UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04892

Templeton Growth Fund, Inc.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906

(Name and address of agent for service)

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

Date of fiscal year end: 8/31

Date of reporting period: 8/31/21

Item 1. Reports to Stockholders.

a.)

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

b.)

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

Not Applicable

.

ANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Templeton

Growth

Fund,

Inc.

August

31,

2021

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Not

part

of

the

annual

report

1

Shareholder

Letter

Dear

Shareholder:

During

the

12

months

ended

August

31,

2021,

the

global

economic

recovery

was

supported

by

continued

monetary

and

fiscal

stimulus

measures,

easing

novel

coronavirus

(COVID-19)

pandemic

restrictions

and

the

development

of

treatments

and

vaccines.

During

parts

of

the

period,

geopolitical

tensions

and

surges

of

COVID-19

cases

in

certain

regions

pressured

global

stock

prices,

but

economic

growth

in

the

U.S.

and

China

and

continued

accommodative

monetary

policy

by

the

U.S.

Federal

Reserve

supported

equities

for

the

period

as

a

whole.

Asian

and

global

emerging

market

equities

trimmed

some

gains

near

period-end

after

the

Chinese

government

imposed

additional

regulation

on

some

businesses.

In

this

environment,

global

developed

and

emerging

market

stocks,

as

measured

by

the

MSCI

All

Country

World

Index-NR

(net

of

tax

withholding

when

dividends

are

paid),

posted

a

+28.64%

total

return

for

the

period.

1

We

are

committed

to

our

long-term

perspective

and

disciplined

investment

approach

as

we

conduct

a

rigorous,

fundamental

analysis

of

securities

with

a

regular

emphasis

on

investment

risk

management.

Historically,

patient

investors

have

achieved

rewarding

results

by

evaluating

their

goals,

diversifying

their

assets

globally

and

maintaining

a

disciplined

investment

program,

all

hallmarks

of

the

Templeton

investment

philosophy.

We

continue

to

recommend

investors

consult

financial

professionals

and

review

their

portfolios

to

design

a

long-term

strategy

and

portfolio

allocation

that

meet

their

individual

needs,

goals

and

risk

tolerance.

Templeton

Growth

Fund’s

annual

report

includes

more

detail

about

prevailing

conditions

and

a

discussion

about

investment

decisions

during

the

period.

Please

remember

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

We

thank

you

for

investing

with

Franklin

Templeton,

welcome

your

questions

and

comments,

and

look

forward

to

serving

your

investment

needs

in

the

years

ahead.

Sincerely,

Alan

Bartlett

Chief

Investment

Officer

Templeton

Equity

Group

This

letter

reflects

our

analysis

and

opinions

as

of

August

31,

2021,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

franklintempleton.com

Annual

Report

2

Contents

Annual

Report

Templeton

Growth

Fund,

Inc.

3

Performance

Summary

8

Your

Fund’s

Expenses

11

Financial

Highlights

and

Statement

of

Investments

12

Financial

Statements

20

Notes

to

Financial

Statements

24

Report

of

Independent

Registered

Public

Accounting

Firm

34

Tax

Information

35

Board

Members

and

Officers

36

Shareholder

Information

41

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Annual

Report

ANNUAL

REPORT

Templeton

Growth

Fund,

Inc.

This

annual

report

for

Templeton

Growth

Fund,

Inc.

covers

the

fiscal

year

ended

August

31,

202

1

.

Your

Fund’s

Goals

and

Main

Investments

The

Fund

seeks

long-term

capital

growth.

Under

normal

market

conditions,

the

Fund

invests

primarily

in

the

equity

securities

of

companies

located

anywhere

in

the

world,

including

developing

markets.

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

+20.80%

cumulative

total

return

for

the

12

months

under

review.

In

comparison,

the

Fund’s

new

benchmark,

the

MSCI

All

Country

World

Index

(ACWI)-NR,

which

measures

stock

performance

in

global

developed

and

emerging

markets,

posted

a

+28.64%

cumulative

total

return

for

the

same

period.

