

Taiwan

2.0%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

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

Semiconductors

&

Semiconductor

Equipment

1,326,478

170,677,924

United

Kingdom

14.6%

BAE

Systems

plc

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

Aerospace

&

Defense

12,251,942

192,322,311

Barratt

Developments

plc

..........

Household

Durables

8,814,121

52,006,317

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

32,604,325

189,440,951

Lloyds

Banking

Group

plc

..........

Banks

252,013,309

149,015,203

Persimmon

plc

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

Household

Durables

2,996,282

51,638,326

a

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

92,499,149

431,738,939

Unilever

plc

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

Personal

Care

Products

3,866,424

189,272,538

1,255,434,585

United

States

51.9%

Albemarle

Corp.

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

Chemicals

1,172,564

161,637,947

a

Alphabet,

Inc.

,

A

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

Interactive

Media

&

Services

2,168,788

300,290,386

a

Amazon.com,

Inc.

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

Broadline

Retail

1,183,363

209,171,244

Bank

of

America

Corp.

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

Banks

5,513,427

190,323,500

a

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

30,528

105,896,442

CNH

Industrial

NV

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

Machinery

11,119,040

132,872,528

Comcast

Corp.

,

A

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

Media

4,569,090

195,785,507

a

Dollar

Tree,

Inc.

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

Consumer

Staples

Distribution

&

Retail

1,195,432

175,345,966

Templeton

Growth

Fund,

Inc.

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

States

(continued)

HCA

Healthcare,

Inc.

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

Health

Care

Providers

&

Services

315,919

$

98,471,952

Honeywell

International,

Inc.

........

Industrial

Conglomerates

421,289

83,722,763

Hyatt

Hotels

Corp.

,

A

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

Hotels,

Restaurants

&

Leisure

869,201

133,500,582

a

ICON

plc

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

Life

Sciences

Tools

&

Services

364,849

116,977,886

Intercontinental

Exchange,

Inc.

......

Capital

Markets

748,903

103,663,153

Lear

Corp.

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

Automobile

Components

913,521

125,472,109

Medtronic

plc

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

Health

Care

Equipment

&

Supplies

2,345,991

195,561,810

Micron

Technology,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

2,269,255

205,617,196

Microsoft

Corp.

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

Software

274,032

113,350,597

PNC

Financial

Services

Group,

Inc.

(The)

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

Banks

926,823

136,428,346

Schneider

Electric

SE

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

Electrical

Equipment

613,435

139,441,991

Starbucks

Corp.

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

Hotels,

Restaurants

&

Leisure

1,221,594

115,929,271

Target

Corp.

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

Consumer

Staples

Distribution

&

Retail

1,665,765

254,728,784

Thermo

Fisher

Scientific,

Inc.

.......

Life

Sciences

Tools

&

Services

192,842

109,954,652

TJX

Cos.,

Inc.

(The)

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

Specialty

Retail

2,153,502

213,498,188

Union

Pacific

Corp.

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

Ground

Transportation

933,373

236,787,396

UnitedHealth

Group,

Inc.

...........

Health

Care

Providers

&

Services

361,772

178,570,659

Visa,

Inc.

,

A

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

Financial

Services

396,952

112,194,513

Walt

Disney

Co.

(The)

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

Entertainment

2,053,605

229,141,246

a

YETI

Holdings,

Inc.

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

Leisure

Products

2,034,101

83,479,505

4,457,816,119

Total

Common

Stocks

(Cost

$

6,370,367,887

)

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

8,253,841,103

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,b

Hemisphere

Properties

India

Ltd.,

Escrow

Account

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

104,748

—

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

—

Total

Long

Term

Investments

(Cost

$

6,370,367,887

)

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

8,253,841,103

Short

Term

Investments

4.6%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

4.6%

Canada

3.9%

National

Bank

of

Canada

,

5.31

%

,

3/01/24

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

156,700,000

156,700,000

Royal

Bank

of

Canada

,

5.3

%

,

3/01/24

.

177,000,000

177,000,000

333,700,000

France

0.7%

Credit

Agricole

Corporate

and

Investment

Bank

SA

,

5.3

%

,

3/01/24

.

