UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04892
(Exact name of registrant as specified in charter)
300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923
(Address of principal executive offices) (Zip code)
Alison Baur
Franklin Templeton
One Franklin Parkway
San Mateo, CA 94403-1906
(Name and address of agent for service)
Registrant’s telephone number, including area code: (650) 312-2000
Date of fiscal year end: August 31
Date of reporting period:
| ITEM 1. | REPORT TO STOCKHOLDERS |
(a) The Report to Shareholders is filed herewith
|
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 | |
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Semi-Annual
Shareholder Report | | ||
 | ||
WHAT
WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based
on a hypothetical $10,000 investment)
|
Class
Name |
Costs
of a $10,000 investment
|
Costs
paid as a percentage of a $10,000
investment*,†
|
|
Class
A |
$
|
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition*
(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
 |
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Growth Fund Inc. | PAGE 1 | 101-STSR-0426 |
|
|
| |
|
| ||
|
Semi-Annual
Shareholder Report | | ||
|
| ||
WHAT
WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based
on a hypothetical $10,000 investment)
|
Class
Name |
Costs
of a $10,000 investment
|
Costs
paid as a percentage of a $10,000
investment*,†
|
|
Class
C |
$
|
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition*
(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
|
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Growth Fund Inc. | PAGE 1 | 2201-STSR-0426 |
|
|
| |
|
| ||
|
Semi-Annual
Shareholder Report | | ||
|
| ||
WHAT
WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based
on a hypothetical $10,000 investment)
|
Class
Name |
Costs
of a $10,000 investment
|
Costs
paid as a percentage of a $10,000
investment*,†
|
|
Class
R |
$
|
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition*
(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
|
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Growth Fund Inc. | PAGE 1 | 801-STSR-0426 |
|
|
| |
|
| ||
|
Semi-Annual
Shareholder Report | | ||
|
| ||
WHAT
WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based
on a hypothetical $10,000 investment)
|
Class
Name |
Costs
of a $10,000 investment
|
Costs
paid as a percentage of a $10,000
investment*,†
|
|
Class
R6 |
$
|
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition*
(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
|
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Growth Fund Inc. | PAGE 1 | 300-STSR-0426 |
|
|
| |
|
| ||
|
Semi-Annual
Shareholder Report | | ||
|
| ||
WHAT
WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based
on a hypothetical $10,000 investment)
|
Class
Name |
Costs
of a $10,000 investment
|
Costs
paid as a percentage of a $10,000
investment*,†
|
|
Advisor
Class |
$
|
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY
FUND STATISTICS (as
of February 28, 2026)
|
Total
Net Assets |
$
|
|
Total
Number of Portfolio Holdings |
|
|
Portfolio
Turnover Rate |
|
WHAT
DID THE FUND INVEST IN? (as
of February 28, 2026)
Portfolio Composition*
(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
|
WHERE
CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND? |
|
Additional
information is available on | |
|
•
prospectus • proxy voting information • financial information • holdings • tax information |
| Templeton Growth Fund Inc. | PAGE 1 | 601-STSR-0426 |
(b) Not applicable
| ITEM 2. | CODE OF ETHICS. |
Not applicable
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Templeton
Growth
Fund,
Inc.
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
February
28,
2026
If
you
need
assistance
accessing
this
content,
please
reach
out
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or
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email
to
accessibility@franklintempleton.com
.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
10
Notes
to
Financial
Statements
14
Changes
In
and
Disagreements
with
Accountants
24
Results
of
Meeting(s)
of
Shareholders
24
Remuneration
Paid
to
Directors,
Officers
and
Others
24
Board
Approval
of
Management
and
Subadvisory
Agreements
24
Templeton
Growth
Fund,
Inc.
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
2024
2023
2022
2021
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$30.41
$28.09
$24.19
$20.47
$25.34
$21.17
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.05
0.22
0.24
0.22
0.14
0.37
c
Net
realized
and
unrealized
gains
(losses)
2.80
2.88
3.95
3.69
(4.59)
4.03
Total
from
investment
operations
........
2.85
3.10
4.19
3.91
(4.45)
4.40
Less
distributions
from:
Net
investment
income
..............
(0.19)
(0.29)
(0.29)
(0.19)
(0.42)
(0.23)
Net
realized
gains
.................
(3.88)
(0.49)
—
—
—
—
Total
distributions
...................
(4.07)
(0.78)
(0.29)
(0.19)
(0.42)
(0.23)
Net
asset
value,
end
of
period
..........
$29.19
$30.41
$28.09
$24.19
$20.47
$25.34
Total
return
d
.......................
