UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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)

500 EAST BROWARD BLVD., FORT LAUDERDALE, FL 33394-3091
--------------------------------------------------------
(Address of principal executive offices) (Zip code)

CRAIG S. TYLE, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906
-------------------------------------------------------------
(Name and address of agent for service)

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

Date of fiscal year end: 8/31
----

Date of reporting period: 2/28/06
-------

ITEM 1. REPORTS TO STOCKHOLDERS

[GRAPHIC OMITTED]

FEBRUARY 28, 2006

- --------------------------------------------------------------------------------
SEMI ANNUAL REPORT AND SHAREHOLDER LETTER | GLOBAL
- --------------------------------------------------------------------------------
WANT TO RECEIVE
[GRAPHIC OMITTED] THIS DOCUMENT
FASTER VIA EMAIL?
TEMPLETON GROWTH FUND, INC. Eligible shareholders can
sign up for eDelivery at
franklintempleton.com.
See inside for details.
- --------------------------------------------------------------------------------

[LOGO](R)
FRANKLIN TEMPLETON
INVESTMENTS

Franklin o TEMPLETON o Mutual Series

Franklin Templeton Investments

GAIN FROM OUR PERSPECTIVE(R)

Franklin Templeton's distinct multi-manager
structure combines the specialized expertise of
three world-class investment management groups--
Franklin, Templeton and Mutual Series.

SPECIALIZED EXPERTISE Each of our portfolio management groups operates
autonomously, relying on its own research and
staying true to the unique investment disciplines
that underlie its success.

FRANKLIN. Founded in 1947, Franklin is a
recognized leader in fixed income investing and
also brings expertise in growth- and value-style
U.S. equity investing.

TEMPLETON. Founded in 1940, Templeton pioneered
international investing and, in 1954, launched
what has become the industry's oldest global fund.
Today, with offices in over 25 countries,
Templeton offers investors a truly global
perspective.

MUTUAL SERIES. Founded in 1949, Mutual Series is
dedicated to a unique style of value investing,
searching aggressively for opportunity among what
it believes are undervalued stocks, as well as
arbitrage situations and distressed securities.

TRUE DIVERSIFICATION Because our management groups work independently
and adhere to different investment approaches,
Franklin, Templeton and Mutual Series funds
typically have distinct portfolios. That's why our
funds can be used to build truly diversified
allocation plans covering every major asset class.

RELIABILITY YOU CAN TRUST At Franklin Templeton Investments, we seek to
consistently provide investors with exceptional
risk-adjusted returns over the long term, as well
as the reliable, accurate and personal service
that has helped us become one of the most trusted
names in financial services.

- --------------------------------------------------------------------------------
MUTUAL FUNDS | RETIREMENT PLANS | 529 COLLEGE SAVINGS PLANS | SEPARATE ACCOUNTS
- --------------------------------------------------------------------------------

[GRAPHIC OMITTED]

Not part of the semiannual report

Contents

SHAREHOLDER LETTER ........................................................ 1

SEMIANNUAL REPORT

Templeton Growth Fund, Inc. ............................................... 4

Performance Summary ....................................................... 9

Your Fund's Expenses ...................................................... 13

Financial Highlights and Statement of Investments ......................... 15

Financial Statements ...................................................... 25

Notes to Financial Statements ............................................. 29

Shareholder Information ................................................... 38

- --------------------------------------------------------------------------------

Semiannual Report

Templeton Growth Fund, Inc.

YOUR FUND'S GOAL AND MAIN INVESTMENTS: Templeton Growth 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
emerging markets.

- --------------------------------------------------------------------------------
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. PLEASE VISIT FRANKLINTEMPLETON.COM OR CALL 1-800/342-5236 FOR
MOST RECENT MONTH-END PERFORMANCE.
- --------------------------------------------------------------------------------

This semiannual report for Templeton Growth Fund covers the period ended
February 28, 2006.

PERFORMANCE OVERVIEW

Templeton Growth Fund - Class A posted a +7.82% cumulative total return for the
six months under review. The Fund underperformed its benchmark, the Morgan
Stanley Capital International (MSCI) World Index, which posted a +10.50% total
return for the same period. 1 Please note that index performance information is
provided for reference and that we do not attempt to track the index, but rather
undertake investments on the basis of fundamental research. In line with our
long-term investment strategy, we are pleased with our long-term results. For
the 10-year period ended February 28, 2006, Templeton Growth Fund - Class A
delivered a +176.96% cumulative total return, compared with the MSCI World
Index's +109.42% cumulative total return for the same period. 1 You can find
more performance data in the Performance Summary beginning on page 9.

ECONOMIC AND MARKET OVERVIEW

The global economy overcame fears of derailment generated by higher energy costs
and advanced at a fair pace over the six-month period ended February 28, 2006.
In the fourth quarter of 2005, gross domestic product grew at annualized rates
of 5.5% in Japan, 1.6% in the U.S. and 1.2% in the euro zone. 2 Based on more
recent economic indicators, the economic expansion probably accelerated in the
first two months of this year.

1. Source: Standard & Poor's Micropal. The MSCI World Index is a free
float-adjusted, market capitalization-weighted index designed to measure equity
market performance in global developed markets. The index is unmanaged and
includes reinvested dividends. One cannot invest directly in an index, nor is an
index representative of the Fund's portfolio.

2. Sources: Economic and Social Research Institute (Japan); U.S. Bureau of
Economic Analysis; Eurostat.

THE DOLLAR VALUE, NUMBER OF SHARES OR PRINCIPAL AMOUNT, AND NAMES OF ALL
PORTFOLIO HOLDINGS ARE LISTED IN THE FUND'S STATEMENT OF INVESTMENTS (SOI). THE
SOI BEGINS ON PAGE 20.

4 | Semiannual Report

Excluding the volatile energy and food sectors, inflation was relatively subdued
worldwide and monetary policy remained fairly accommodative. The U.S. Federal
Reserve Board raised the short-term federal funds target rate in four
quarter-point increments, bringing it to 4.50%. The European Central Bank (ECB)
made one increase that brought short-term rates to 2.25%, after keeping rates at
historically low levels for more than two and a half years. Even after these
increases, both rates remained at levels considered supportive of further
economic growth.

Strong demand for oil sustained high prices during most of the reporting period,
while prices for other commodities such as industrial metals were also high, led
by copper, whose contract price rose 29% over the six-month period. 3 This
contributed to economic growth in countries such as Australia and Canada, and
emerging markets in Asia and Latin America that are tied to mining and
industrial commodities.

In this environment, global equity markets performed strongly, particularly
outside the U.S. The six-month total return for the MSCI Europe, Australasia,
Far East (EAFE) Index was +15.23%, calculated in U.S. dollars. 4 By comparison
the total return for the MSCI USA Index was +6.20%. 5 The performance of
non-U.S. equity markets would have been stronger had the dollar not appreciated
in value versus other major currencies. For the reporting period, the dollar
rose against the British pound (+2.70%), the euro (+3.16%), the yen (+4.22%) and
the Swiss franc (+4.22%). 6 However, the dollar declined versus some other
currencies. For example, the dollar fell against the Brazilian real (-9.72%),
the South Korean won (-6.68%), the Canadian dollar (-4.22%) and the Mexican peso
(-3.27%). 6

In terms of global sector performance, as measured by the MSCI World Index,
materials and financial stocks provided the strongest total returns, while
energy and consumer staples provided the lowest positive returns. The
telecommunication services sector was the only sector that had negative returns
for the period.

3. Source: New York Mercantile Exchange.

4. Source: Standard & Poor's Micropal. The MSCI EAFE Index is a free
float-adjusted, market capitalization-weighted index designed to measure equity
market performance in global developed markets excluding the U.S. and Canada.

5. Source: Standard & Poor's Micropal. The MSCI USA Index is a free
float-adjusted, market capitalization-weighted index designed to measure equity
market performance in the U.S.

6. Source: IDC/ExShare via FactSet Research Systems.

GEOGRAPHIC BREAKDOWN
Based on Total Net Assets as of 2/28/06

[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR GRAPH IN THE PRINTED MATERIAL]

Europe 40.5%
North America 32.5%
Asia 15.6%
Latin America 0.8%
Middle East & Africa 0.6%
Australia & New Zealand 0.4%
Short-Term Investments & Other Net Assets 9.6%

Semiannual Report | 5

TOP 10 COUNTRIES
Based on Equity Securities
2/28/06

- --------------------------------------------------------------------------------
% OF TOTAL
NET ASSETS
U.S. 29.4%
- --------------------------------------------------------------------------------
U.K. 15.6%
- --------------------------------------------------------------------------------
Japan 10.1%
- --------------------------------------------------------------------------------
Germany 5.5%
- --------------------------------------------------------------------------------
Netherlands 5.2%
- --------------------------------------------------------------------------------
Switzerland 4.9%
- --------------------------------------------------------------------------------
France 3.8%
- --------------------------------------------------------------------------------
South Korea 3.6%
- --------------------------------------------------------------------------------
Bermuda 2.0%
- --------------------------------------------------------------------------------
Hong Kong 2.0%
- --------------------------------------------------------------------------------

INVESTMENT STRATEGY

Our investment strategy employs a bottom-up, value-oriented, long-term approach.
We focus on the market price of a company's securities relative to our
evaluation of the company's long-term earnings, asset value and cash flow
potential. As we look worldwide, we consider specific companies, rather than
sectors or countries, while doing in-depth research to construct a bargain list
from which we buy. Before we make a purchase, we look at the company's potential
for earnings and growth over a five-year horizon.

MANAGER'S DISCUSSION

Our bottom-up investment strategy frequently results in a portfolio that has a
very different geographic and industry mix than that of the Fund's benchmark,
the MSCI World Index. The Fund's exposure to South Korea, not represented in the
benchmark, helped performance, as did stock selection in and overweighted
exposure to Germany. Of the top 10 individual holdings that benefited
performance, 5 were from Japan. In particular, Japanese bank Mitsubishi UFJ
Financial Group and digital camera and medical products company Olympus
significantly outperformed the MSCI World Index for the period. Stock selection
in the computers and peripherals sector boosted performance relative to the
index, notably Seagate Technology, which appreciated in value 61%.

Despite the Fund's positive return, there were several detractors from
performance relative to the benchmark index. For example, the Fund's
overweighting and stock selection in the U.K. hindered performance. U.K.-based
Vodafone Group delivered lower-than-expected earnings and announced lowered
earnings forecasts. In addition, stock selection in the U.S. and France hurt
relative performance. In France, a recent investment in France Telecom declined
in value as short-term earnings expectations were revised downward.