60,000,000

60,000,000

Total

Time

Deposits

(Cost

$

393,700,000

)

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

393,700,000

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

393,700,000

)

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

393,700,000

a

a

a

Total

Investments

(Cost

$

6,764,067,887

)

100.6

%

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

$8,647,541,103

Other

Assets,

less

Liabilities

(

0.6

)

%

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

(53,506,489)

Net

Assets

100.0%

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

$8,594,034,614

a

a

a

Templeton

Growth

Fund,

Inc.

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

See

Abbreviations

on

page

26

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

8

regarding

fair

value

measurements.

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statement

of

Assets

and

Liabilities

February

29,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

Templeton

Growth

Fund,

Inc.

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$6,764,067,887

Value

-

Unaffiliated

issuers

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

$8,647,541,103

Cash

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

14,036

Receivables:

Capital

shares

sold

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

1,496,311

Dividends

and

interest

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

16,222,125

European

Union

tax

reclaims

(Note

1

d

)

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

972,849

Total

assets

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

8,666,246,424

Liabilities:

Payables:

Investment

securities

purchased

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

2,886,811

Capital

shares

redeemed

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

6,829,995

Management

fees

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

4,662,932

Distribution

fees

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

1,620,035

Transfer

agent

fees

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

1,373,079

Directors'

fees

and

expenses

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

72,658

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

1

d

)

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

53,060,280

Deferred

tax

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

1,130,024

Accrued

expenses

and

other

liabilities

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

575,996

Total

liabilities

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

72,211,810

Net

assets,

at

value

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

$8,594,034,614

Net

assets

consist

of:

Paid-in

capital

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

$7,084,972,019

Total

distributable

earnings

(losses)

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

1,509,062,595

Net

assets,

at

value

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

$8,594,034,614

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

February

29,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

Templeton

Growth

Fund,

Inc.

Class

A:

Net

assets,

at

value

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

$8,042,793,720

Shares

outstanding

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

308,379,139

Net

asset

value

per

share

a

,b

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

$26.08

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94

.50

%

)

b

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

$27.60

Class

C:

Net

assets,

at

value

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

$29,368,452

Shares

outstanding

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

1,154,450

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$25.44

Class

R:

Net

assets,

at

value

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

$54,006,145

Shares

outstanding

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

2,100,138

Net

asset

value

and

maximum

offering

price

per

share

b

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

$25.72

Class

R6:

Net

assets,

at

value

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

$285,195,438

Shares

outstanding

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

10,891,034

Net

asset

value

and

maximum

offering

price

per

share

b

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

$26.19

Advisor

Class:

Net

assets,

at

value

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

$182,670,859

Shares

outstanding

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

6,966,018

Net

asset

value

and

maximum

offering

price

per

share

b

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

$26.22

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

February

29,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

Templeton

Growth

Fund,

Inc.

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$2,255,292)

Unaffiliated

issuers

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

$52,204,921

Interest:

Unaffiliated

issuers

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

11,958,873

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

161

Other

income

(Note

1

d

)

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

34,027

Less:

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

1

d

)

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

(1,458,473)

Total

investment

income

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

62,739,509

Expenses:

Management

fees

(Note

3a)

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

28,192,749

Distribution

fees:

(Note

3c)

    Class

A

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

9,520,863

    Class

C

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

175,626

    Class

R

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

126,433

Transfer

agent

fees:

(Note

3e)

    Class

A

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

2,436,053

    Class

C

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

11,349

    Class

R

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

16,174

    Class

R6

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

24,789

    Advisor

Class

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

54,216

Custodian

fees

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

152,710

Reports

to

shareholders

fees

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

163,094

Registration

and

filing

fees

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

72,992

Professional

fees

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

50,283

Directors'

fees

and

expenses

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

519,768

Other

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

155,800

Total

expenses

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

41,672,899

Net

investment

income

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

21,066,610

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$991,033)

Unaffiliated

issuers

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

(146,966,393)

Foreign

currency

transactions

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

36,256

Net

realized

gain

(loss)

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

(146,930,137)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

851,438,039

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(107,273)

Change

in

deferred

taxes

on

unrealized

appreciation

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

(1,130,024)

Net

change

in

unrealized

appreciation

(depreciation)

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

850,200,742

Net

realized

and

unrealized

gain

(loss)

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

703,270,605

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$724,337,215

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

Templeton

Growth

Fund,

Inc.