9.97%
11.38%
17.50%
19.23%
(17.76)%
20.80%
Ratios
to
average
net
assets
e
Expenses
.........................
1.02%
f
1.03%
1.03%
1.03%
f
1.05%
f
1.04%
f
Net
investment
income
...............
0.34%
0.79%
0.94%
0.96%
0.61%
1.53%
c
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$8,800,031
$8,443,919
$8,279,320
$7,654,074
$6,913,896
$9,010,906
Portfolio
turnover
rate
................
30.51%
75.81%
43.43%
33.07%
42.82%
44.14%
g
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.26
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.42%.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Templeton
Growth
Fund,
Inc.
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
2024
2023
2022
2021
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$29.38
$27.29
$23.61
$20.09
$24.82
$20.71
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.06)
0.01
0.02
0.05
(0.03)
0.19
c
Net
realized
and
unrealized
gains
(losses)
2.70
2.79
3.86
3.61
(4.52)
3.95
Total
from
investment
operations
........
2.64
2.80
3.88
3.66
(4.55)
4.14
Less
distributions
from:
Net
investment
income
..............
—
(0.22)
(0.20)
(0.14)
(0.18)
(0.03)
Net
realized
gains
.................
(3.88)
(0.49)
—
—
—
—
Total
distributions
...................
(3.88)
(0.71)
(0.20)
(0.14)
(0.18)
(0.03)
Net
asset
value,
end
of
period
..........
$28.14
$29.38
$27.29
$23.61
$20.09
$24.82
Total
return
d
.......................
9.57%
10.57%
16.56%
18.31%
(18.38)%
19.93%
Ratios
to
average
net
assets
e
Expenses
.........................
1.77%
f
1.78%
1.77%
1.78%
f
1.80%
f
1.79%
f
Net
investment
income
(loss)
..........
(0.42)%
0.03%
0.07%
0.21%
(0.13)%
0.80%
c
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$21,127
$22,852
$28,293
$92,670
$84,172
$111,870
Portfolio
turnover
rate
................
30.51%
75.81%
43.43%
33.07%
42.82%
44.14%
g
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.26
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
(0.31)%.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Templeton
Growth
Fund,
Inc.
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
2024
2023
2022
2021
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$29.89
$27.66
$23.86
$20.24
$25.05
$20.93
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.01
0.15
0.18
0.16
0.08
0.30
c
Net
realized
and
unrealized
gains
(losses)
2.74
2.84
3.89
3.64
(4.54)
3.99
Total
from
investment
operations
........
2.75
2.99
4.07
3.80
(4.46)
4.29
Less
distributions
from:
Net
investment
income
..............
(0.12)
(0.27)
(0.27)
(0.18)
(0.35)
(0.17)
Net
realized
gains
.................
(3.88)
(0.49)
—
—
—
—
Total
distributions
...................
(4.00)
(0.76)
(0.27)
(0.18)
(0.35)
(0.17)
Net
asset
value,
end
of
period
..........
$28.64
$29.89
$27.66
$23.86
$20.24
$25.05
Total
return
d
.......................
9.79%
11.13%
17.23%
18.86%
(17.95)%
20.49%
Ratios
to
average
net
assets
e
Expenses
.........................
1.27%
f
1.28%
1.28%
1.28%
f
1.30%
f
1.29%
f
Net
investment
income
...............
0.08%
0.55%
0.69%
0.71%
0.36%
1.29%
c
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$55,343
$53,907
$53,873
$50,808
$45,502
$60,867
Portfolio
turnover
rate
................
30.51%
75.81%
43.43%
33.07%
42.82%
44.14%
g
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.26
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.18%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Templeton
Growth
Fund,
Inc.
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
2024
2023
2022
2021
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$30.65
$28.24
$24.27
$20.50
$25.39
$21.20
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.09
0.31
0.32
0.29
0.21
0.59
c
Net
realized
and
unrealized
gains
(losses)
2.81
2.91
3.96
3.70
(4.61)
3.90
Total
from
investment
operations
........
2.90
3.22
4.28
3.99
(4.40)
4.49
Less
distributions
from:
Net
investment
income
..............
(0.27)
(0.32)
(0.31)
(0.22)
(0.49)
(0.30)
Net
realized
gains
.................
(3.88)
(0.49)
—
—
—
—
Total
distributions
...................
(4.15)
(0.81)
(0.31)
(0.22)
(0.49)
(0.30)
Net
asset
value,
end
of
period
..........
$29.40
$30.65
$28.24
$24.27
$20.50
$25.39
Total
return
d
.......................
10.08%
11.75%
17.84%
19.56%
(17.50)%
21.15%
Ratios
to
average
net
assets
e
Expenses
.........................