During the six months under review, the Fund invested in a range of new
positions, as well as added to several existing holdings. U.S. exposure
increased and ended the period at 29.4% of total net assets, up from a
relatively low 24.6% at the beginning of the period. New U.S. holdings included
positions in Microsoft and Tyco International. Microsoft has a strong cash
generating business with its Windows(R) and Office(R) products. The company had
excess cash on its balance sheet, which was being returned to shareholders
through share buybacks and dividends. Industrial conglomerate Tyco announced a
plan to split into three constituent parts -- electronics, health care, and fire

6 | Semiannual Report

and security. Elsewhere in the U.S., we added cable operator Comcast to the
portfolio. Consistent with our investment strategy, we sought to take advantage
of widespread pessimism regarding the cable industry's long-term outlook, and
bought shares of a company with attractive growth prospects and a strong cash
position. Elsewhere in the media sector, we added to holdings in satellite
operator DIRECTV Group, advertising agency Interpublic Group of Cos., and media
conglomerate News Corp. We also initiated a position in Time Warner, a leading
global media and entertainment company. The global media industry has
significantly underperformed the overall MSCI World Index in the past five
years. Largely as a result, we found what we believed were a number of
attractive opportunities to apply our investment strategy and invest during
times of pessimism.

Outside the U.S., we initiated positions in HSBC Holdings and Peugeot.
U.K.-based HSBC is a globally diversified bank with particular strengths in
consumer finance. The company had what we believed were a strong balance sheet,
a high return on equity (a measure of profitability) and an attractive dividend
yield. Peugeot, a leading French automotive manufacturer, had a relatively young
model range and strong balance sheet, and it conducted a share buyback program.
The Fund increased its weighting in German automotive manufacturer Bayerische
Motoren Werke (BMW), which shares many of Peugeot's attributes. On the other
hand, we sold our position in Volkswagen on news that Porsche was taking a 20%
stake in the company.

We also sold holdings in some other industries. We sold most of our position in
Noble Corp., a U.S. oil services company, following price appreciation during
the period largely due to high oil prices. The company enjoyed rising daily use
rates for its fleet of drilling rigs, but in our assessment traded at a
relatively expensive valuation. The Fund also sold the remainder of its Cadbury
Schweppes position, a U.K.-based confectioner. The company experienced stock
price appreciation the past few years largely due to the successful integration
of gum manufacturer Halls.

It is also important to recognize the effect of currency movements on the Fund's
performance. For the six months ended February 28, 2006, the U.S. dollar
appreciated in value relative to most non-U.S. currencies. In general, if the
value of the U.S. dollar goes up compared with a foreign currency, an investment
traded in that foreign currency will go down in value because it will be worth
fewer U.S. dollars. This can have a negative effect on Fund performance.
Conversely, when the U.S. dollar weakens in relation to a foreign currency, an
investment traded in that foreign currency will increase in value,

TOP 10 EQUITY HOLDINGS
2/28/06

- --------------------------------------------------------------------------------
COMPANY % OF TOTAL
SECTOR/INDUSTRY, COUNTRY NET ASSETS
- --------------------------------------------------------------------------------
Tyco International Ltd. 2.2%
INDUSTRIAL CONGLOMERATES, U.S.
- --------------------------------------------------------------------------------
News Corp., A 2.0%
MEDIA, U.S.
- --------------------------------------------------------------------------------
Royal Bank of Scotland Group PLC 1.9%
COMMERCIAL BANKS, U.K.
- --------------------------------------------------------------------------------
Siemens AG 1.9%
INDUSTRIAL CONGLOMERATES, GERMANY
- --------------------------------------------------------------------------------
Merck & Co. Inc. 1.8%
PHARMACEUTICALS, U.S.
- --------------------------------------------------------------------------------
Royal Dutch Shell PLC, B, ord. & ADR 1.7%
OIL, GAS & CONSUMABLE FUELS, U.K.
- --------------------------------------------------------------------------------
GlaxoSmithKline PLC 1.7%
PHARMACEUTICALS, U.K.
- --------------------------------------------------------------------------------
Pfizer Inc. 1.6%
PHARMACEUTICALS, U.S.
- --------------------------------------------------------------------------------
Nestle SA 1.6%
FOOD PRODUCTS, SWITZERLAND
- --------------------------------------------------------------------------------
Bayerische Motoren Werke AG 1.6%
AUTOMOBILES, GERMANY
- --------------------------------------------------------------------------------

Semiannual Report | 7

which can contribute to Fund performance. The Fund's performance was negatively
affected by the portfolio's primary investment in securities with non-U.S.
currency exposure due to the U.S. dollar's increase in value during the period.

Thank you for investing in Templeton Growth Fund. We welcome your comments and
look forward to serving your future investment needs.

[PHOTO OMITTED] /s/ Murdo Murchison

Murdo Murchison, CFA
Portfolio Manager
Templeton Growth Fund, Inc.

THE FOREGOING INFORMATION REFLECTS OUR ANALYSIS, OPINIONS AND PORTFOLIO HOLDINGS
AS OF FEBRUARY 28, 2006, THE END OF THE REPORTING PERIOD. THE WAY WE IMPLEMENT
OUR MAIN INVESTMENT STRATEGIES AND THE RESULTING PORTFOLIO HOLDINGS MAY CHANGE
DEPENDING ON FACTORS SUCH AS MARKET AND ECONOMIC CONDITIONS. THESE OPINIONS MAY
NOT BE RELIED UPON AS INVESTMENT ADVICE OR AN OFFER FOR A PARTICULAR SECURITY.
THE INFORMATION IS NOT A COMPLETE ANALYSIS OF EVERY ASPECT OF ANY MARKET,
COUNTRY, INDUSTRY, SECURITY OR THE FUND. STATEMENTS OF FACT ARE FROM SOURCES
CONSIDERED RELIABLE, BUT THE INVESTMENT MANAGER MAKES NO REPRESENTATION OR
WARRANTY AS TO THEIR COMPLETENESS OR ACCURACY. ALTHOUGH HISTORICAL PERFORMANCE
IS NO GUARANTEE OF FUTURE RESULTS, THESE INSIGHTS MAY HELP YOU UNDERSTAND OUR
INVESTMENT MANAGEMENT PHILOSOPHY.

8 | Semiannual Report

Performance Summary as of 2/28/06

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. 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.

PRICE AND DISTRIBUTION INFORMATION

- --------------------------------------------------------------------------------
CLASS A (SYMBOL: TEPLX) CHANGE 2/28/06 8/31/05
- --------------------------------------------------------------------------------
Net Asset Value (NAV) -$0.05 $23.81 $23.86
- --------------------------------------------------------------------------------
DISTRIBUTIONS (9/1/05-2/28/06)
- --------------------------------------------------------------------------------
Dividend Income $0.4109
- --------------------------------------------------------------------------------
Short-Term Capital Gain $0.0712
- --------------------------------------------------------------------------------
Long-Term Capital Gain $1.2482
- --------------------------------------------------------------------------------
TOTAL $1.7303
- --------------------------------------------------------------------------------
CLASS B (SYMBOL: TMGBX) CHANGE 2/28/06 8/31/05
- --------------------------------------------------------------------------------
Net Asset Value (NAV) +$0.02 $23.39 $23.37
- --------------------------------------------------------------------------------
DISTRIBUTIONS (9/1/05-2/28/06)
- --------------------------------------------------------------------------------
Dividend Income $0.2368
- --------------------------------------------------------------------------------
Short-Term Capital Gain $0.0712
- --------------------------------------------------------------------------------
Long-Term Capital Gain $1.2482
- --------------------------------------------------------------------------------
TOTAL $1.5562
- --------------------------------------------------------------------------------
CLASS C (SYMBOL: TEGTX) CHANGE 2/28/06 8/31/05
- --------------------------------------------------------------------------------
Net Asset Value (NAV) -$0.01 $23.27 $23.28
- --------------------------------------------------------------------------------
DISTRIBUTIONS (9/1/05-2/28/06)
- --------------------------------------------------------------------------------
Dividend Income $0.2529
- --------------------------------------------------------------------------------
Short-Term Capital Gain $0.0712
- --------------------------------------------------------------------------------
Long-Term Capital Gain $1.2482
- --------------------------------------------------------------------------------
TOTAL $1.5723
- --------------------------------------------------------------------------------
CLASS R (SYMBOL: TEGRX) CHANGE 2/28/06 8/31/05
- --------------------------------------------------------------------------------
Net Asset Value (NAV) -$0.06 $23.62 $23.68
- --------------------------------------------------------------------------------
DISTRIBUTIONS (9/1/05-2/28/06)
- --------------------------------------------------------------------------------
Dividend Income $0.3732
- --------------------------------------------------------------------------------
Short-Term Capital Gain $0.0712
- --------------------------------------------------------------------------------
Long-Term Capital Gain $1.2482
- --------------------------------------------------------------------------------
TOTAL $1.6926
- --------------------------------------------------------------------------------

Semiannual Report | 9

Performance Summary (CONTINUED)

PRICE AND DISTRIBUTION INFORMATION (CONTINUED)

- --------------------------------------------------------------------------------
ADVISOR CLASS (SYMBOL: TGADX) CHANGE 2/28/06 8/31/05
- --------------------------------------------------------------------------------
Net Asset Value (NAV) -$0.07 $23.83 $23.90
- --------------------------------------------------------------------------------
DISTRIBUTIONS (9/1/05-2/28/06)
- --------------------------------------------------------------------------------
Dividend Income $0.4665
- --------------------------------------------------------------------------------
Short-Term Capital Gain $0.0712
- --------------------------------------------------------------------------------
Long-Term Capital Gain $1.2482
- --------------------------------------------------------------------------------
TOTAL $1.7859
- --------------------------------------------------------------------------------

10 | Semiannual Report

Performance Summary (CONTINUED)

PERFORMANCE

CLASS A: 5.75% MAXIMUM INITIAL SALES CHARGE; CLASS B: CONTINGENT DEFERRED SALES
CHARGE (CDSC) DECLINING FROM 4% TO 1% OVER SIX YEARS, AND ELIMINATED THEREAFTER;
CLASS C: 1% CDSC IN FIRST YEAR ONLY; CLASS R: 1% CDSC FOR FIRST 18 MONTHS ONLY.
CUMULATIVE TOTAL RETURN EXCLUDES SALES CHARGES. AVERAGE ANNUAL TOTAL RETURNS AND
VALUE OF $10,000 INVESTMENT INCLUDE MAXIMUM SALES CHARGES.