Six

Months

Ended

February

29,

2024

(unaudited)

Year

Ended

August

31,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$21,066,610

$77,388,295

Net

realized

gain

(loss)

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

(146,930,137)

138,235,907

Net

change

in

unrealized

appreciation

(depreciation)

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

850,200,742

1,177,819,374

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

724,337,215

1,393,443,576

Distributions

to

shareholders:

Class

A

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

(90,690,115)

(64,548,857)

Class

C

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

(241,681)

(578,484)

Class

R

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

(570,050)

(395,576)

Class

R6

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

(3,250,827)

(2,730,340)

Advisor

Class

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

(2,127,889)

(1,571,073)

Total

distributions

to

shareholders

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

(96,880,562)

(69,824,330)

Capital

share

transactions:

(Note

2

)

Class

A

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

(201,718,032)

(485,852,353)

Class

C

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

(64,932,283)

(5,779,179)

Class

R

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

(693,048)

(2,613,035)

Class

R6

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

(27,460,723)

(31,508,472)

Advisor

Class

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

47,066

(17,996,416)

Total

capital

share

transactions

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

(294,757,020)

(543,749,455)

Net

increase

(decrease)

in

net

assets

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

332,699,633

779,869,791

Net

assets:

Beginning

of

period

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

8,261,334,981

7,481,465,190

End

of

period

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

$8,594,034,614

$8,261,334,981

Templeton

Growth

Fund,

Inc.

19

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1.

Organization

and

Significant

Accounting

Policies

Templeton

Growth

Fund,

Inc. (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

Fund

offers five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees. 

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Directors

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in time

deposits

are

valued

at

cost,

which

approximates

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

February

29,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

20

franklintempleton.com

Semiannual

Report

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statement of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

February

29,

2024,

the

Fund

had

no

securities

on

loan.

d.

Income

and

Deferred

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and if

applicable,

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

21

franklintempleton.com

Semiannual

Report

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

In

the

event

that

EU

reclaims

received

by

the Fund

during a

fiscal

year

exceed

foreign

withholding

taxes

paid

by

the

Fund,

and

the

Fund previously

passed

through to

its

shareholders

foreign

taxes

incurred

by

the

Fund

to

be

used

as

a

credit

or

deduction

on

a

shareholder’s

income

tax

return,

the Fund

will enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

(IRS)

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the Fund's

shareholders.

The

Fund

determined

to

enter

into

a

closing

agreement

with

the

IRS

and

recorded

the

estimated payments

as

a

reduction

to

income,

as

reflected

in

the

Statement

of

Operations.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

February

29,

2024, the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

e.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and 

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is 

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not 

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the 

Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings 

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g.

Guarantees

and

Indemnifications

Under

the Fund's

organizational

documents,

its

officers

and directors

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Income

and

Deferred

Taxes

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

22

franklintempleton.com

Semiannual

Report

2.

Shares

of

Beneficial

Interest

At

February

29,

2024,

there

were 2.7

million

shares

authorized ($0.01

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

Six

Months

Ended

February

29,

2024

Year

Ended

August

31,

2023

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

7,991,248

$193,228,359

14,057,965

$317,803,676

Shares

issued

in

reinvestment

of

distributions

..........

2,987,013

72,883,150

2,405,692

52,179,509

Shares

redeemed

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

(19,062,198)

(467,829,541)

(37,689,662)

(855,835,538)

Net

increase

(decrease)

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

(8,083,937)

$(201,718,032)

(21,226,005)

$(485,852,353)

Class

C

Shares:

Shares

sold

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

70,429

$1,669,961

868,500

$19,198,683

Shares

issued

in

reinvestment

of

distributions

..........

10,070

240,065

27,130

577,316

Shares

redeemed

a

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

(2,851,702)

(66,842,309)

(1,160,012)

(25,555,178)

Net

increase

(decrease)

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

(2,771,203)

$(64,932,283)

(264,382)

$(5,779,179)

Class

R

Shares:

Shares

sold

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

82,601

$1,994,320

216,492

$4,871,971

Shares

issued

in

reinvestment

of

distributions

..........

23,683

570,050

18,459

395,576

Shares

redeemed

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

(135,357)

(3,257,418)

(354,173)

(7,880,582)

Net

increase

(decrease)

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

(29,073)

$(693,048)

(119,222)

$(2,613,035)

Class

R6

Shares:

Shares

sold

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

667,632

$16,724,744

525,898

$12,032,432

Shares

issued

in

reinvestment

of

distributions

..........