0.73%
f
0.73%
0.74%
0.73%
f
0.75%
f
0.74%
f
Net
investment
income
...............
0.62%
1.09%
1.25%
1.27%
0.92%
2.56%
c
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$321,854
$306,610
$297,769
$294,490
$277,985
$349,281
Portfolio
turnover
rate
................
30.51%
75.81%
43.43%
33.07%
42.82%
44.14%
g
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.26
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.45%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Templeton
Growth
Fund,
Inc.
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
2024
2023
2022
2021
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$30.67
$28.28
$24.31
$20.54
$25.42
$21.24
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.09
0.29
0.31
0.27
0.20
0.42
c
Net
realized
and
unrealized
gains
(losses)
2.82
2.90
3.97
3.71
(4.60)
4.05
Total
from
investment
operations
........
2.91
3.19
4.28
3.98
(4.40)
4.47
Less
distributions
from:
Net
investment
income
..............
(0.26)
(0.31)
(0.31)
(0.21)
(0.48)
(0.29)
Net
realized
gains
.................
(3.88)
(0.49)
—
—
—
—
Total
distributions
...................
(4.14)
(0.80)
(0.31)
(0.21)
(0.48)
(0.29)
Net
asset
value,
end
of
period
..........
$29.44
$30.67
$28.28
$24.31
$20.54
$25.42
Total
return
d
.......................
10.10%
11.65%
17.80%
19.51%
(17.53)%
21.06%
Ratios
to
average
net
assets
e
Expenses
.........................
0.77%
f
0.78%
0.78%
0.78%
f
0.79%
f
0.80%
f
Net
investment
income
...............
0.59%
1.04%
1.20%
1.21%
0.85%
1.76%
c
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$233,963
$217,327
$195,896
$169,293
$159,910
$429,251
Portfolio
turnover
rate
................
30.51%
75.81%
43.43%
33.07%
42.82%
44.14%
g
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.26
per
share
related
to
income
received
in
the
form
of
special
dividends
and
an
adjustment
for
EU
reclaims
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.66%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Excludes
the
value
of
portfolio
activity
as
a
result
of
in-kind
transactions.
Templeton
Growth
Fund,
Inc.
Schedule
of
Investments
(unaudited),
February
28,
2026
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Industry
Shares
a
Value
a
Common
Stocks
94.2%
Canada
1.3%
Royal
Bank
of
Canada
............
Banks
722,003
$
120,719,346
China
2.4%
BYD
Co.
Ltd.
,
H
.................
Automobiles
11,167,000
134,619,370
a
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
1,454,600
95,703,709
230,323,079
France
7.0%
Airbus
SE
......................
Aerospace
&
Defense
642,490
139,518,589
LVMH
Moet
Hennessy
Louis
Vuitton
SE
Textiles,
Apparel
&
Luxury
Goods
238,332
152,299,081
Safran
SA
......................
Aerospace
&
Defense
499,786
201,283,193
Vinci
SA
.......................
Construction
&
Engineering
1,035,401
171,862,220
664,963,083
Germany
4.1%
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
1,748,444
94,232,085
Siemens
AG
....................
Industrial
Conglomerates
367,122
106,151,074
Siemens
Energy
AG
..............
Electrical
Equipment
984,434
190,662,986
391,046,145
Hong
Kong
1.8%
AIA
Group
Ltd.
..................
Insurance
9,931,200
109,556,370
Sun
Hung
Kai
Properties
Ltd.
.......
Real
Estate
Management
&
Development
3,024,603
56,229,336
165,785,706
India
1.9%
HDFC
Bank
Ltd.
.................
Banks
17,959,049
175,549,734
Japan
7.0%
Ebara
Corp.
....................
Machinery
3,816,195
134,037,762
Keyence
Corp.
..................
Electronic
Equipment,
Instruments
&
Components
348,000
146,665,197
Mitsubishi
Electric
Corp.
...........
Electrical
Equipment
3,255,400
123,910,366
Mizuho
Financial
Group,
Inc.
........
Banks
2,409,812
107,511,380
b,c
SBI
Shinsei
Bank
Ltd.
.............
Banks
4,491,378
54,012,153
Sumitomo
Mitsui
Financial
Group,
Inc.
.
Banks
2,592,367
97,824,489
663,961,347
Netherlands
4.9%
Akzo
Nobel
NV
..................
Chemicals
1,446,809
101,636,693
ASM
International
NV
.............
Semiconductors
&
Semiconductor
Equipment
178,022
150,141,542
ING
Groep
NV
..................