1

The

Fund’s

prior

benchmark,

the

MSCI

ACWI,

posted

a

+29.18%

cumulative

total

return.

1

The

investment

manager

believes

that

the

actual

withholding

rates

for

the

Fund

are

closer

to

the

assumptions

of

the

MSCI

ACWI-NR.

For

the

10-year

period

ended

August

31,

2021,

the

Fund’s

Class

A

shares

posted

a

+102.53%

cumulative

total

return,

compared

with

the

MSCI

ACWI-NR’s

+190.88%

and

the

MSCI

ACWI’s

+206.61%

cumulative

total

returns

for

the

same

period.

1

Please

note

index

performance

information

is

provided

for

reference

and

we

do

not

attempt

to

track

the

index

but

rather

undertake

investments

on

the

basis

of

fundamental

research.

You

can

find

more

performance

data

in

the

Performance

Summary

beginning

on

page

8

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Economic

and

Market

Overview

Global

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

ACWI-NR

posted

a

+28.64%

total

return

for

the

12

months

ended

August

31,

2021.

1

Global

equities

benefited

from

monetary

and

fiscal

stimulus

measures,

easing

novel

coronavirus

(COVID-19)

pandemic

restrictions

in

certain

regions

and

the

development

of

treatments

and

vaccines.

Geopolitical

tensions

and

rising

infection

rates

in

the

fall

of

2020

reduced

stock

prices,

but

the

implementation

of

vaccination

programs

and

additional

fiscal

stimulus

measures

led

many

equity

markets

to

reach

new

price

highs

during

the

rest

of

the

period.

However,

the

Chinese

government’s

imposition

of

additional

restrictions

on

some

businesses

pressured

Asian

and

global

emerging

market

stocks

late

in

the

12-month

period.

In

the

U.S.,

the

economy

continued

to

recover

and

equities

rallied

amid

monetary

and

fiscal

stimulus

measures,

vaccine

development

and

the

beginning

of

vaccination

programs.

As

economic

conditions

improved,

gross

domestic

product

(GDP)

rebounded

at

a

record

annualized

pace

in

2020’s

third

quarter.

Although

GDP

growth

was

less

robust

in

the

three

subsequent

quarters,

the

lifting

of

many

COVID-19

restrictions

and

strong

consumer

spending

continued

to

support

the

economy.

A

rebound

in

corporate

earnings

and

the

U.S.

Senate’s

passage

of

a

bipartisan

infrastructure

bill

further

bolstered

investor

sentiment.

The

U.S.

Federal

Reserve

(Fed)

kept

the

federal

funds

target

rate

at

a

record-

low

range

of

0.00%–0.25%

and

continued

its

program

of

open-ended

U.S.

Treasury

and

mortgage

bond

purchases

to

help

keep

markets

functioning.

In

his

Jackson

Hole

Economic

Policy

Symposium

speech

in

August

2021,

Fed

Chair

Jerome

Powell

hinted

that,

if

employment

and

price

Geographic

Composition

8/31/21

%

of

Total

Net

Assets

North

America

44.4%

Europe

28.9%

Asia

20.6%

Latin

America

&

Caribbean

1.1%

Short-Term

Investments

&

Other

Net

Assets

5.0%

1.

Source:

Morningstar.

As

of

8/31/21,

the

Fund’s

Class

A

10-year

average

annual

total

return

not

including

the

maximum

sales

charge

was

+7.31%,

compared

with

the

10-

year

average

annual

total

return

of

+11.27%

for

the

MSCI

ACWI-NR

and

+11.86%

for

the

MSCI

ACWI.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

17

.

Templeton

Growth

Fund,

Inc.

4

franklintempleton.com

Annual

Report

conditions

progressed

as

expected,

the

Fed

would

begin

reducing

its

bond

purchases

later

in

2021;

however,

such

reduction

would

not

be

intended

as

a

signal

for

the

beginning

of

interest-rate

increases.

He

also

indicated

that

the

Fed

viewed

inflation

as

partially

transitory,

and

that

further

employment

progress

was

needed

before

the

Fed

would

consider

raising

the

range

for

the

federal

funds

target

rate.