132,565

3,245,183

108,785

2,361,726

Shares

redeemed

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

(2,042,604)

(47,430,650)

(2,059,895)

(45,902,630)

Net

increase

(decrease)

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

(1,242,407)

$(27,460,723)

(1,425,212)

$(31,508,472)

Advisor

Class

Shares:

Shares

sold

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

721,843

$17,923,930

1,110,827

$25,086,506

Shares

issued

in

reinvestment

of

distributions

..........

84,160

2,063,612

68,096

1,481,094

Shares

redeemed

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

(805,048)

(19,940,476)

(1,999,162)

(44,564,016)

Net

increase

(decrease)

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

955

$47,066

(820,239)

$(17,996,416)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Templeton

Global

Advisors

Limited

(Global

Advisors)

Investment

manager

Templeton

Asset

Management

Ltd

(Asset

Management)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

23

franklintempleton.com

Semiannual

Report

a.

Management

Fees

The

Fund

pays

an

investment

management fee,

calculated

daily and

paid

monthly,

to

Global

Advisors based

on the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

February

29,

2024,

the

annualized

gross

effective

investment

management

fee

rate

was 0.693%

of

the

Fund’s

average daily

net

assets. 

Effective

March

31,

2024,

under

a

subadvisory

agreement,

Asset

Management,

an

affiliate

of

Global

Advisors,

will

provide subadvisory

services

to

the

Fund.

The

subadvisory

fee will

be paid

by Global

Advisors

based

on Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

b.

Administrative

Fees

Under

an

agreement

with

Global

Advisors,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Global Advisors

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund's

Class

A

reimbursement

distribution

plan,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund's

Class

C

and

R compensation

distribution

plans,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

Annualized

Fee

Rate

Net

Assets

0.780%

Up

to

and

including

$200

million

0.765%

Over

$200

million,

up

to

and

including

$700

million

0.730%

Over

$700

million,

up

to

and

including

$1

billion

0.715%

Over

$1

billion,

up

to

and

including

$1.2

billion

0.690%

Over

$1.2

billion,

up

to

and

including

$5

billion

0.675%

Over

$5

billion,

up

to

and

including

$10

billion

0.655%

Over

$10

billion,

up

to

and

including

$15

billion

0.635%

Over

$15

billion,

up

to

and

including

$20

billion

0.615%

Over

$20

billion,

up

to

and

including

$25

billion

0.605%

Over

$25

billion,

up

to

and

including

$30

billion

0.595%

Over

$30

billion,

up

to

and

including

$35

billion

0.585%

Over

$35

billion,

up

to

and

including

$40

billion

0.575%

Over

$40

billion,

up

to

and

including

$45

billion

0.565%

In

excess

of

$45

billion

3.

Transactions

with

Affiliates

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

24

franklintempleton.com

Semiannual

Report

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. Effective

October

1,

2023,

the

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions.

Prior

to

October

1,

2023,

the

fees

were

based

on

an

annualized

asset

based

fee

of

0.016%

plus

a transaction

based

fee.

In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

February

29,

2024,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$1,202,800

was

retained

by

Investor

Services.

f.

Waiver

and

Expense

Reimbursements

Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

December

31,

2024.

4.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

August

31,

2023,

the

capital

loss

carryforwards

were

as

follows:

Class

A

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

0.25%

Class

C

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

1.00%

Class

R

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

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$78,857

CDSC

retained

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

$1,409

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$123,858,473

Long

term

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

57,089,462

Total

capital

loss

carryforwards

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

$180,947,935

3.

Transactions

with

Affiliates

(continued)

c.

Distribution

Fees

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

25

franklintempleton.com

Semiannual

Report

At

February

29,

2024,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales

and

corporate

actions.

5.

Investment

Transactions

Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

February

29,

2024,

aggregated

$1,020,247,957 and

$1,269,776,840,

respectively. 

6.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

7.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

January

31,

2025.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

 Statement

of

Operations.

During

the

period

ended

February

29,

2024,

the Fund

did

not

use

the

Global

Credit

Facility.

8.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Cost

of

investments

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

$6,825,622,848

Unrealized

appreciation

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

$2,062,422,210

Unrealized

depreciation

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

(240,503,955)

Net

unrealized

appreciation

(depreciation)

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

$1,821,918,255

4.