Banks
7,146,755
206,204,852
457,983,087
South
Korea
2.6%
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
1,631,872
244,244,459
Taiwan
3.8%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
..................
Semiconductors
&
Semiconductor
Equipment
959,256
359,318,112
United
Kingdom
9.6%
AstraZeneca
plc
.................
Pharmaceuticals
980,776
206,387,269
Rolls-Royce
Holdings
plc
..........
Aerospace
&
Defense
13,108,275
235,714,048
SSE
plc
.......................
Electric
Utilities
6,038,301
218,256,743
Unilever
plc
.....................
Personal
Care
Products
3,321,613
243,995,020
904,353,080
Templeton
Growth
Fund,
Inc.
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
United
States
47.8%
Alcon
AG
......................
Health
Care
Equipment
&
Supplies
1,139,949
$
98,820,292
Alphabet,
Inc.
,
A
.................
Interactive
Media
&
Services
988,531
308,184,425
b
Amazon.com,
Inc.
................
Broadline
Retail
1,401,531
294,321,510
Apple,
Inc.
.....................
Technology
Hardware,
Storage
&
Peripherals
842,859
222,666,491
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
29,541,913
191,473,227
Broadcom,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
569,544
181,997,785
b
Builders
FirstSource,
Inc.
..........
Building
Products
675,704
70,469,170
Charles
Schwab
Corp.
(The)
........
Capital
Markets
996,908
94,905,642
CNH
Industrial
NV
................
Machinery
7,182,659
88,346,706
CRH
plc
.......................
Construction
Materials
953,367
114,384,973
Crown
Holdings,
Inc.
..............
Containers
&
Packaging
996,144
114,158,102
Eli
Lilly
&
Co.
...................
Pharmaceuticals
213,392
224,486,250
Ferguson
Enterprises,
Inc.
.........
Trading
Companies
&
Distributors
592,454
154,488,305
HCA
Healthcare,
Inc.
..............
Health
Care
Providers
&
Services
201,982
106,989,865
Honeywell
International,
Inc.
........
Industrial
Conglomerates
663,395
161,596,388
Linde
plc
.......................
Chemicals
189,782
96,424,439
Medtronic
plc
...................
Health
Care
Equipment
&
Supplies
929,623
90,786,982
Meta
Platforms,
Inc.
,
A
............
Interactive
Media
&
Services
287,639
186,441,847
Microsoft
Corp.
..................
Software
681,071
267,483,825
NIKE,
Inc.
,
B
....................
Textiles,
Apparel
&
Luxury
Goods
2,554,943
158,866,356
NVIDIA
Corp.
...................
Semiconductors
&
Semiconductor
Equipment
2,203,160
390,377,920
PNC
Financial
Services
Group,
Inc.
(The)
........................
Banks
479,327
101,785,088
Schneider
Electric
SE
.............
Electrical
Equipment
575,057
187,934,282
Smurfit
Westrock
plc
..............
Containers
&
Packaging
2,264,500
106,454,145
Thermo
Fisher
Scientific,
Inc.
.......
Life
Sciences
Tools
&
Services
412,077
214,737,445
Visa,
Inc.
,
A
.....................
Financial
Services
287,125
91,920,197
Wells
Fargo
&
Co.
................
Banks
1,088,350
88,646,107
Zimmer
Biomet
Holdings,
Inc.
.......
Health
Care
Equipment
&
Supplies
1,015,933
100,008,445
4,509,156,209
Total
Common
Stocks
(Cost
$
6,511,150,445
)
....................................
8,887,403,387
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
b,d
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
104,748
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
—
Total
Long
Term
Investments
(Cost
$
6,511,150,445
)
.............................
8,887,403,387
Short
Term
Investments
5.8%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
5.5%
Australia
2.1%
Australia
&
New
Zealand
Banking
Group
Ltd.
,
3.65
%
,
3/02/26
.............
200,000,000
200,000,000
Canada
2.6%
National
Bank
of
Canada
,
3.58
%
,
3/02/26
......................
200,000,000
200,000,000
Royal
Bank
of
Canada
,
3.58
%
,
3/02/26
46,200,000
46,200,000
246,200,000
Templeton
Growth
Fund,
Inc.
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
Short
Term
Investments
(continued)
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
(continued)
France
0.8%
Credit
Agricole
Corporate
and
Investment
Bank
SA
,
3.57
%
,
3/02/26
68,000,000
$
68,000,000
Total
Time
Deposits
(Cost
$
514,200,000
)
.......................................
514,200,000
Shares
e
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.3%
Money
Market
Funds
0.3%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.583
%
......
30,798,255
30,798,255
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
30,798,255
)
................................................................
30,798,255
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
544,998,255
)
...............................