- -----------------------------------------------------------------------------------------------------------
CLASS A 6-MONTH 1-YEAR 5-YEAR 10-YEAR
- -----------------------------------------------------------------------------------------------------------

Cumulative Total Return 1 +7.82% +10.18% +58.79% +176.96%
- -----------------------------------------------------------------------------------------------------------
Average Annual Total Return 2 +1.64% +3.85% +8.40% + 10.07%
- -----------------------------------------------------------------------------------------------------------
Value of $10,000 Investment 3 $10,164 $10,385 $14,968 $26,104
- -----------------------------------------------------------------------------------------------------------
Avg. Ann. Total Return (3/31/06) 4 +7.25% +9.81% + 10.13%
- -----------------------------------------------------------------------------------------------------------

CLASS B 6-MONTH 1-YEAR 5-YEAR INCEPTION (1/1/99)
- -----------------------------------------------------------------------------------------------------------

Cumulative Total Return 1 +7.41% +9.38% +52.99% +99.73%
- -----------------------------------------------------------------------------------------------------------
Average Annual Total Return 2 +3.41% +5.38% +8.59% +10.14%
- -----------------------------------------------------------------------------------------------------------
Value of $10,000 Investment 3 $10,341 $10,538 $15,099 $19,973
- -----------------------------------------------------------------------------------------------------------
Avg. Ann. Total Return (3/31/06) 4 +8.98% +10.02% +10.26%
- -----------------------------------------------------------------------------------------------------------

CLASS C 6-MONTH 1-YEAR 5-YEAR 10-YEAR
- -----------------------------------------------------------------------------------------------------------

Cumulative Total Return 1 +7.43% +9.36% +52.97% +156.82%
- -----------------------------------------------------------------------------------------------------------
Average Annual Total Return 2 +6.43% +8.36% +8.87% +9.89%
- -----------------------------------------------------------------------------------------------------------
Value of $10,000 Investment 3 $10,643 $10,836 $15,297 $25,682
- -----------------------------------------------------------------------------------------------------------
Avg. Ann. Total Return (3/31/06) 4 +11.98% +10.28% +9.95%
- -----------------------------------------------------------------------------------------------------------

CLASS R 6-MONTH 1-YEAR 3-YEAR INCEPTION (1/1/02)
- -----------------------------------------------------------------------------------------------------------

Cumulative Total Return 1 +7.66% +9.89% +82.89% +55.70%
- -----------------------------------------------------------------------------------------------------------
Average Annual Total Return 2 +6.66% +8.89% +22.29% +11.24%
- -----------------------------------------------------------------------------------------------------------
Value of $10,000 Investment 3 $10,666 $10,889 $18,289 $15,570
- -----------------------------------------------------------------------------------------------------------
Avg. Ann. Total Return (3/31/06) 4 +12.51% +23.95% +11.44%
- -----------------------------------------------------------------------------------------------------------

ADVISOR CLASS 5 6-MONTH 1-YEAR 5-YEAR 10-YEAR
- -----------------------------------------------------------------------------------------------------------

Cumulative Total Return 1 +7.99% + 10.48% +60.80% +185.89%
- -----------------------------------------------------------------------------------------------------------
Average Annual Total Return 2 +7.99% + 10.48% +9.97% +11.08%
- -----------------------------------------------------------------------------------------------------------
Value of $10,000 Investment 3 $10,799 $11,048 $16,080 $28,589
- -----------------------------------------------------------------------------------------------------------
Avg. Ann. Total Return (3/31/06) 4 +14.10% +11.39% +11.14%
- -----------------------------------------------------------------------------------------------------------

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, SEE "FUNDS AND PERFORMANCE" AT
FRANKLINTEMPLETON.COM OR CALL 1-800/342-5236.

Semiannual Report | 11

Performance Summary (CONTINUED)

ENDNOTES

SPECIAL RISKS ARE ASSOCIATED WITH FOREIGN INVESTING, INCLUDING CURRENCY
FLUCTUATIONS, ECONOMIC INSTABILITY AND POLITICAL DEVELOPMENTS.

INVESTMENTS IN DEVELOPING MARKETS INVOLVE HEIGHTENED RISKS RELATED TO THE SAME
FACTORS, IN ADDITION TO THOSE ASSOCIATED WITH THESE MARKETS' SMALLER SIZE AND
LESSER LIQUIDITY. THE FUND'S PROSPECTUS ALSO INCLUDES A DESCRIPTION OF THE MAIN
INVESTMENT RISKS.

CLASS B: These shares have higher annual fees and expenses than Class A
shares.

CLASS C: Prior to 1/1/04, these shares were offered with an initial
sales charge; thus actual total returns would have differed.
These shares have higher annual fees and expenses than Class A
shares.

CLASS R: Shares are available to certain eligible investors as
described in the prospectus. These shares have higher annual
fees and expenses than Class A shares.

ADVISOR CLASS: Shares are available to certain eligible investors as
described in the prospectus.

1. Cumulative total return represents the change in value of an investment over
the periods indicated and does not include a sales charge.

2. Average annual total return represents the average annual change in value of
an investment over the periods indicated and includes any current, applicable,
maximum sales charge. Six-month return has not been annualized.

3. These figures represent the value of a hypothetical $10,000 investment in the
Fund over the periods indicated and include any current, applicable, maximum
sales charge.

4. In accordance with SEC rules, we provide standardized average annual total
return information through the latest calendar quarter.

5. Effective 1/2/97, the Fund began offering Advisor Class shares, which do not
have sales charges or a Rule 12b-1 plan. Performance quotations for this class
reflect the following methods of calculation: (a) For periods prior to 1/2/97, a
restated figure is used based upon the Fund's Class A performance, excluding the
effect of Class A's maximum initial sales charge, but reflecting the effect of
the Class A Rule 12b-1 fees; and (b) for periods after 1/1/97, actual Advisor
Class performance is used reflecting all charges and fees applicable to that
class. Since 1/2/97 (commencement of sales), the cumulative and average annual
total returns of Advisor Class shares were +146.45% and +10.35%.

12 | Semiannual Report

Your Fund's Expenses

As a Fund shareholder, you can incur two types of costs:

o Transaction costs, including sales charges (loads) on Fund purchases and
redemption fees; and

o 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 following table 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 first line (Actual) for each share class listed in the table below provides
actual account values and expenses. The "Ending Account Value" is derived from
the Fund's actual return, which includes the effect of Fund expenses.

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:

1. Divide your account value by $1,000.

IF AN ACCOUNT HAD AN $8,600 VALUE, THEN $8,600 / $1,000 = 8.6.

2. Multiply the result by the number under the heading "Expenses Paid During
Period."

IF EXPENSES PAID DURING PERIOD WERE $7.50, THEN 8.6 x $7.50 = $64.50.

In this illustration, the estimated expenses paid this period are $64.50.

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER FUNDS

Information in the second line (Hypothetical) for each class in the table can
help you compare ongoing costs of investing in the Fund with those of other
mutual funds. This information may not be used to estimate the actual ending
account balance or expenses you paid during the period. The hypothetical "Ending
Account Value" is based on the actual expense ratio for each class and an
assumed 5% annual rate of return before expenses, which does not represent the
Fund's actual return. The figure under the heading "Expenses Paid During Period"
shows the hypothetical expenses your account would have incurred under this
scenario. You can compare this figure with the 5% hypothetical examples that
appear in shareholder reports of other funds.

Semiannual Report | 13

Your Fund's Expenses (CONTINUED)

PLEASE NOTE THAT EXPENSES SHOWN IN THE TABLE ARE MEANT TO HIGHLIGHT ONGOING
COSTS AND DO NOT REFLECT ANY TRANSACTION COSTS, SUCH AS SALES CHARGES OR
REDEMPTION FEES. Therefore, the second line for each class is useful in
comparing ongoing costs only, and will not help you compare total costs of
owning different funds. In addition, if transaction costs were included, your
total costs would have been higher. Please refer to the Fund prospectus for
additional information on operating expenses.

- -----------------------------------------------------------------------------------------------------------------
BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
CLASS A VALUE 9/1/05 VALUE 2/28/06 PERIOD* 9/1/05-2/28/06
- -----------------------------------------------------------------------------------------------------------------

Actual $1,000 $1,078.20 $5.41
- -----------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000 $1,019.59 $5.26
- -----------------------------------------------------------------------------------------------------------------
CLASS B
- -----------------------------------------------------------------------------------------------------------------
Actual $1,000 $1,074.10 $9.21
- -----------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000 $1,015.92 $8.95
- -----------------------------------------------------------------------------------------------------------------
CLASS C
- -----------------------------------------------------------------------------------------------------------------
Actual $1,000 $1,074.30 $9.21
- -----------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000 $1,015.92 $8.95
- -----------------------------------------------------------------------------------------------------------------
CLASS R
- -----------------------------------------------------------------------------------------------------------------
Actual $1,000 $1,076.60 $6.74
- -----------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000 $1,018.30 $6.56
- -----------------------------------------------------------------------------------------------------------------
ADVISOR CLASS
- -----------------------------------------------------------------------------------------------------------------
Actual $1,000 $1,079.90 $4.13
- -----------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000 $1,020.83 $4.01
- -----------------------------------------------------------------------------------------------------------------

* Expenses are equal to the annualized expense ratio for each class (A: 1.05%;
B: 1.79%; C: 1.79%; R: 1.31%; and Advisor: 0.80%), multiplied by the average
account value over the period, multiplied by 181/365 to reflect the one-half
year period.

14 | Semiannual Report

Templeton Growth Fund, Inc.

FINANCIAL HIGHLIGHTS

-------------------------------------------------------------------------------------------
SIX MONTHS ENDED
FEBRUARY 28, 2006 YEAR ENDED AUGUST 31,
CLASS A (UNAUDITED) 2005 2004 2003 2002 2001
-------------------------------------------------------------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout
the period)
Net asset value, beginning of
period ............................. $ 23.86 $ 21.03 $ 18.54 $ 17.10 $ 18.11 $ 19.67
-------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income a ............ 0.10 0.36 0.36 0.34 0.33 0.39
Net realized and unrealized
gains (losses) .................... 1.58 3.66 2.58 1.46 (0.88) (0.16)
-------------------------------------------------------------------------------------------
Total from investment operations .... 1.68 4.02 2.94 1.80 (0.55) 0.23
-------------------------------------------------------------------------------------------
Less distributions from:
Net investment income .............. (0.41) (0.41) (0.45) (0.36) (0.40) (0.37)
Net realized gains ................. (1.32) (0.78) -- -- (0.06) (1.42)
-------------------------------------------------------------------------------------------
Total distributions ................. (1.73) (1.19) (0.45) (0.36) (0.46) (1.79)
-------------------------------------------------------------------------------------------
Redemption fees ..................... -- c -- c -- c -- c -- --
-------------------------------------------------------------------------------------------
Net asset value, end of period ...... $ 23.81 $ 23.86 $ 21.03 $ 18.54 $ 17.10 $ 18.11
===========================================================================================
Total return b ...................... 7.82% 19.72% 16.14% 10.90% (3.01)% 1.62%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's) ... $22,599,094 $20,786,173 $15,771,174 $13,021,261 $11,689,389 $12,092,917
Ratios to average net assets:
Expenses ........................... 1.05% d,e 1.06% e 1.10% e 1.13% 1.10% 1.15%
Net investment income .............. 0.88% d 1.61% 1.75% 2.05% 1.85% 2.11%
Portfolio turnover rate ............. 19.03% 19.95% 24.58% 32.12% 55.63% 24.29%

a Based on average daily shares outstanding.

b Total return does not reflect sales commissions or the contingent deferred
sales charges, and is not annualized for periods less than one year.

c Amount is less than $0.01 per share.

d Annualized.

e Benefit of expense reduction is less than 0.01%.

Semiannual Report | See notes to financial statements. | 15

Templeton Growth Fund, Inc.