The

economic

recovery

in

the

eurozone

was

relatively

weak,

as

quarter-over-quarter

GDP

growth

rebounded

in

2020’s

third

quarter

but

slightly

contracted

over

the

subsequent

two

quarters,

before

returning

to

growth

in

2021’s

second

quarter.

GDP

growth

rates

were

mostly

sluggish

among

the

region’s

largest

economies

amid

renewed

lockdowns,

delays

in

COVID-19

vaccine

distribution

and

weak

consumer

spending.

Nevertheless,

the

fastest

rate

of

business

activity

growth

in

more

than

a

decade

helped

European

developed

market

equities,

as

measured

by

the

MSCI

Europe

Index-

NR,

to

post

a

+29.18%

total

return

for

the

12

months

under

review.

1

Asian

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

All

Country

Asia

Index-NR,

posted

a

+18.42%

total

return

for

the

12-month

period.

1

China’s

economic

recovery

helped

the

region

rebound,

although

the

country’s

quarter-over-quarter

GDP

growth

in

2021’s

first

and

second

quarters

was

slower

than

2020’s

last

two

quarters,

pressured

by

higher

commodity

prices.

Asian

equity

markets

experienced

heightened

volatility

toward

period-end

due

to

inflation

concerns

and

rising

COVID-19

infection

rates

in

some

countries.

Unexpected

regulatory

changes

by

the

Chinese

government,

which

negatively

impacted

education-

and

technology-related

businesses,

led

some

foreign

investors

to

shift

capital

away

from

China.

Global

emerging

market

stocks,

as

measured

by

the

MSCI

Emerging

Markets

Index-NR,

posted

a

+21.12%

total

return

for

the

12

months

under

review.

1

Generally

improving

economic

activity,

increasing

oil

prices

and

U.S.

dollar

weakness

supported

global

emerging

market

equities.

During

the

latter

part

of

the

period,

higher

COVID-19

cases

in

some

countries,

limited

vaccine

rollouts

and

concerns

about

rising

interest

rates

and

higher

inflation

amid

rising

commodity

prices

dampened

investor

enthusiasm

in

global

emerging

market

equities.

Investment

Strategy

Our

investment

strategy

employs

a

bottom-up,

value-

oriented,

long-term

approach.

We

focus

on

the

market

price

of

a

company’s

securities

relative

to

our

evaluation

of

the

company’s

long-term

earnings,

asset

value

and

cash

flow

potential.

Our

analysis

includes

an

assessment

of

the

potential

impacts

of

material

environmental,

social

and

governance

(ESG)

factors

on

the

long-term

risk

and

return

profile

of

a

company.

We

also

consider

the

company’s

price/

earnings

ratio,

price/cash

flow

ratio,

profit

margins

and

liquidation

value.

In

addition,

the

Fund

may,

from

time

to

time,

engage

in

currency-related

derivatives

to

seek

to

hedge

(protect)

against

currency

risks.

The

Fund

also

may,

from

time

to

time,

engage

in

equity-related

derivatives,

such

as

buying

and

selling

(writing)

put

and

call

options

on

individual

securities

(including

exchange-traded

funds)

and

indexes,

and

engaging

in

equity

futures

and

equity

index

futures,

for

various

purposes

including

enhancing

Fund

returns,

increasing

liquidity,

gaining

exposure

to

individual

securities

and

particular

markets

in

more

efficient

or

less

expensive

ways,

generating

additional

income

for

the

Fund

and/or

hedging

risks

relating

to

changes

in

certain

equity

markets.

Top

10

Industries

8/31/21

%

of

Total

Net

Assets

a

Hotels,

Restaurants

&

Leisure

8.4%

Chemicals

5.3%

Pharmaceuticals

4.8%

Machinery

4.8%

IT

Services

4.5%

Oil,

Gas

&

Consumable

Fuels

4.3%

Specialty

Retail

3.9%

Health

Care

Providers

&

Services

3.9%

Household

Durables

3.9%

Health

Care

Equipment

&

Supplies

3.7%

Templeton

Growth

Fund,

Inc.