544,998,255
a
a
a
Total
Investments
(Cost
$
7,056,148,700
)
100.0
%
................................
$9,432,401,642
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(84,476)
Net
Assets
100.0%
...........................................................
$9,432,317,166
a
a
a
See
Abbreviations
on
page
23
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Variable
interest
entity
(VIE).
See
Note
6
regarding
investments
made
through
a
VIE
structure.
At
February
28,
2026,
the
value
of
this
security
was
$95,703,709,
represent-
ing
1.0%
of
net
assets.
b
Non-income
producing.
c
A
portion
or
all
of
the
security
is
on
loan
at
February
28,
2026.
See
Note
1(c).
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
regarding
fair
value
measurements.
e
See
Note
1(c)
regarding
securities
on
loan.
f
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Growth
Fund,
Inc.
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
Templeton
Growth
Fund,
Inc.
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$7,025,350,445
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
30,798,255
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$
29,328,716
)
.................................
$9,401,603,387
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
30,798,255
Cash
....................................................................................
924,682
Receivables:
Investment
securities
sold
...................................................................
42,935,648
Capital
shares
sold
........................................................................
1,221,596
Dividends
and
interest
.....................................................................
16,895,400
European
Union
tax
reclaims
(Note
1
d
)
.........................................................
1,112,757
Total
assets
..........................................................................
9,495,491,725
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
14,614,298
Capital
shares
redeemed
...................................................................
6,755,508
Management
fees
.........................................................................
4,996,072
Distribution
fees
..........................................................................
1,726,547
Transfer
agent
fees
........................................................................
1,222,039
Directors'
fees
and
expenses
................................................................
11,737
Payable
upon
return
of
securities
loaned
(Note
1
c
)
..................................................
30,798,255
Deferred
taxes
on
unrealized
appreciation
........................................................
2,540,617
Accrued
expenses
and
other
liabilities
...........................................................
509,486
Total
liabilities
.........................................................................
63,174,559
Net
assets,
at
value
.................................................................
$9,432,317,166
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$6,922,501,216
Total
distributable
earnings
(losses)
.............................................................
2,509,815,950
Net
assets,
at
value
.................................................................
$9,432,317,166
Templeton
Growth
Fund,
Inc.
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
February
28,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
Templeton
Growth
Fund,
Inc.
Class
A:
Net
assets,
at
value
.......................................................................
$8,800,031,325
Shares
outstanding
........................................................................
301,494,388
Net
asset
value
per
share
a
,b
..................................................................
$29.19
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94
.50
%
)
b
................................
$30.89
Class
C:
Net
assets,
at
value
.......................................................................
$21,126,765
Shares
outstanding
........................................................................
750,825
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$28.14
Class
R:
Net
assets,
at
value
.......................................................................
$55,342,739
Shares
outstanding
........................................................................
1,932,123
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$28.64
Class
R6:
Net
assets,
at
value
.......................................................................
$321,853,780
Shares
outstanding
........................................................................
10,945,780
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$29.40
Advisor
Class:
Net
assets,
at
value
.......................................................................
$233,962,557
Shares
outstanding
........................................................................
7,946,468
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$29.44
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Templeton
Growth
Fund,
Inc.
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
February
28,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Templeton
Growth
Fund,
Inc.
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$3,095,413)
Unaffiliated
issuers
........................................................................
$54,144,824
Interest:
Unaffiliated
issuers
........................................................................
8,200,103
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
(98,391)
Non-controlled
affiliates
(Note
3
f
)
.............................................................
195,413
Other
income
(Note
1
d
)
......................................................................
30,609
Total
investment
income
...................................................................
62,472,558
Expenses:
Management
fees
(Note
3
a
)
...................................................................
31,820,308
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
10,746,410
Class
C
................................................................................
111,423
Class
R
................................................................................
135,437
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
2,349,103
Class
C
................................................................................
6,078
Class
R
................................................................................
14,805
Class
R6
...............................................................................
27,304
Advisor
Class
............................................................................
61,396
Custodian
fees
............................................................................
90,144
Reports
to
shareholders
fees
..................................................................
181,297
Registration
and
filing
fees
....................................................................
126,351
Professional
fees
...........................................................................
56,410
Directors'
fees
and
expenses
..................................................................
527,558
Other
....................................................................................
137,507
Total
expenses
.........................................................................
46,391,531
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(5,477)
Net
expenses
.........................................................................
46,386,054
Net
investment
income
................................................................
16,086,504
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
342,000,240
Foreign
currency
transactions
................................................................
(64,407)
Net
realized
gain
(loss)
..................................................................