FINANCIAL HIGHLIGHTS (CONTINUED)

----------------------------------------------------------------------------------
SIX MONTHS ENDED
FEBRUARY 28, 2006 YEAR ENDED AUGUST 31,
CLASS B (UNAUDITED) 2005 2004 2003 2002 2001
----------------------------------------------------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout
the period)
Net asset value, beginning of period ......... $ 23.37 $ 20.64 $ 18.24 $ 16.85 $ 17.87 $ 19.45
-------------------------------------------------------------------------------
Income from investment operations:
Net investment income a ..................... 0.02 0.19 0.21 0.22 0.20 0.25
Net realized and unrealized gains (losses) .. 1.56 3.59 2.54 1.43 (0.87) (0.16)
-------------------------------------------------------------------------------
Total from investment operations ............. 1.58 3.78 2.75 1.65 (0.67) 0.09
-------------------------------------------------------------------------------
Less distributions from:
Net investment income ....................... (0.24) (0.27) (0.35) (0.26) (0.29) (0.25)
Net realized gains .......................... (1.32) (0.78) -- -- (0.06) (1.42)
-------------------------------------------------------------------------------
Total distributions .......................... (1.56) (1.05) (0.35) (0.26) (0.35) (1.67)
-------------------------------------------------------------------------------
Redemption fees .............................. -- c -- c -- c -- c -- --
-------------------------------------------------------------------------------
Net asset value, end of period ............... $ 23.39 $ 23.37 $ 20.64 $ 18.24 $ 16.85 $ 17.87
===============================================================================
Total return b ............................... 7.41% 18.84% 15.27% 10.08% (3.74)% 0.91%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's) ............ $575,469 $557,670 $433,467 $278,340 $166,015 $ 93,301
Ratios to average net assets:
Expenses .................................... 1.79% d,e 1.81% e 1.85% e 1.88% 1.85% 1.89%
Net investment income ....................... 0.14% d 0.86% 1.00% 1.30% 1.10% 1.40%
Portfolio turnover rate ...................... 19.03% 19.95% 24.58% 32.12% 55.63% 24.29%

a Based on average daily shares outstanding.

b Total return does not reflect the contingent deferred sales charges, and is
not annualized for periods less than one year.

c Amount is less than $0.01 per share.

d Annualized.

e Benefit of expense reduction is less than 0.01%.

16 | See notes to financial statements. | Semiannual Report

Templeton Growth Fund, Inc.

FINANCIAL HIGHLIGHTS (CONTINUED)

---------------------------------------------------------------------------------------
SIX MONTHS ENDED
FEBRUARY 28, 2006 YEAR ENDED AUGUST 31,
CLASS C (UNAUDITED) 2005 2004 2003 2002 2001
---------------------------------------------------------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout
the period)
Net asset value, beginning of period ... $ 23.28 $ 20.56 $ 18.15 $ 16.74 $ 17.73 $ 19.28
--------------------------------------------------------------------------------------
Income from investment operations:
Net investment income a ............... 0.01 0.19 0.20 0.21 0.20 0.25
Net realized and unrealized
gains (losses) ....................... 1.55 3.57 2.54 1.44 (0.86) (0.16)
--------------------------------------------------------------------------------------
Total from investment operations ....... 1.56 3.76 2.74 1.65 (0.66) 0.09
--------------------------------------------------------------------------------------
Less distributions from:
Net investment income ................. (0.25) (0.26) (0.33) (0.24) (0.27) (0.22)
Net realized gains .................... (1.32) (0.78) -- -- (0.06) (1.42)
--------------------------------------------------------------------------------------
Total distributions .................... (1.57) (1.04) (0.33) (0.24) (0.33) (1.64)
--------------------------------------------------------------------------------------
Redemption fees ........................ -- c -- c -- c -- c -- --
--------------------------------------------------------------------------------------
Net asset value, end of period ......... $ 23.27 $ 23.28 $ 20.56 $ 18.15 $ 16.74 $ 17.73
======================================================================================
Total return b ......................... 7.43% 18.77% 15.30% 10.08% (3.73)% 0.90%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's) ...... $2,198,280 $1,965,909 $1,394,289 $1,064,405 $897,064 $906,390
Ratios to average net assets:
Expenses .............................. 1.79% d,e 1.81% e 1.85% e 1.88% 1.84% 1.89%
Net investment income ................. 0.14% d 0.86% 1.00% 1.30% 1.11% 1.37%
Portfolio turnover rate ................ 19.03% 19.95% 24.58% 32.12% 55.63% 24.29%

a Based on average daily shares outstanding.

b Total return does not reflect the contingent deferred sales charges, and is
not annualized for periods less than one year.

c Amount is less than $0.01 per share.

d Annualized.

e Benefit of expense reduction is less than 0.01%.

Semiannual Report | See notes to financial statements. | 17

Templeton Growth Fund, Inc.

FINANCIAL HIGHLIGHTS (CONTINUED)

-----------------------------------------------------------------------
SIX MONTHS ENDED
FEBRUARY 28, 2006 YEAR ENDED AUGUST 31,
CLASS R (UNAUDITED) 2005 2004 2003 2002f
-----------------------------------------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout
the period)
Net asset value, beginning of period ....... $ 23.68 $ 20.90 $ 18.44 $ 17.07 $ 18.06
--------------------------------------------------------------------
Income from investment operations:
Net investment income a ................... 0.06 0.32 0.33 0.32 0.32
Net realized and unrealized
gains (losses) ........................... 1.57 3.62 2.56 1.42 (1.31)
--------------------------------------------------------------------
Total from investment operations ........... 1.63 3.94 2.89 1.74 (0.99)
--------------------------------------------------------------------
Less distributions from:
Net investment income ..................... (0.37) (0.38) (0.43) (0.37) --
Net realized gains ........................ (1.32) (0.78) -- -- --
--------------------------------------------------------------------
Total distributions ........................ (1.69) (1.16) (0.43) (0.37) --
--------------------------------------------------------------------
Redemption fees ............................ -- c -- c -- c -- c --
--------------------------------------------------------------------
Net asset value, end of period ............. $ 23.62 $ 23.68 $ 20.90 $ 18.44 $ 17.07
====================================================================
Total return b ............................. 7.66% 19.44% 15.85% 10.58% (5.48)%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's) .......... $368,273 $123,139 $ 57,951 $ 28,584 $ 5,394
Ratios to average net assets:
Expenses .................................. 1.31% d,e 1.31% e 1.35% e 1.39% 1.35% d
Net investment income ..................... 0.62% d 1.36% 1.50% 1.79% 1.60% d
Portfolio turnover rate .................... 19.03% 19.95% 24.58% 32.12% 55.63%

a Based on average daily shares outstanding.

b Total return does not reflect the contingent deferred sales charges, and is
not annualized for periods less than one year.

c Amount is less than $0.01 per share.

d Annualized.

e Benefit of expense reduction is less than 0.01%.

f For the period January 2, 2002 (effective date) to August 31, 2002.

18 | See notes to financial statements. | Semiannual Report

Templeton Growth Fund, Inc.

FINANCIAL HIGHLIGHTS (CONTINUED)

--------------------------------------------------------------------------------------
SIX MONTHS ENDED
FEBRUARY 28, 2006 YEAR ENDED AUGUST 31,
ADVISOR CLASS (UNAUDITED) 2005 2004 2003 2002 2001
--------------------------------------------------------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout
the period)
Net asset value, beginning of period .... $ 23.90 $ 21.07 $ 18.57 $ 17.13 $ 18.15 $ 19.71
------------------------------------------------------------------------------------
Income from investment operations:
Net investment income a ................ 0.13 0.45 0.48 0.38 0.37 0.43
Net realized and unrealized
gains (losses) ........................ 1.59 3.63 2.52 1.46 (0.88) (0.15)
------------------------------------------------------------------------------------
Total from investment operations ........ 1.72 4.08 3.00 1.84 (0.51) 0.28
------------------------------------------------------------------------------------
Less distributions from:
Net investment income .................. (0.47) (0.47) (0.50) (0.40) (0.45) (0.42)
Net realized gains ..................... (1.32) (0.78) -- -- (0.06) (1.42)
------------------------------------------------------------------------------------
Total distributions ..................... (1.79) (1.25) (0.50) (0.40) (0.51) (1.84)
------------------------------------------------------------------------------------
Redemption fees ......................... -- c -- c -- c -- c -- --
------------------------------------------------------------------------------------
Net asset value, end of period .......... $ 23.83 $ 23.90 $ 21.07 $ 18.57 $ 17.13 $ 18.15
====================================================================================
Total return b .......................... 7.99% 19.97% 16.43% 11.19% (2.80)% 1.90%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's) ....... $3,251,806 $2,549,202 $911,764 $137,776 $98,999 $84,975
Ratios to average net assets:
Expenses ............................... 0.80% d,e 0.81% e 0.85% e 0.88% 0.85% 0.90%
Net investment income .................. 1.13% d 1.86% 2.00% 2.30% 2.10% 2.36%
Portfolio turnover rate ................. 19.03% 19.95% 24.58% 32.12% 55.63% 24.29%

a Based on average daily shares outstanding.

b Total return is not annualized for periods less than one year.

c Amount is less than $0.01 per share.

d Annualized.

e Benefit of expense reduction is less than 0.01%.

Semiannual Report | See notes to financial statements. | 19

Templeton Growth Fund, Inc.

STATEMENT OF INVESTMENTS, FEBRUARY 28, 2006 (UNAUDITED)

- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRY SHARES/WARRANTS VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

COMMON STOCKS(CONTINUED)AND WARRANTS 89.5%
BERMUDA 2.0%
Accenture Ltd., A .......................... IT Services 4,492,900 $ 146,738,114
ACE Ltd. ................................... Insurance 3,700,000 206,201,000
XL Capital Ltd., A ......................... Insurance 3,418,300 230,906,165
---------------
583,845,279
---------------
CANADA 1.0%
BCE Inc. ................................... Diversified Telecommunication Services 12,325,460 299,647,219
---------------
FINLAND 1.9%
Stora Enso OYJ, R (EUR/FIM Traded) ......... Paper & Forest Products 19,000,000 271,379,933
Stora Enso OYJ, R (SEK Traded) ............. Paper & Forest Products 145,997 2,075,629
UPM-Kymmene OYJ ............................ Paper & Forest Products 13,000,000 275,886,637
---------------
549,342,199
---------------
FRANCE 3.8%
Accor SA ................................... Hotels, Restaurants & Leisure 6,100,000 366,908,960
France Telecom SA .......................... Diversified Telecommunication Services 15,500,000 337,257,703
Peugeot SA ................................. Automobiles 1,942,372 113,311,747
Sanofi-Aventis ............................. Pharmaceuticals 3,399,998 289,430,427
---------------
1,106,908,837
---------------
GERMANY 5.0%
Bayerische Motoren Werke AG ................ Automobiles 9,508,896 456,880,324
E.ON AG .................................... Electric Utilities 2,051,805 227,502,589
Muenchener Rueckversicherungs-
Gesellschaft AG ........................... Insurance 1,620,000 220,049,519
Siemens AG ................................. Industrial Conglomerates 6,000,000 551,606,360
---------------
1,456,038,792
---------------
HONG KONG 2.0%
Cheung Kong (Holdings) Ltd. ................ Real Estate 30,000,800 316,715,823
Hong Kong Electric Holdings Ltd. ........... Electric Utilities 37,000,000 170,979,447
Swire Pacific Ltd., A ...................... Real Estate 9,190,000 88,192,821
Swire Pacific Ltd., B ...................... Real Estate 2,359,500 4,303,576
---------------
580,191,667
---------------
ITALY 1.1%
Eni SpA .................................... Oil, Gas & Consumable Fuels 9,000,000 257,096,778
Unicredito Italiano SpA .................... Commercial Banks 8,834,000 64,299,912
---------------
321,396,690
---------------
JAPAN 10.1%
Fuji Photo Film Co. Ltd. ................... Leisure Equipment & Products 8,000,000 259,145,683
Hitachi Ltd. ............................... Electronic Equipment & Instruments 41,504,000 294,344,439
KDDI Corp. ................................. Wireless Telecommunication Services 55,000 284,585,151
Konica Minolta Holdings Ltd. ............... Office Electronics 20,000,000 252,235,132
Mitsubishi UFJ Financial Group Inc. ........ Commercial Banks 26,046 393,732,994
Nintendo Co. Ltd. .......................... Software 2,000,000 298,190,299

20 | Semiannual Report

Templeton Growth Fund, Inc.