5

franklintempleton.com

Annual

Report

Manager’s

Discussion

The

Templeton

Growth

Fund

delivered

double-digit

absolute

gains,

but

trailed

its

benchmark

MSCI

ACWI-NR

during

the

12

months

under

review.

Value

was

the

top

performing

factor

style

during

the

period,

buoyed

by

positive

news

about

COVID-19

vaccines

in

November

2020,

which

sparked

a

rebound

in

economically-sensitive

stocks

that

had

come

under

pressure

amid

pandemic-related

lockdowns.

The

quality

factor

was

also

in

favor

during

the

year,

particularly

late

in

the

period

amid

concerns

about

new

COVID-19

variants

and

slowing

economic

data.

At

the

sector

level,

a

significant

overweighting

in

consumer

discretionary

detracted

from

relative

performance.

U.S.

budget

retailer

Dollar

Tree

was

the

sector’s

biggest

detractor,

declining

after

management

downgraded

guidance

on

rising

costs

and

higher

price

sensitivity

among

consumers.

We

believe

such

headwinds

are

temporary.

In

our

view,

Dollar

Tree

is

a

well-managed

company

belonging

to

a

select

group

of

retailers

with

a

long

track

record

of

consistent

sales

and

earnings

growth.

We

believe

the

company

is

poised

to

continue

this

trajectory

given

various

strategic

initiatives

designed

to

boost

same-store

sales

and

margins,

such

as

the

rollout

of

multi-price

point

offerings

and

ongoing

store

renovations.

As

a

budget

retailer,

Dollar

Tree

should,

in

our

opinion,

offer

downside

protection

in

the

event

of

a

recession

scenario,

and

remains

relatively

shielded

from

e-commerce

threats.

The

stock

continues

to

trade

at

a

discount

to

historical

earnings

multiples

and

represents

a

core

long-term

holding

for

the

Fund’s

portfolio.

An

underweighting

and

stock

selection

in

the

financials

sector

also

hurt

relative

performance.

We

have

largely

avoided

banks—particularly

in

Europe—due

to

concerns

about

regulatory

pressures,

a

flatter

yield

curve

and

a

potential

credit

cycle,

all

of

which

could

pressure

sector

profits

over

our

investment

horizon.

However,

the

combination

of

rising

bond

yields

and

improving

risk

appetite

following

the

positive

vaccine

news

last

year

helped

banks

rebound

in

the

latter

half

of

the

period.

The

Fund’s

relative

weakness

in

the

sector

was

primarily

attributable

to

lack

of

exposure,

as

there

were

no

financials

holdings

among

the

10

biggest

absolute

detractors.

Other

notable

relative

detractors

during

the

period

included

stock

selection

in

the

health

care

and

communication

services

sector.

In

health

care,

French

pharmaceuticals

firm

Sanofi

was

a

significant

detractor.

Shares

have

been

pressured

by

concerns

about

sales

volumes

amid

pandemic-

related

lockdowns

and,

more

recently,

a

difficult

setback

with

the

firm’s

COVID-19

vaccine.

We

exited

the

position

during

the

period

in

favor

of

what

we

believe

to

be

better

risk-

reward

opportunities

elsewhere.

In

communication

services,

shares

of

U.S.

mobile

operator

Verizon

Communications

negatively

impacted

performance.

The

stock’s

defensive

profile

was

broadly

out

of

favor

with

investors

who

took

a

more

risk-on

posture

as

the

period

progressed

and

expectations

for

economic

reopening

improved.

We

believe

Verizon

remains

an

attractive

core

defensive

holding

for

the

portfolio.

Although

the

U.S.

wireless

industry

is

competitive,

mature

and

subject

to

periods

of

deflationary

discounting

and

promotions,

we

think

Verizon’s

more

pure-play

wireless

business

has

less

financial

risk,

as

data

demand

growth

should

be

resilient

across

various

economic

cycles.

In

our

Top

10

Holdings

8/31/21

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

Samsung

Electronics

Co.