341,935,833
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
521,400,047
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(119,225)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(197,525)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
521,083,297
Net
realized
and
unrealized
gain
(loss)
............................................................
863,019,130
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$879,105,634
Templeton
Growth
Fund,
Inc.
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
Templeton
Growth
Fund,
Inc.
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$16,086,504
$68,911,088
Net
realized
gain
(loss)
.................................................
341,935,833
1,226,333,614
Net
change
in
unrealized
appreciation
(depreciation)
...........................
521,083,297
(365,133,698)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
879,105,634
930,111,004
Distributions
to
shareholders:
Class
A
.............................................................
(1,101,948,522)
(224,146,961)
Class
C
.............................................................
(2,855,185)
(700,632)
Class
R
.............................................................
(6,932,535)
(1,447,285)
Class
R6
............................................................
(40,483,831)
(8,321,351)
Advisor
Class
........................................................
(29,327,348)
(5,566,735)
Total
distributions
to
shareholders
..........................................
(1,181,547,421)
(240,182,964)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
638,152,231
(478,849,234)
Class
C
.............................................................
(950,556)
(6,920,151)
Class
R
.............................................................
3,245,566
(4,017,103)
Class
R6
............................................................
25,350,677
(15,083,643)
Advisor
Class
........................................................
24,345,854
4,406,540
Total
capital
share
transactions
............................................
690,143,772
(500,463,591)
Net
increase
(decrease)
in
net
assets
...................................
387,701,985
189,464,449
Net
assets:
Beginning
of
period
.....................................................
9,044,615,181
8,855,150,732
End
of
period
..........................................................
$9,432,317,166
$9,044,615,181
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
14
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Templeton
Growth
Fund,
Inc. (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers
five classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Directors
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Investments
in time
deposits are
valued
at
cost,
which
approximates
fair
value.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
February
28,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
15
franklintempleton.com
Semiannual
Report
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the
Fund. The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the Statement of
Operations.
The
Fund
bears
the
market
risk
with
respect
to
any
cash
collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
Securities
on
loan
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
d.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and if
applicable,
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
In
some
cases,
the
Fund
may
be
entitled
to
reclaim
all
or
a
portion
of
such
taxes,
and
such
reclaim
amounts,
if
any,
are
reflected
as
a
dividend
receivable
in
the
Statement
of
Assets
and
Liabilities
and
dividend
income
in
the
Statement
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
16
franklintempleton.com
Semiannual
Report
of
Operations.
In
many
cases,
however,
the
Fund
may
not
receive
such
amounts
for
an
extended
period
of
time,
depending
on
the
country
of
investment.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
As
a
result
of
several
court
cases,
in
certain
countries
across
the
European
Union, the
Fund
filed
additional
tax
reclaims
for
previously
withheld
taxes
on
dividends
earned
in
those
countries
(EU
reclaims). Income
recognized,
if
any,
for
EU
reclaims
is
reflected
as
other
income
in
the
Statement
of
Operations
and
any
related
receivable,
if
any,
is
reflected
as
European
Union
tax
reclaims
in
the
Statement
of
Assets
and
Liabilities.
Any
fees
associated
with
these
filings
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
When
uncertainty
exists
as
to
the
ultimate
resolution
of
these
proceedings,
the
likelihood
of
receipt
of
these
EU
reclaims,
and
the
potential
timing
of
payment,
no
amounts
are
reflected
in
the
financial
statements.
For
U.S.
income
tax
purposes,
EU
reclaims
received
by
the
Fund,
if
any,
reduce
the
amount
of
foreign
taxes
Fund
shareholders
can
use
as
tax
deductions
or credits
on
their
income
tax
returns.
In
the
event
that
EU
reclaims
received
by
the Fund
during a
fiscal
year
exceed
foreign
withholding
taxes
paid
by
the
Fund,
and
the
Fund previously
passed
through to
its
shareholders
foreign
taxes
incurred
by
the
Fund
to
be
used
as
a
credit
or
deduction
on
a
shareholder’s
income
tax
return,
the Fund
will enter
into
a
closing
agreement
with
the
Internal
Revenue
Service
(IRS)
in
order
to
pay
the
associated
tax
liability
on
behalf
of
the Fund's
shareholders.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
February
28,
2026, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
The
Fund’s
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
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
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the Fund.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Income
and
Deferred
Taxes
(continued)
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
17
franklintempleton.com
Semiannual
Report
g.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and directors
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
February
28,
2026,
there
were 2.7
million
shares
authorized ($0.01
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
February
28,
2026
Year
Ended
August
31,
2025
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
7,583,976
$223,515,751
9,332,718
$258,245,766
Shares
issued
in
reinvestment
of
distributions
..........