Income

Taxes

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

(unaudited)

26

franklintempleton.com

Semiannual

Report

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of February

29,

2024,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

9.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

Growth

Fund,

Inc.

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

$

—

$

203,056,288

$

—

$

203,056,288

China

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

—

100,638,791

—

100,638,791

France

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

—

439,296,811

—

439,296,811

Germany

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

—

422,423,300

—

422,423,300

India

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

—

173,479,814

—

173,479,814

Japan

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

—

617,952,679

—

617,952,679

Netherlands

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

—

111,445,707

—

111,445,707

South

Korea

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

—

231,577,515

—

231,577,515

Switzerland

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

—

70,041,570

—

70,041,570

Taiwan

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

170,677,924

—

—

170,677,924

United

Kingdom

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

—

1,255,434,585

—

1,255,434,585

United

States

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

4,318,374,128

139,441,991

—

4,457,816,119

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

—

393,700,000

—

393,700,000

Total

Investments

in

Securities

...........

$4,489,052,052

$4,158,489,051

b

$—

$8,647,541,103

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$3,764,789,051,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Selected

Portfolio

ADR

American

Depositary

Receipt

8.

Fair

Value

Measurements

(continued)

Templeton

Growth

Fund,

Inc.

Shareholder

Information

27

franklintempleton.com

Semiannual

Report

Board

Approval

of

Investment

Management

Agreements

TEMPLETON

GROWTH

FUND,

INC.

(Fund)

At

an

in-person

meeting

held

on

February

26,

2024

(Meeting),

the

Board

of

Trustees

(Board)

of

the

Fund,

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940)

(Independent

Trustees),

reviewed

and

approved

a

new

investment

sub-advisory

agreement

between

Templeton

Global

Advisors

Limited

(Manager),

the

Fund’s

investment

manager,

and

Templeton

Asset

Management

Ltd.

(Sub-

Adviser),

an

affiliate

of

the

Manager,

on

behalf

of

the

Fund

(Sub-Advisory

Agreement),

for

an

initial

two-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

Sub-Advisory

Agreement.

The

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

with

respect

to

the

Sub-Advisory

Agreement.

The

Board

also

reviewed

and

considered

the

factors

it

deemed

relevant

in

approving

the

Sub-Advisory

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent,

and

quality

of

the

services

to

be

provided

by

the

Sub-Adviser;

and

(ii)

the

costs

of

the

services

to

be

provided

by

the

Sub-Adviser.

The

Board

further

reviewed

and

considered

information

provided

by

management

showing

the

expected

impact

of

hiring

the

Sub-Adviser

on

the

Manager’s

profitability

consistent

with

the

Order

(as

defined

below).

The

Board

also

considered

that

management

proposed

that

the

Board

approve

the

Sub-Advisory

Agreement

in

order

to

facilitate

portfolio

management

team

changes,

effective

March

31,

2024.

The

Board

reviewed

and

further

considered

the

form

of

Sub-Advisory

Agreement

and

the

terms

of

the

Sub-Advisory

Agreement,

which

were

discussed

at

the

Meeting,

noting

that

the

terms

and

conditions

of

the

Sub-Advisory

Agreement

were

identical

(except

with

respect

to

the

sub-advisory

fee)

to

the

terms

and

conditions

of

sub-advisory

agreements

for

other

Franklin

Templeton

(FT)

mutual

funds.

In

approving

the

Sub-Advisory

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

hiring

of

the

Sub-Adviser

is

in

the

best

interests

of

the

Fund

and

its

shareholders

and

does

not

involve

a

conflict

of

interest

from

which

the

Manager

or

Sub-Adviser

derives

an

inappropriate

advantage.

The

Board

also

determined

that

the

terms

of

the

Sub-Advisory

Agreement

are

fair

and

reasonable.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

to

be

provided

by

the

Sub-Adviser

and

currently

being

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

In

doing

so,

the

Board

noted

that

the

Fund

employs

a

“manager

of

managers”

structure

pursuant

to

an

exemptive

order

(Order)

granted

to

the

Manager

by

the

U.S.

Securities

and

Exchange

Commission,

whereby

the

Manager

and

the

Fund

may,

without

shareholder

approval,

enter

into

sub-advisory

agreements

with

sub-advisers

that

are

indirect

or

direct

wholly

owned

subsidiaries

of

Franklin

Resources,

Inc.