Ltd.

2.6%

Technology

Hardware,

Storage

&

Peripherals,

South

Korea

Walt

Disney

Co.

(The)

2.3%

Entertainment,

United

States

Albemarle

Corp.

2.3%

Chemicals,

United

States

Sysco

Corp.

2.2%

Food

&

Staples

Retailing,

United

States

Anheuser-Busch

InBev

SA/NV

2.2%

Beverages,

Belgium

Roche

Holding

AG

2.1%

Pharmaceuticals,

Switzerland

E.ON

SE

2.1%

Multi-Utilities,

Germany

Marathon

Petroleum

Corp.

2.1%

Oil,

Gas

&

Consumable

Fuels,

United

States

Medtronic

plc

2.0%

Health

Care

Equipment

&

Supplies,

United

States

Booking

Holdings,

Inc.

1.9%

Hotels,

Restaurants

&

Leisure,

United

States

Top

10

Countries

8/31/21

a

%

of

Total

Net

Assets

a

a

United

States

44.4%

Japan

11.9%

United

Kingdom

10.9%

Germany

8.2%

China

3.8%

Belgium

3.4%

South

Korea

2.6%

Switzerland

2.1%

France

2.0%

Hong

Kong

1.8%

Templeton

Growth

Fund,

Inc.

6

franklintempleton.com

Annual

Report

view,

the

firm

enjoys

a

strong

competitive

position

with

a

decent

balance

sheet,

modest

valuation

and

core

business

that

should

remain

a

solid

free

cash

flow

generator.

Elsewhere,

Canadian

precious

metals

firm

Wheaton

Precious

Metals

hurt

relative

returns

due

to

higher

(albeit

still

negative)

real

interest

rates

reducing

demand

for

precious

metals,

which

offer

no

yield.

This

stock

has

been

a

strong

performer

in

previous

years

and

remains

a

core

holding

given

what

we

view

as

its

attractive

asset-lite,

high-

margin,

cash-generative

business

model

and

exposure

to

world-class

mining

assets

via

its

financing

arrangements

with

primarily

base

metals

miners

to

purchase

precious

metals

byproduct.

Wheaton

has

proven

to

be

very

adept

at

generating

value

from

such

arrangements,

and

has

a

portfolio

offering

significant

upside

optionality

in

the

event

of

higher

precious

metals

prices

or

successful

mine

expansion

efforts

by

its

producing

partners.

The

Fund’s

cash

allocation

also

negatively

impacted

performance

in

a

rising

market

environment.

While

the

portfolio

manager

decreased

our

cash

position

over

the

course

of

the

period,

we

continue

to

keep

some

cash

on

hand

for

downside

protection

given

elevated

market

risks

as

well

as

a

source

of

dry

powder

should

additional

opportunities

emerge.

Turning

to

contributors,

stock

selection

in

the

materials

sector

boosted

relative

performance.

The

sector

was

responsible

for

three

of

the

top

four

contributors:

Luxembourg-based

steel-maker

ArcelorMittal,

U.S.

copper

miner

Freeport-McMoRan

and

U.S.

lithium

miner

Albemarle.

All

three

benefited

from

a

strong

combination

of

supply

constraints

and

robust

demand.

While

supply

constraints

during

the

year

were

largely

COVID-related,

structural

deficits

do

appear

to

be

emerging

in

some

markets

like

copper

and

lithium,

which

should

help

support

prices.

Meanwhile,

on

the

demand

side,

these

stocks

are

benefiting

from

both

cyclical

demand

improvements

related

to

the

reopening

trade

as

well

as

longer-term

structural

demand

improvements

relating

to

energy

efficiency,

electrification

and

the

transition

to

a

more

sustainable

future.

Stock

selection

among

information

technology

holdings

also

contributed

to

relative

returns.

South

Korean

semiconductor

and

consumer

electronics

manufacturer

Samsung

Electronics

was

the

sector’s

top

contributor.

The

company

has

benefited

from

surging

demand

for

semiconductors

across

the

industrial

value

chain.