34,152,913
952,525,918
6,995,291
189,222,657
Shares
redeemed
...............................
(17,882,214)
(537,889,438)
(33,452,613)
(926,317,657)
Net
increase
(decrease)
..........................
23,854,675
$638,152,231
(17,124,604)
$(478,849,234)
Class
C
Shares:
Shares
sold
...................................
37,227
$1,086,295
102,124
$2,730,766
Shares
issued
in
reinvestment
of
distributions
..........
104,902
2,825,003
26,476
695,513
Shares
redeemed
a
..............................
(169,023)
(4,861,854)
(387,470)
(10,346,430)
Net
increase
(decrease)
..........................
(26,894)
$(950,556)
(258,870)
$(6,920,151)
Class
R
Shares:
Shares
sold
...................................
55,733
$1,656,172
110,266
$3,035,532
Shares
issued
in
reinvestment
of
distributions
..........
253,197
6,932,535
54,348
1,447,285
Shares
redeemed
...............................
(180,528)
(5,343,141)
(308,600)
(8,499,920)
Net
increase
(decrease)
..........................
128,402
$3,245,566
(143,986)
$(4,017,103)
Class
R6
Shares:
Shares
sold
...................................
192,112
$5,805,210
340,461
$9,584,370
Shares
issued
in
reinvestment
of
distributions
..........
1,439,268
40,414,642
305,333
8,305,070
Shares
redeemed
...............................
(690,376)
(20,869,175)
(1,184,456)
(32,973,083)
Net
increase
(decrease)
..........................
941,004
$25,350,677
(538,662)
$(15,083,643)
Advisor
Class
Shares:
Shares
sold
...................................
621,509
$18,866,064
1,229,889
$34,418,775
Shares
issued
in
reinvestment
of
distributions
..........
1,016,463
28,582,947
199,706
5,438,005
Shares
redeemed
...............................
(776,459)
(23,103,157)
(1,272,499)
(35,450,240)
Net
increase
(decrease)
..........................
861,513
$24,345,854
157,096
$4,406,540
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
18
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to
Global
Advisors based
on the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
February
28,
2026,
the
annualized
gross
effective
investment
management
fee
rate
was 0.691%
of
the
Fund’s
average daily
net
assets.
b.
Administrative
Fees
Under
an
agreement
with
Global
Advisors,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Global Advisors
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund's
Class
A
reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund's Class
C
and
R compensation
distribution
plans,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
Subsidiary
Affiliation
Templeton
Global
Advisors
Limited
(Global
Advisors)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.780%
Up
to
and
including
$200
million
0.765%
Over
$200
million,
up
to
and
including
$700
million
0.730%
Over
$700
million,
up
to
and
including
$1
billion
0.715%
Over
$1
billion,
up
to
and
including
$1.2
billion
0.690%
Over
$1.2
billion,
up
to
and
including
$5
billion
0.675%
Over
$5
billion,
up
to
and
including
$10
billion
0.655%
Over
$10
billion,
up
to
and
including
$15
billion
0.635%
Over
$15
billion,
up
to
and
including
$20
billion
0.615%
Over
$20
billion,
up
to
and
including
$25
billion
0.605%
Over
$25
billion,
up
to
and
including
$30
billion
0.595%
Over
$30
billion,
up
to
and
including
$35
billion
0.585%
Over
$35
billion,
up
to
and
including
$40
billion
0.575%
Over
$40
billion,
up
to
and
including
$45
billion
0.565%
In
excess
of
$45
billion
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
19
franklintempleton.com
Semiannual
Report
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
February
28,
2026,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$1,140,934
was
retained
by
Investor
Services.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
February
28,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Class
A
....................................................................................
0.25%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$76,526
CDSC
retained
..............................................................................
$1,029
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
g.
Waiver
and
Expense
Reimbursements
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
December
31,
2026.
4.
Income
Taxes
At
February
28,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales,
foreign
capital
gains
tax
and
corporate
actions.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
February
28,
2026,
aggregated
$2,699,169,243 and
$3,353,109,401,
respectively.
At
February
28,
2026,
in
connection
with
securities
lending
transactions,
the
Fund
loaned
equity
investments
and
received
$30,798,255
of
cash
collateral.
The
gross
amount
of
recognized
liability
for
such
transactions
is
included
in
payable
upon
return
of
securities
loaned
in
the
Statement
of
Assets
and
Liabilities.
The
agreements
can
be
terminated
at
any
time.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Templeton
Growth
Fund,
Inc.
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.583%
............
$—
$121,335,840
$(90,537,585)
$—
$—
$30,798,255
30,798,255
$195,413
Total
Affiliated
Securities
...