STATEMENT OF INVESTMENTS, FEBRUARY 28, 2006 (UNAUDITED) (CONTINUED)

COMMON STOCKS AND WARRANTS (CONTINUED)
JAPAN (CONTINUED)
Nomura Holdings Inc. ....................... Capital Markets 12,000,067 $ 232,714,123
Olympus Corp. .............................. Health Care Equipment & Supplies 10,000,125 291,110,623
Sony Corp. ................................. Household Durables 7,300,000 348,715,069
Takeda Pharmaceutical Co. Ltd. ............. Pharmaceuticals 4,700,000 263,896,687
---------------
2,918,670,200
---------------
MEXICO 0.8%
Telefonos de Mexico SA de CV
(Telmex), L, ADR .......................... Diversified Telecommunication Services 10,863,300 243,229,287
---------------
NETHERLANDS 5.2%
Akzo Nobel NV .............................. Chemicals 5,500,000 279,344,162
Koninklijke Philips Electronics NV ......... Household Durables 9,000,000 293,150,417
Reed Elsevier NV ........................... Media 26,075,600 352,545,095
Unilever NV ................................ Food Products 3,600,000 250,014,814
VNU NV ..................................... Media 9,000,000 291,648,182
Wolters Kluwer NV .......................... Media 1,250,000 27,451,555
---------------
1,494,154,225
---------------
SOUTH AFRICA 0.6%
a Sappi Ltd. ................................. Paper & Forest Products 14,000,000 177,169,246
---------------
SOUTH KOREA 3.6%
Kookmin Bank ............................... Commercial Banks 4,000,000 307,312,050
KT Corp., ADR .............................. Diversified Telecommunication Services 13,140,600 268,331,052
Samsung Electronics Co. Ltd. ............... Semiconductors & Semiconductor Equipment 260,000 183,954,686
SK Telecom Co. Ltd. ........................ Wireless Telecommunication Services 600,000 125,128,733
SK Telecom Co. Ltd., ADR ................... Wireless Telecommunication Services 7,000,000 169,050,000
---------------
1,053,776,521
---------------
SPAIN 1.6%
Banco Santander Central Hispano SA ......... Commercial Banks 15,818,640 231,032,215
Repsol YPF SA .............................. Oil, Gas & Consumable Fuels 8,300,000 231,954,612
---------------
462,986,827
---------------
SWEDEN 0.9%
Svenska Cellulosa AB, B .................... Paper & Forest Products 5,859,549 245,841,739
---------------
SWITZERLAND 4.9%
Lonza Group AG ............................. Chemicals 70,850 4,598,931
Nestle SA .................................. Food Products 1,600,000 470,498,552
Novartis AG ................................ Pharmaceuticals 4,000,000 215,276,719
Swiss Reinsurance Co. ...................... Insurance 4,267,827 304,031,432
b Syngenta AG ................................ Chemicals 1,000,000 141,180,058
b Syngenta AG, wts., 5/23/06 ................. Chemicals 1,000,000 620,761
UBS AG ..................................... Capital Markets 2,700,000 286,712,913
---------------
1,422,919,366
---------------

Semiannual Report | 21

Templeton Growth Fund, Inc.

STATEMENT OF INVESTMENTS, FEBRUARY 28, 2006 (UNAUDITED) (CONTINUED)

COMMON STOCKS AND WARRANTS (CONTINUED)
UNITED KINGDOM 15.6%
Aviva PLC .................................. Insurance 2,321,200 $ 32,127,803
BAE Systems PLC ............................ Aerospace & Defense 27,000,000 198,931,942
BP PLC ..................................... Oil, Gas & Consumable Fuels 39,500,003 436,545,129
British Sky Broadcasting Group PLC ......... Media 35,000,000 310,063,676
Compass Group PLC .......................... Hotels, Restaurants & Leisure 68,389,574 260,640,051
GlaxoSmithKline PLC ........................ Pharmaceuticals 19,000,000 481,962,627
HSBC Holdings PLC .......................... Commercial Banks 5,304,000 91,340,419
National Grid PLC .......................... Electric Utilities 25,097,959 264,388,698
Pearson PLC ................................ Media 22,000,000 273,627,905
Rentokil Initial PLC ....................... Commercial Services & Supplies 70,000,000 193,406,055
b Rolls-Royce Group PLC ...................... Aerospace & Defense 20,000,000 153,935,432
Royal Bank of Scotland Group PLC ........... Commercial Banks 16,520,000 553,232,188
Royal Dutch Shell PLC, B ................... Oil, Gas & Consumable Fuels 14,891,630 469,180,591
Royal Dutch Shell PLC, B, ADR .............. Oil, Gas & Consumable Fuels 258,599 16,299,495
Shire PLC .................................. Pharmaceuticals 8,000,000 125,042,935
Smiths Group PLC ........................... Industrial Conglomerates 12,000,000 197,668,883
Standard Chartered PLC ..................... Commercial Banks 5,314,800 136,399,740
Vodafone Group PLC ......................... Wireless Telecommunication Services 170,000,000 325,062,513
---------------
4,519,856,082
---------------
UNITED STATES 29.4%
Abbott Laboratories ........................ Pharmaceuticals 4,567,650 201,798,777
American International Group Inc. .......... Insurance 6,350,000 421,386,000
Bank of New York Co. Inc. .................. Capital Markets 10,000,000 342,400,000
Bristol-Myers Squibb Co. ................... Pharmaceuticals 12,000,000 277,200,000
b Cadence Design Systems Inc. ................ Software 10,000,000 177,500,000
b Comcast Corp., A ........................... Media 8,000,000 214,000,000
b DIRECTV Group Inc. ......................... Media 20,000,000 315,200,000
DTE Energy Co. ............................. Multi-Utilities 6,354,100 275,132,530
Eastman Kodak Co. .......................... Leisure Equipment & Products 1,618,400 45,396,120
El Paso Corp. .............................. Oil, Gas & Consumable Fuels 28,000,000 366,240,000
Electronic Data Systems Corp. .............. IT Services 12,000,000 320,400,000
Florida East Coast Industries Inc. ......... Road & Rail 470,546 23,922,559
H&R Block Inc. ............................. Diversified Consumer Services 13,000,000 289,900,000
H.J. Heinz Co. ............................. Food Products 6,500,000 246,155,000
HCA Inc. ................................... Health Care Providers & Services 5,000,000 239,500,000
International Paper Co. .................... Paper & Forest Products 10,000,000 327,700,000
a,b Interpublic Group of Cos. Inc. ............. Media 30,000,000 310,800,000
a Maxtor Corp. ............................... Computers & Peripherals 8,354,260 80,200,896
Merck & Co. Inc. ........................... Pharmaceuticals 15,000,000 522,900,000
Microsoft Corp. ............................ Software 4,296,640 115,579,616
News Corp., A .............................. Media 36,500,000 594,220,000
Noble Corp. ................................ Energy Equipment & Services 43,900 3,244,649
Pfizer Inc. ................................ Pharmaceuticals 18,000,000 471,420,000
Raytheon Co. ............................... Aerospace & Defense 7,500,000 325,500,000
b Seagate Technology ......................... Computers & Peripherals 14,198,400 377,251,488
St. Joe Co. ................................ Real Estate 1,415,700 84,842,901
a,b Tenet Healthcare Corp. ..................... Health Care Providers & Services 35,000,000 276,150,000

22 | Semiannual Report

Templeton Growth Fund, Inc.

STATEMENT OF INVESTMENTS, FEBRUARY 28, 2006 (UNAUDITED) (CONTINUED)

COMMON STOCKS AND WARRANTS (CONTINUED)
UNITED STATES (CONTINUED)
Time Warner Inc. ........................... Media 14,000,000 $ 242,340,000
Torchmark Corp. ............................ Insurance 1,853,700 101,341,779
Tyco International Ltd. .................... Industrial Conglomerates 24,500,000 631,855,000
a Willis Group Holdings Ltd. ................. Insurance 9,000,000 309,960,000
---------------
8,531,437,315
---------------
TOTAL COMMON STOCKS AND WARRANTS
(COST $20,729,385,619) ................... 25,967,411,491
---------------

--------------------
PRINCIPAL AMOUNT d
--------------------

BONDS & NOTES 0.9%
AUSTRALIA 0.4%
New South Wales Treasury Corp.,
6.50%, 5/01/06 ........................... 149,000,000 AUD 110,800,947
---------------
GERMANY 0.5%
Government of Germany, 4.50%, 8/18/06 ...... 125,000,000 EUR 150,230,945
---------------
TOTAL BONDS & NOTES
(COST $191,367,021) ...................... 261,031,892
---------------
SHORT TERM INVESTMENTS 11.0%
GERMANY 0.3%
Dresdner Bank AG, Time Deposit, 2.27%,
3/01/06 .................................. 88,878,745 EUR 88,878,745
---------------
UNITED KINGDOM 0.4%
Royal Bank Of Canada, Time Deposit,
2.33%, 3/01/06 ........................... 109,664,521 EUR 109,664,521
---------------
UNITED STATES 10.3%
c U.S. Treasury Bills, 3/02/06 - 6/15/06 ..... 3,002,871,000 2,984,949,461
---------------
TOTAL SHORT TERM INVESTMENTS
(COST $3,183,817,301) .................... 3,183,492,727
---------------

Semiannual Report | 23

Templeton Growth Fund, Inc.