(FRI).

In

particular,

with

respect

to

the

Sub-Adviser,

the

Board

took

into

account

that

the

new

portfolio

manager

proposed

to

serve

as

a

portfolio

manager

for

the

Fund

is

an

employee

of

the

Sub-Adviser.

The

Board

reviewed

and

considered

information

regarding

the

nature,

quality

and

extent

of

investment

sub-advisory

services

to

be

provided

by

the

Sub-Adviser

to

the

Fund

and

its

shareholders

under

the

Sub-Advisory

Agreement;

the

Sub-Adviser’s

experience

as

a

manager

of

other

funds

and

accounts,

including

those

within

the

FT

organization;

the

personnel,

operations,

financial

condition,

and

investment

management

capabilities,

methodologies

and

resources

of

the

Sub-Adviser

and

the

Sub-Adviser’s

capabilities,

as

demonstrated

by,

among

other

things,

its

policies

and

procedures

reasonably

designed

to

prevent

violations

of

the

federal

securities

laws.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

FRI,

the

parent

of

the

Manager

and

the

Sub-

Adviser,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

reassessment

of

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Fund

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

technological

innovation

and

advancement

and

investments

to

promote

alternative

investing.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

to

be

provided

by

the

Sub-Adviser

to

the

Fund

and

its

shareholders.

Templeton

Growth

Fund,

Inc.

Shareholder

Information

28

franklintempleton.com

Semiannual

Report

Fund

Performance

The

Board

noted

its

review

and

consideration

of

and

conclusions

made

regarding

the

performance

results

of

the

Fund

in

connection

with

the

2023

annual

contract

renewals

(“Annual

Contract

Renewal”)

of

the

Fund’s

investment

management

agreement

and

at

regular

Board

meetings

throughout

the

year.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

the

investment

sub-advisory

fee

to

be

charged

by

the

Sub-

Adviser.

The

Board

noted

that

the

addition

of

the

Sub-

Adviser

will

have

no

impact

on

the

amount

of

management

fees

that

are

currently

paid

by

the

Fund

as

the

Sub-Adviser

will

be

paid

by

the

Manager

out

of

the

management

fee

that

the

Manager

receives

from

the

Fund.

The

Board

further

noted

that

the

allocation

of

the

fee

between

the

Manager

and

the

Sub-Adviser

reflected

the

services

to

be

provided

by

the

Sub-Adviser.

The

Board

concluded

that

the

proposed

investment

sub-advisory

fee

to

be

paid

to

the

Sub-Adviser

is

reasonable.

Management

Profitability

and

Economies

of

Scale

The

Board

noted

management’s

belief

that

the

Manager’s

profitability

is

not

expected

to

materially

change

as

a

result

of

the

addition

of

the

Sub-Adviser.

The

Board

determined

that

its

conclusions

regarding

profitability

and

economies

of

scale

reached

in

connection

with

the

Annual

Contract

Renewal

of

the

investment

management

agreement

with

the

Manager

had

not

changed

as

a

result

of

the

proposal

to

approve

the

Sub-Advisory

Agreement.

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

Sub-Advisory

Agreement

for

an

initial

two-year

period.

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Schedule

of

Investments

The

Fund

files

a

complete

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

as

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)632-

2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

101

S

04/24

©

2024

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

Templeton

Growth

Fund,

Inc.

Investment

Manager

Distributor

Shareholder

Services

Templeton

Global

Advisors

Limited

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics. 

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial experts are Ann Torre Bates andDavid W. Niemiec and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4.

Principal Accountant Fees and Services.                   N/A

Item 5. Audit Committee

of Listed Registrants.

                    N/A

Item 6. Schedule of Investments.

                                  N/A

Item 7

. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.                                 N/A

Item 8. Portfolio Managers of Closed-End Management Investment Companies.  N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.  N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Directors that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b)

 Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                       N/A

Item 13. Recovery of Erroneously Awarded Compensation.

(a) N/A

(b) N/A

Item 14. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

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

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

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer

section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TEMPLETON GROWTH FUND, INC.

By S\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  April 29, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  April 29, 2024

By S\JEFFREY WHITE______________________

      Jeffrey White

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  April 29, 2024