$—
$121,335,840
$(90,537,585)
$—
$—
$30,798,255
$195,413
Cost
of
investments
..........................................................................
$7,068,799,895
Unrealized
appreciation
........................................................................
$2,466,651,146
Unrealized
depreciation
........................................................................
(103,049,399)
Net
unrealized
appreciation
(depreciation)
..........................................................
$2,363,601,747
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
6.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Certain
investments
in
Chinese
companies
are
made
through
a
special
structure
known
as
a
VIE.
In
a
VIE
structure,
foreign
investors,
such
as
the
Fund,
will
only
own
stock
in
a
shell
company
rather
than
directly
in
the
VIE,
which
must
be
owned
by
Chinese
nationals
(and/or
Chinese
companies)
to
obtain
the
licenses
and/or
assets
required
to
operate
in
a
restricted
or
prohibited
sector
in
China.
The
value
of
the
shell
company
is
derived
from
its
ability
to
consolidate
the
VIE
into
its
financials
pursuant
to
contractual
arrangements
that
allow
the
shell
company
to
exert
a
degree
of
control
over,
and
obtain
economic
benefits
arising
from,
the
VIE
without
formal
legal
ownership.
While
VIEs
are
a
longstanding
industry
practice
and
are
well
known
by
Chinese
officials
and
regulators,
the
structure
historically
has
not
been
formally
recognized
under
Chinese
law
and
it
is
uncertain
whether
Chinese
officials
or
regulators
will
withdraw
their
implicit
acceptance
of
the
structure.
It
is
also
uncertain
whether
the
contractual
arrangements,
which
may
be
subject
to
conflicts
of
interest
between
the
legal
owners
of
the
VIE
and
foreign
investors,
would
be
enforced
by
Chinese
courts
or
arbitration
bodies.
Prohibitions
of
these
structures
by
the
Chinese
government,
or
the
inability
to
enforce
such
contracts,
from
which
the
shell
company
derives
its
value,
would
likely
cause
the
VIE-structured
holding(s)
to
suffer
significant,
detrimental,
and
possibly
permanent
losses,
and
in
turn,
adversely
affect
the
Fund’s
returns
and
net
asset
value.
7.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
29,
2027.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
may,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
February
28,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
8.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of February
28,
2026,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period
.
9.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
chief
investment
officer
of
the
Fund’s
investment
manager serves
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights.
10.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Level
1
Level
2
Level
3
Total
Templeton
Growth
Fund,
Inc.
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Canada
..............................
$
120,719,346
$
—
$
—
$
120,719,346
China
...............................
—
230,323,079
—
230,323,079
France
...............................
—
664,963,083
—
664,963,083
Germany
.............................
—
391,046,145
—
391,046,145
Hong
Kong
...........................
—
165,785,706
—
165,785,706
India
................................
—
175,549,734
—
175,549,734
Japan
...............................
54,012,153
609,949,194
—
663,961,347
Netherlands
...........................
—
457,983,087
—
457,983,087
South
Korea
..........................
—
244,244,459
—
244,244,459
Taiwan
...............................
359,318,112
—
—
359,318,112
United
Kingdom
........................
—
904,353,080
—
904,353,080
United
States
..........................
4,030,928,408
478,227,801
—
4,509,156,209
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
30,798,255
514,200,000
—
544,998,255
Total
Investments
in
Securities
...........
$4,595,776,274
$4,836,625,368
c
$—
$9,432,401,642
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
c
Includes
foreign
securities
valued
at
$4,322,425,368,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
8.
Fair
Value
Measurements
(continued)
Templeton
Growth
Fund,
Inc.
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
Templeton
Growth
Fund,
Inc.
24
franklintempleton.com
Semiannual
Report
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund’s
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable.
105-SFSOI
04/26
©
2026
Franklin
Templeton.
All
rights
reserved.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| (a) | The Registrant’s chief executive officer and chief financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant’s internal control over financial reporting. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Not applicable
Exhibit 99.CODE ETH
(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.CERT
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.906CERT
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, there unto duly authorized.
Templeton Growth Fund, Inc.
| By: | /s/ Christopher Kings | |
| Christopher Kings | ||
| Chief Executive Officer - Finance and Administration | ||
| Date: | April 30, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Christopher Kings | |
| Christopher Kings | ||
| Chief Executive Officer - Finance and Administration | ||
| Date: | April 30, 2026 | |
| By: | /s/ Jeffrey White | |
| Jeffrey White | ||
| Chief Financial Officer, Chief Accounting Officer and Treasurer | ||
| Date: | April 30, 2026 |