STATEMENT OF INVESTMENTS, FEBRUARY 28, 2006 (UNAUDITED) (CONTINUED)

- ------------------------------------------------------------------------------------------------------------------------------------
VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

TOTAL INVESTMENTS
(COST $24,104,569,941) 101.4% $29,411,936,110
OTHER ASSETS, LESS LIABILITIES (1.4)% (419,014,314)
---------------
NET ASSETS 100.0% .......................... $28,992,921,796
===============

CURRENCY ABBREVIATIONS

AUD - Australian Dollar

EUR - Euro

FIM - Finnish Markka

SEK - Swedish Krona

SELECTED PORTFOLIO ABBREVIATIONS

ADR - American Depository Receipt

a See Note 8 regarding holdings of 5% voting securities.

b Non-income producing.

c The security is traded on a discount basis with no stated coupon rate.

d The principal amount is stated in U.S. dollars unless otherwise indicated.

24 | See notes to financial statements. | Semiannual Report

Templeton Growth Fund, Inc.

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
February 28, 2006 (unaudited)

Assets:
Investments in securities:
Cost - Unaffiliated issuers ................................ $22,968,043,026
Cost - Non-controlled affiliated issuers (Note 8) .......... 1,136,526,915
---------------
Total cost of investments .................................. $24,104,569,941
===============
Value - Unaffiliated issuers ............................... $28,337,856,864
Value - Non-controlled affiliated issuers (Note 8) ......... 1,074,079,246
---------------
Total value of investments ................................. 29,411,936,110
Cash ........................................................ 564
Foreign currency, at value (cost $12,505) ................... 12,491
Receivables:
Investment securities sold ................................. 17,413,383
Capital shares sold ........................................ 47,933,215
Dividends and interest ..................................... 65,106,764
---------------
Total assets ............................................ 29,542,402,527
---------------
Liabilities:
Payables:
Investment securities purchased ............................ 494,506,966
Capital shares redeemed .................................... 28,399,422
Affiliates ................................................. 24,589,397
Accrued expenses and other liabilities ...................... 1,984,946
---------------
Total liabilities ....................................... 549,480,731
---------------
Net assets, at value ................................. $28,992,921,796
===============
Net assets consist of:
Paid-in capital ............................................. $22,832,077,845
Undistributed net investment income ......................... 26,030,606
Net unrealized appreciation (depreciation) .................. 5,306,884,650
Accumulated net realized gain (loss) ........................ 827,928,695
---------------
Net assets, at value ................................. $28,992,921,796
===============

Semiannual Report | See notes to financial statements. | 25

Templeton Growth Fund, Inc.

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
February 28, 2006 (unaudited)

CLASS A:
Net assets, at value
$22,599,094,378
===============
Shares outstanding .......................................................... 949,192,885
===============
Net asset value per share a ................................................. $ 23.81
===============
Maximum offering price per share (net asset value per share / 94.25%) ....... $ 25.26
===============
CLASS B:
Net assets, at value
$ 575,468,789
===============
Shares outstanding .......................................................... 24,603,329
===============
Net asset value and maximum offering price per share a ...................... $ 23.39
===============
CLASS C:
Net assets, at value
$ 2,198,279,599
===============
Shares outstanding .......................................................... 94,460,100
===============
Net asset value and maximum offering price per share a ...................... $ 23.27
===============
CLASS R:
Net assets, at value
$ 368,273,270
===============
Shares outstanding .......................................................... 15,590,564
===============
Net asset value and maximum offering price per share a ...................... $ 23.62
===============
ADVISOR CLASS:
Net assets, at value
$ 3,251,805,760
===============
Shares outstanding .......................................................... 136,468,167
===============
Net asset value and maximum offering price per share a ...................... $ 23.83
===============

a Redemption price is equal to net asset value less contingent deferred sales
charges, if applicable, and redemption fees retained by the Fund.

26 | See notes to financial statements. | Semiannual Report

Templeton Growth Fund, Inc.

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF OPERATIONS
for the six months ended February 28, 2006 (unaudited)

Investment income:
Dividends (net of foreign taxes of $10,811,055)
Unaffiliated issuers ......................................................... $ 201,671,096
Non-controlled affiliated issuers (Note 8) ................................... 7,854,668
Interest ...................................................................... 50,582,016
Other Income .................................................................. 25,474
--------------
Total investment income ................................................ 260,133,254
--------------
Expenses:
Management fees (Note 3a) ..................................................... 77,679,904
Administrative fees (Note 3b) ................................................. 10,392,163
Distribution fees (Note 3c)
Class A ...................................................................... 26,506,369
Class B ...................................................................... 2,760,054
Class C ...................................................................... 10,176,535
Class R ...................................................................... 385,327
Transfer agent fees (Note 3e) ................................................. 15,260,545
Custodian fees (Note 4) ....................................................... 3,009,900
Reports to shareholders ....................................................... 395,156
Registration and filing fees .................................................. 237,438
Professional fees ............................................................. 147,483
Directors' fees and expenses .................................................. 139,267
Other ......................................................................... 346,228
--------------
Total expenses ......................................................... 147,436,369
Expense reductions (Note 4) ............................................ (74,512)
--------------
Net expenses ........................................................ 147,361,857
--------------
Net investment income ............................................ 112,771,397
--------------
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments
Unaffiliated issuers ....................................................... 1,337,509,006
Non-controlled affiliated issuers (Note 8) ................................. 78,288,091
Foreign currency transactions ................................................ (4,170,958)
--------------
Net realized gain (loss) ............................................... 1,411,626,139
--------------
Net change in unrealized appreciation (depreciation) on:
Investments .................................................................. 507,894,907
Translation of assets and liabilities denominated in foreign currencies ...... (318,885)
--------------
Net change in unrealized appreciation (depreciation) ................... 507,576,022
--------------
Net realized and unrealized gain (loss) ........................................ 1,919,202,161
--------------
Net increase (decrease) in net assets resulting from operations ................ $2,031,973,558
==============

Semiannual Report | See notes to financial statements. | 27

Templeton Growth Fund, Inc.

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS

------------------------------------
SIX MONTHS ENDED
FEBRUARY 28, 2006 YEAR ENDED
(UNAUDITED) AUGUST 31, 2005
------------------------------------

Increase (decrease) in net assets:
Operations:
Net investment income ............................................................ $ 112,771,397 $ 351,531,648
Net realized gain (loss) from investments and foreign currency transactions ...... 1,411,626,139 1,369,927,172
Net change in unrealized appreciation (depreciation) on investments and
translation of assets and liabilities denominated in foreign currencies ........ 507,576,022 2,165,857,145
------------------------------------
Net increase (decrease) in net assets resulting from operations ............ 2,031,973,558 3,887,315,965
------------------------------------
Distributions to shareholders from:
Net investment income:
Class A ........................................................................ (364,078,746) (315,892,462)
Class B ........................................................................ (5,612,027) (5,991,689)
Class C ........................................................................ (21,758,494) (18,445,114)
Class R ........................................................................ (2,142,953) (1,133,785)
Advisor Class .................................................................. (53,652,411) (24,583,076)
Net realized gains:
Class A ........................................................................ (1,182,936,124) (599,992,172)
Class B ........................................................................ (31,606,483) (17,379,944)
Class C ........................................................................ (115,554,917) (54,801,683)
Class R ........................................................................ (7,764,925) (2,389,825)
Advisor Class .................................................................. (155,085,846) (42,556,319)
------------------------------------
Total distributions to shareholders ............................................... (1,940,192,926) (1,083,166,069)
------------------------------------
Capital share transactions: (Note 2)
Class A ........................................................................ 1,752,838,475 2,695,206,102
Class B ........................................................................ 15,286,218 60,798,204
Class C ........................................................................ 222,464,464 365,302,304
Class R ........................................................................ 244,365,048 54,697,709
Advisor Class .................................................................. 684,071,417 1,433,232,545
------------------------------------
Total capital share transactions .................................................. 2,919,025,622 4,609,236,864
------------------------------------
Redemption fees ................................................................... 22,932 60,619
------------------------------------
Net increase (decrease) in net assets .................................... 3,010,829,186 7,413,447,379
Net assets:
Beginning of period ............................................................... 25,982,092,610 18,568,645,231
------------------------------------
End of period ..................................................................... $28,992,921,796 $25,982,092,610
====================================
Undistributed net investment income included in net assets:
End of period ..................................................................... $ 26,030,606 $ 360,503,840
====================================

28 | See notes to financial statements. | Semiannual Report

Templeton Growth Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Templeton Growth Fund, Inc. (the Fund) is registered under the Investment
Company Act of 1940 as a diversified, open-end investment company. The Fund
offers five classes of shares: Class A, Class B, Class C, Class R, and Advisor
Class. Effective March 1, 2005, Class B shares are only offered to existing
Class B shareholders in the form of reinvested distributions and certain
exchanges from other Franklin Templeton Class B shares. Each class of shares
differs by its initial sales load, contingent deferred sales charges,
distribution fees, voting rights on matters affecting a single class and its
exchange privilege.

The following summarizes the Fund's significant accounting policies.

A. SECURITY VALUATION

Securities listed on a securities 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. securities and listed securities for which there is no
reported sale 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. Short term
investments are valued at cost.

Corporate debt and government securities generally trade in the over-the-counter
market rather than on a securities exchange. The Fund may utilize independent
pricing services, quotations from bond dealers, and information with respect to
bond and note transactions, to assist in determining a current market value for
each security. The Fund's pricing services may use valuation models or matrix
pricing which considers information with respect to comparable bond and note
transactions, quotations from bond dealers, or by reference to other securities
that are considered comparable in such characteristics as rating, interest rate
and maturity date, option adjusted spread models, prepayment projections,
interest rate spreads and yield curves, to determine current value.

Foreign securities are valued as of the close of trading on the foreign stock
exchange on which the security is primarily traded, or the NYSE, whichever is
earlier. If no sale is reported at that time, the foreign security will be
valued within the range of the most recent quoted bid and ask prices. The value
is then converted into its U.S. dollar equivalent at the foreign exchange rate
in effect at the close of the NYSE on the day that the value of the foreign
security is determined.

The Fund has procedures to determine the fair value of individual securities and
other assets for which market prices are not readily available or which may not
be reliably priced. Methods for valuing these securities may include:
fundamental analysis, matrix pricing, discounts from market prices of similar
securities, or discounts applied due to the nature and duration of restrictions
on the disposition of the securities. Due to the inherent uncertainty of
valuations of such securities, the fair values may differ significantly from the
values that would have been used had a ready market for such investments
existed. Occasionally, events occur between the time at which trading in a
security is completed and the close of the NYSE that might call into

Semiannual Report | 29

Templeton Growth Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. SECURITY VALUATION (CONTINUED)

question the availability (including the reliability) of the value of a
portfolio security held by the Fund. If such an event occurs, the securities may
be valued using fair value procedures, which may include the use of independent
pricing services. All security valuation procedures are approved by the Fund's
Board of Directors.

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. 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. 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 Fund's Board of Directors.

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 on 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. FOREIGN CURRENCY CONTRACTS

When the Fund purchases or sells foreign securities it may enter into foreign
exchange contracts to minimize foreign exchange risk from the trade date to the
settlement date of the transactions. A foreign exchange contract is an agreement
between two parties to exchange different currencies at an agreed upon exchange
rate on a specified date. Realized and unrealized gains and losses on these
contracts are included in the Statement of Operations.

The risks of these contracts include movement in the values of the foreign
currencies relative to the U.S. dollar and the possible inability of the
counterparties to fulfill their obligations under the contracts, which may be in
excess of the amount reflected in the Statement of Assets and Liabilities.

30 | Semiannual Report

Templeton Growth Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

D. INCOME TAXES

No provision has been made for U.S. income taxes because the Fund's policy is to
continue to qualify as a regulated investment company under the Internal Revenue
Code and to distribute to shareholders substantially all of its taxable income
and net realized gains.

Foreign securities held by the Fund may be subject to foreign taxation. Foreign
taxes, if any, are recorded based on the tax regulations and rates that exist in
the foreign markets 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 that certain
dividends from foreign securities are recognized as soon as the Fund is notified
of the ex-dividend date. Distributions to shareholders are recorded on the
ex-dividend date and are determined according to income tax regulations (tax
basis). Distributable earnings determined on a tax basis may differ from
earnings recorded in accordance with accounting principles generally accepted in
the United States. 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, other than
class specific expenses, are allocated daily to each class of shares based upon
the relative proportion of net assets of each class.

F. ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America 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. REDEMPTION FEES

A short term trading redemption fee will be imposed, with some exceptions, on
any Fund shares that are redeemed or exchanged within seven calendar days
following their purchase date (30 days or less prior to June 1, 2004). The
redemption fee is 2% of the amount redeemed. Such fees are retained by the Fund
and accounted for as an addition to paid-in capital.

Semiannual Report | 31

Templeton Growth Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

H. 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. However, based on experience, the
Fund expects the risk of loss to be remote.

2. CAPITAL STOCK

At February 28, 2006, there were 1.9 billion shares authorized ($.01 par value).
Transactions in the Fund's shares were as follows:

----------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
FEBRUARY 28, 2006 AUGUST 31, 2005
----------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
----------------------------------------------------------------------

CLASS A SHARES:
Shares sold ........................ 92,150,127 $ 2,153,137,159 166,510,153 $ 3,769,562,678
Shares issued in reinvestment
of distributions .................. 60,045,368 1,335,844,122 36,405,103 779,606,003
Shares issued on merger
(Note 9) .......................... -- -- 32,147,751 726,223,861
Shares redeemed .................... (74,263,896) (1,736,142,806) (113,625,221) (2,580,186,440)
----------------------------------------------------------------------
Net increase (decrease) ............ 77,931,599 $ 1,752,838,475 121,437,786 $ 2,695,206,102
======================================================================
CLASS B SHARES:
Shares sold ........................ 523,222 $ 11,913,019 3,907,329 $ 85,406,593
Shares issued in reinvestment
of distributions .................. 1,566,103 34,247,537 1,024,375 21,602,620
Shares redeemed .................... (1,343,631) (30,874,338) (2,071,505) (46,211,009)
----------------------------------------------------------------------
Net increase (decrease) ............ 745,694 $ 15,286,218 2,860,199 $ 60,798,204
======================================================================
CLASS C SHARES:
Shares sold ........................ 9,722,815 $ 221,735,146 22,347,548 $ 495,830,093
Shares issued in reinvestment
of distributions .................. 5,487,476 119,417,567 3,070,897 64,499,805
Shares redeemed .................... (5,189,195) (118,688,249) (8,798,910) (195,027,594)
----------------------------------------------------------------------
Net increase (decrease) ............ 10,021,096 $ 222,464,464 16,619,535 $ 365,302,304
======================================================================

32 | Semiannual Report

Templeton Growth Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

2. CAPITAL STOCK (CONTINUED)

--------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
FEBRUARY 28, 2006 AUGUST 31, 2005
--------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------

CLASS R SHARES:
Shares sold ........................ 10,576,150 $ 249,238,393 3,195,510 $ 72,262,686
Shares issued in reinvestment
of distributions .................. 439,664 9,713,651 163,147 3,474,315
Shares redeemed .................... (626,208) (14,586,996) (930,932) (21,039,292)
--------------------------------------------------------------------
Net increase (decrease) ............ 10,389,606 $ 244,365,048 2,427,725 $ 54,697,709
====================================================================
ADVISOR CLASS SHARES:
Shares sold ........................ 27,224,644 $ 632,054,717 62,844,325 $1,425,501,693
Shares issued in reinvestment
of distributions .................. 8,810,724 196,210,725 3,032,942 65,074,912
Shares redeemed .................... (6,209,323) (144,194,025) (2,505,214) (57,344,060)
--------------------------------------------------------------------
Net increase (decrease) ............ 29,826,045 $ 684,071,417 63,372,053 $1,433,232,545
====================================================================

3. TRANSACTIONS WITH AFFILIATES

Franklin Resources, Inc. is the holding company for various subsidiaries that
together are referred to as Franklin Templeton Investments. Certain officers and
directors of the Fund are also officers and/or directors of the following
subsidiaries:

- -------------------------------------------------------------------------------------------
SUBSIDIARY AFFILIATION
- -------------------------------------------------------------------------------------------

Templeton Global Advisors Limited (TGAL) Investment manager
Franklin Templeton Services, LLC (FT Services) Administrative manager
Franklin Templeton Distributors, Inc. (Distributors) Principal underwriter
Franklin Templeton Investor Services, LLC (Investor Services) Transfer agent

A. MANAGEMENT FEES

The Fund pays an investment management fee to TGAL based on the average daily
net assets of the Fund as follows:

- --------------------------------------------------------------------------------
ANNUALIZED FEE RATE NET ASSETS
- --------------------------------------------------------------------------------
0.630% Up to and including $1 billion
0.615% Over $1 billion, up to and including $5 billion
0.600% Over $5 billion, up to and including $10 billion
0.580% Over $10 billion, up to and including $15 billion
0.560% Over $15 billion, up to and including $20 billion
0.540% In excess of $20 billion

Semiannual Report | 33

Templeton Growth Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

3. TRANSACTIONS WITH AFFILIATES (CONTINUED)

B. ADMINISTRATIVE FEES

The Fund pays an administrative fee to FT Services based on the average daily
net assets of the Fund as follows:

- --------------------------------------------------------------------------------
ANNUALIZED FEE RATE NET ASSETS
- --------------------------------------------------------------------------------
0.150% Up to and including $200 million
0.135% Over $200 million, up to and including $700 million
0.100% Over $700 million, up to and including $1.2 billion
0.075% In excess of $1.2 billion

B. DISTRIBUTION FEES

The Fund's Board of Directors has adopted distribution plans for each share
class, with the exception of 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 up to 0.25% per year of Class A's average daily net
assets for costs incurred in connection with the sale and distribution of the
Fund's shares. Prior to November 1, 2005, Class A distribution costs exceeding
the maximum for the current plan year could be reimbursed in subsequent periods.
Effective November 1, 2005, the Class A reimbursement distribution plan was
amended to discontinue the reimbursement of excess plan year costs in subsequent
periods.

Under the Fund's compensation distribution plans, the Fund pays Distributors for
costs incurred in connection with the sale and distribution of the Fund's shares
up to a certain percentage per year of its average daily net assets of each
class as follows:

Class B ............................................ 1.00%
Class C ............................................ 1.00%
Class R ............................................ 0.50%

C. SALES CHARGES/UNDERWRITING AGREEMENTS

Distributors has advised the Fund of the following commission transactions
related to the sales and redemptions of the Fund's shares for the period:

Net sales charges received a ....................... $3,996,303
Contingent deferred sales charges retained ......... $ 487,157

a Net of commissions paid to unaffiliated broker/dealers.

D. TRANSFER AGENT FEES

The Fund paid transfer agent fees of $15,260,545, of which $9,754,575 was
retained by Investor Services.

34 | Semiannual Report

Templeton Growth Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

4. EXPENSE OFFSET ARRANGEMENT

The Fund has entered into an arrangement with its custodian whereby credits
realized as a result of uninvested cash balances are used to reduce a portion of
the Fund's custodian expenses. During the period ended February 28, 2006, the
custodian fees were reduced as noted in the Statement of Operations.

5. INCOME TAXES

Net investment income differs for financial statement and tax purposes primarily
due to differing treatments of foreign currency transactions, bond discounts and
premiums, and merger expenses.

Net realized gains (losses) differ for financial statement and tax purposes
primarily due to differing treatments of wash sales, foreign currency
transactions, and bond discounts and premiums.

At February 28, 2006, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes were as follows:

Cost of investments ....................................... $24,139,395,079
===============
Unrealized appreciation ................................... $ 5,751,534,633
Unrealized depreciation ................................... (478,993,602)
---------------
Net unrealized appreciation (depreciation) ................ $ 5,272,541,031
===============

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments (excluding short term securities) for the
period ended February 28, 2006, aggregated $4,706,153,316 and $4,894,935,369,
respectively.

7. 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 and regional economic, political and social
conditions, which may result in greater market volatility. In addition, certain
foreign securities may not be as liquid as U.S. securities.

Semiannual Report | 35

Templeton Growth Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

8. HOLDINGS OF 5% VOTING SECURITIES OF PORTFOLIO COMPANIES

The Investment Company Act of 1940 defines "affiliated companies" to include
investments in portfolio companies in which a fund owns 5% or more of the
outstanding voting securities. Investments in "affiliated companies" for the
period ended February 28, 2006 were as shown below.

- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF NUMBER OF
SHARES HELD SHARES HELD VALUE
AT BEGINNING GROSS GROSS AT END AT END OF INVESTMENT REALIZED CAPITAL
NAME OF ISSUER OF PERIOD ADDITIONS REDUCTIONS OF PERIOD PERIOD INCOME GAIN (LOSS)
- ------------------------------------------------------------------------------------------------------------------------------------

NON-CONTROLLED AFFILIATES
AmerisourceBergen Corp. ... 4,500,000 -- 4,500,000 -- $ -- $ -- $ 94,051,103
Interpublic Group of
Cos. Inc. ................ 8,036,800 21,963,200 -- 30,000,000 310,800,000 -- --
Maxtor Corp. .............. 12,761,960 -- 4,407,700 8,354,260 -- a -- (15,763,012)
Sappi Ltd. ................ 14,000,000 -- -- 14,000,000 177,169,246 4,199,668 --
Tenet Healthcare Corp. .... 27,430,070 7,569,930 -- 35,000,000 276,150,000 -- --
Willis Group Holdings Ltd. 8,375,200 624,800 -- 9,000,000 309,960,000 3,655,000 --
--------------------------------------------
TOTAL AFFILIATED SECURITIES (3.70% of Net Assets) $1,074,079,246 $7,854,668 $ 78,288,091
============================================

a As of February 28, 2006, no longer an affiliate

9. MERGER

On May 20, 2005, the Fund acquired the net assets of Templeton Capital
Accumulator Fund ("TCA Fund") pursuant to a plan of reorganization approved by
TCA Fund's shareholders. The merger was accomplished by a tax-free exchange of
32,147,751 shares of the Fund (valued at $22.59) for the net assets of the TCA
Fund which aggregated $726,226,861, including $101,976,718 of unrealized
appreciation. The combined net assets of the Fund immediately after the merger
were $24,020,113,056.

10. REGULATORY MATTERS

As part of various investigations by a number of federal, state, and foreign
regulators and governmental entities, relating to certain practices in the
mutual fund industry, including late trading, market timing and marketing
support payments to securities dealers who sell fund shares, Franklin Resources,
Inc. and certain of its subsidiaries (collectively, the "Company"), entered into
settlements with certain of those regulators.

Specifically, the Company entered into settlements with the Securities and
Exchange Commission ("SEC") concerning market timing (the "August 2, 2004 SEC
Order") and marketing support payments to securities dealers who sell fund
shares (the "December 13, 2004 SEC Order") and with the California Attorney
General's Office ("CAGO") concerning marketing support payments to securities
dealers who sell fund shares (the "CAGO Settlement"). Under the terms of the
settlements with the SEC and the CAGO, the Company retained an

36 | Semiannual Report

Templeton Growth Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

10. REGULATORY MATTERS (CONTINUED)

Independent Distribution Consultant ("IDC") to develop a plan for distribution
of the respective settlement monies. The CAGO approved the distribution plan
under the CAGO Settlement and, in accordance with the terms and conditions of
that settlement, the monies were disbursed to the relevant funds in March, 2005.
The SEC has not yet approved the distribution plan pertaining to the December
13, 2004 SEC Order. When approved, disbursements of settlement monies will be
made promptly to the relevant funds, in accordance with the terms and conditions
of that order. The IDC has also prepared and submitted to the SEC for its
approval a plan of distribution under the August 2, 2004 SEC Order that resolved
the SEC's market timing investigation.

In addition, the Company, as well as most of the mutual funds within Franklin
Templeton Investments and certain current or former officers, directors, and/or
employees, have been named in private lawsuits (styled as shareholder class
actions, or as derivative actions on behalf of either the named funds or
Franklin Resources, Inc.) relating to the industry practices referenced above,
as well as to allegedly excessive advisory fees, commissions, and/or 12b-1 fees.
The lawsuits were filed in different courts throughout the country. Many of
those suits are now pending in a multi-district litigation in the United States
District Court for the District of Maryland.

The Company and fund management strongly believe that the claims made in each of
the private lawsuits referenced above are without merit and intend to defend
against them vigorously. The Company cannot predict with certainty the eventual
outcome of these lawsuits, nor whether they will have a material negative impact
on the Company. If it is determined that the Company bears responsibility for
any unlawful or inappropriate conduct that caused losses to the Fund, it is
committed to making the Fund or their shareholders whole, as appropriate.

Semiannual Report | 37

Templeton Growth Fund, Inc.

SHAREHOLDER INFORMATION

PROXY VOTING POLICIES AND PROCEDURES

The Fund 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 1-954/847-2268 or
by sending a written request to: Franklin Templeton Companies, LLC, 500 East
Broward Boulevard, Suite 1500, Fort Lauderdale, FL 33394, Attention: Proxy
Group. Copies of the Fund's proxy voting records are also made available online
at franklintempleton.com and posted on the U.S. Securities and Exchange
Commission's website at sec.gov and reflect the most recent 12-month period
ended June 30.

QUARTERLY STATEMENT OF INVESTMENTS

The Fund files a complete statement of investments with the U.S. Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q 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
1-800/SEC-0330.

38 | Semiannual Report

This page intentionally left blank.

Literature Request

LITERATURE REQUEST. TO RECEIVE A BROCHURE AND PROSPECTUS, PLEASE CALL US AT
1-800/DIAL BEN(R) (1-800/342-5236) OR VISIT FRANKLINTEMPLETON.COM. INVESTORS
SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT GOALS, RISKS, CHARGES AND EXPENSES
BEFORE INVESTING. THE PROSPECTUS CONTAINS THIS AND OTHER INFORMATION. PLEASE
CAREFULLY READ THE PROSPECTUS BEFORE INVESTING. To ensure the highest quality of
service, we may monitor, record and access telephone calls to or from our
service departments. These calls can be identified by the presence of a regular
beeping tone.

FRANKLIN TEMPLETON INVESTMENTS

INTERNATIONAL

Mutual European Fund
Templeton China World Fund
Templeton Developing Markets Trust
Templeton Foreign Fund
Templeton Foreign Smaller Companies Fund
Templeton International (Ex EM) Fund

GLOBAL

Mutual Discovery Fund
Templeton Global Long-Short Fund
Templeton Global Opportunities Trust
Templeton Global Smaller Companies Fund
Templeton Growth Fund
Templeton World Fund

GROWTH

Franklin Aggressive Growth Fund
Franklin Capital Growth Fund
Franklin Flex Cap Growth Fund
Franklin Small-Mid Cap Growth Fund
Franklin Small Cap Growth Fund II 1

VALUE

Franklin Balance Sheet Investment Fund 2
Franklin Equity Income Fund
Franklin Large Cap Value Fund
Franklin MicroCap Value Fund 2
Franklin MidCap Value Fund
Franklin Small Cap Value Fund
Mutual Beacon Fund
Mutual Qualified Fund
Mutual Recovery Fund 3
Mutual Shares Fund

BLEND

Franklin Blue Chip Fund
Franklin Convertible Securities Fund
Franklin Growth Fund
Franklin Rising Dividends Fund
Franklin U.S. Long-Short Fund

SECTOR

Franklin Biotechnology Discovery Fund
Franklin DynaTech Fund
Franklin Global Communications Fund
Franklin Global Health Care Fund
Franklin Gold and Precious Metals Fund
Franklin Natural Resources Fund
Franklin Real Estate Securities Fund
Franklin Technology Fund
Franklin Utilities Fund
Mutual Financial Services Fund

ASSET ALLOCATION

Franklin Templeton Corefolio
Allocation Fund
Franklin Templeton Founding Funds Allocation Fund
Franklin Templeton Perspectives Allocation Fund

TARGET FUNDS

Franklin Templeton Conservative Target Fund
Franklin Templeton Growth Target Fund
Franklin Templeton Moderate Target Fund

INCOME

Franklin Adjustable U.S. Government
Securities Fund 4
Franklin's AGE High Income Fund
Franklin Floating Rate Daily Access Fund
Franklin Income Fund
Franklin Limited Maturity
U.S. Government Securities Fund 4
Franklin Low Duration Total Return Fund
Franklin Real Return Fund
Franklin Strategic Income Fund
Franklin Strategic Mortgage Portfolio
Franklin Templeton Hard Currency Fund
Franklin Total Return Fund
Franklin U.S. Government Securities Fund 4
Templeton Global Bond Fund
Templeton Income Fund

TAX-FREE INCOME 5

NATIONAL FUNDS

Double Tax-Free Income Fund
Federal Tax-Free Income Fund
High Yield Tax-Free Income Fund
Insured Tax-Free Income Fund 6

LIMITED-TERM FUNDS

California Limited-Term Tax-Free Income Fund
Federal Limited-Term Tax-Free Income Fund
New York Limited-Term Tax-Free Income Fund

INTERMEDIATE-TERM FUNDS

California Intermediate-Term
Tax-Free Income Fund
Federal Intermediate-Term
Tax-Free Income Fund
New York Intermediate-Term
Tax-Free Income Fund

STATE-SPECIFIC

Alabama
Arizona
California 7
Colorado
Connecticut
Florida 7
Georgia
Kentucky
Louisiana
Maryland
Massachusetts 6
Michigan 6
Minnesota 6
Missouri
New Jersey
New York 7
North Carolina
Ohio 7
Oregon
Pennsylvania
Tennessee
Virginia

INSURANCE FUNDS

Franklin Templeton Variable Insurance Products
Trust 8

1. The fund is closed to new investors. Existing shareholders can continue
adding to their accounts.

2. The fund is only open to existing shareholders and select retirement plans.

3. The fund is a continuously offered, closed-end fund. Shares may be purchased
daily; there is no daily redemption. However, each quarter, pending board
approval, the fund will authorize the repurchase of 5%-25% of the outstanding
number of shares. Investors may tender all or a portion of their shares during
the tender period.

4. An investment in the fund is neither insured nor guaranteed by the U.S.
government or by any other entity or institution.

5. For investors subject to the alternative minimum tax, a small portion of fund
dividends may be taxable. Distributions of capital gains are generally taxable.

6. Portfolio of insured municipal securities.

7. These funds are available in two or more variations, including long-term
portfolios, portfolios of insured securities, a high-yield portfolio (CA) and
limited-term, intermediate-term and money market portfolios (CA and NY).

8. The funds of the Franklin Templeton Variable Insurance Products Trust are
generally available only through insurance company variable contracts.

09/05
Not part of the semiannual report

[LOGO](R)
FRANKLIN TEMPLETON One Franklin Parkway
INVESTMENTS San Mateo, CA 94403-1906

o WANT TO RECEIVE THIS DOCUMENT FASTER VIA EMAIL?

Eligible shareholders can sign up for eDelivery at franklintempleton.com.
See inside for details.

SEMIANNUAL REPORT AND SHAREHOLDER LETTER

TEMPLETON GROWTH FUND, INC.

INVESTMENT MANAGER

Templeton Global Advisors Limited

PRINCIPAL UNDERWRITER

Franklin Templeton Distributors, Inc.
1-800/DIAL BEN(R)
franklintempleton.com

SHAREHOLDER SERVICES

1-800/632-2301

Authorized for distribution only when accompanied or preceded by a prospectus.
Investors should carefully consider a fund's investment goals, risks, charges
and expenses before investing. Like any investment in securities, the value of
the Fund's portfolio will be subject to the risk of loss from market, currency,
economic, political and other factors. The Fund and its investors are not
protected from such losses by the Investment Manager. Therefore, investors who
cannot accept this risk should not invest in shares of the Fund. The prospectus
contains this and other information; please read it carefully before investing.

To ensure the highest quality of service, telephone calls to or from our service
departments may be monitored, recorded and accessed. These calls can be
identified by the presence of a regular beeping tone.

101 S2006 04/06

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.

(d) N/A

(f) Pursuant to Item 12(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 David W. Niemiec and Frank A.
Olson, 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
COMPANIES AND AFFILIATED PURCHASES. N/A

ITEM 10. SUBMISSION OF MATTERS OF 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 ensure that information
required to be disclosed in the Registrant's filings under the Securities
Exchange Act of 1934 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 significant changes in the
Registrant's internal controls or in other factors that could significantly
affect the internal controls subsequent to the date of their evaluation in
connection with the preparation of this Shareholder Report on Form N-CSR.

ITEM 12. EXHIBITS

(a)(1) Code of Ethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
of Jimmy D. Gambill, Chief Executive Officer - Finance and Administration, and
Galen G. Vetter, Chief Financial Officer

(b)Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
of Jimmy D. Gambill, Chief Executive Officer - Finance and Administration, and
Galen G. Vetter, Chief Financial Officer

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/JIMMY D. GAMBILL
Chief Executive Officer -
Finance and Administration
Date April 24, 2006

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/JIMMY D. GAMBILL
Chief Executive Officer -
Finance and Administration
Date April 24, 2006

By /s/GALEN G. VETTER
Chief Financial Officer
Date April 24, 2006