During

the

period,

management

offered

investors

positive

guidance

which

foresaw

continued

strength

in

the

memory

business

attributable

to

new

smartphone

launches,

broader

adoption

of

5G

and

healthy

demand

from

server

and

PC

companies.

We

continue

to

think

highly

of

Samsung’s

diversified

revenue

base

and

cash-rich

balance

sheet,

which

is

being

used

to

enhance

shareholder

value

through

dividends,

buybacks

and

potentially

accretive

acquisitions.

In

our

view,

the

stock

remains

undervalued

for

a

global

technology

leader

with

a

wide

range

of

growth-oriented

businesses.

Other

notable

contributors

in

the

sector

included

Dutch

chipmaker

NXP

Semiconductors

and

U.S.

software

firm

EPAM

Systems

(not

held

at

period-end).

From

a

regional

standpoint,

stock

selection

in

North

America

was

primarily

responsible

for

the

Fund’s

relative

underperformance.

Stock

selection

in

Europe

and

Asia

also

hurt

relative

returns.

In

Europe,

outperformance

in

Denmark

and

the

Netherlands

was

offset

by

weakness

in

Germany

and

the

U.K.,

while

in

Asia,

outperformance

in

China

and

South

Korea

was

offset

by

underperformance

in

Japan.

We

remain

aware

of

heightened

global

political

and

economic

risks,

and

have

sought

to

prepare

for

them

by

owning

what

we

consider

high-quality,

defensive

stocks

with

attractive

valuation

profiles.

Yet

we

also

understand

that

current

bullish

conditions

can

persist,

and

that

positive

near-term

catalysts

remain

in

the

form

of

earnings

upgrades,

impending

fiscal

stimulus,

continued

share

buybacks,

elevated

equity

inflows

and

the

potential

for

an

improvement

in

COVID-19

statistics.

For

these

reasons,

we

remain

sensibly

diversified,

with

exposures

also

spanning

cyclical

and

economically

sensitive

stocks

that

we

believe

offer

valuation

support

and

positive

beta

to

potential

future

value

rallies.

The

result

is

a

balanced

portfolio

full

of

stocks

with

diverse

value

drivers

whose

common

characteristic

is

material

undervaluation

relative

to

our

assessment

of

their

long-term

fundamental

earnings

capability.

Thank

you

for

your

continued

participation

in

Templeton

Growth

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Peter

M.

Moeschter,

CFA

Herbert

J.

Arnett,

Jr.

Christopher

James

Peel,

CFA

Warren

Pustam,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2021,

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

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Templeton

Growth

Fund,

Inc.

7

franklintempleton.com

Annual

Report

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.

Performance

Summary

as

of

August

31,

2021

Templeton

Growth

Fund,

Inc.

8

franklintempleton.com

Annual

Report

The

performance

table

and

graphs

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/2

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A

:

5.50%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3

1-Year

+20.80%

+14.16%

5-Year

+38.06%

+5.46%

10-Year

+102.53%

+6.71%

Advisor

1-Year

+21.06%

+21.06%

5-Year

+39.75%

+6.92%

10-Year

+107.67%

+7.58%

See

page

10

for

Performance

Summary

footnotes.

Templeton

Growth

Fund,

Inc.

Performance

Summary

9

franklintempleton.com

Annual

Report

See

page

10

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

index

includes

reinvestment

of

any

income

or

distributions.

It

differs

from

the

Fund

in

composition

and

does

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(9/1/11

–

8/31/21)

Advisor

Class

(9/1/11

–

8/31/21)

Templeton

Growth

Fund,

Inc.

Performance

Summary

10

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Special

risks

are

associated

with

foreign

investing,

including

currency

fluctuations,

economic

instability

and

political

developments;

investments

in

emerging

markets

involve

heightened

risks

related

to

the

same

factors.

Because

the

Fund

may

invest

its

assets

in

companies

in

a

specific

region,

including

Europe,

it

is

subject

to

greater

risks

of

adverse

developments

in

that

region

and/or

the

surrounding

regions

than

a

fund

that

is

more

broadly

diversified

geographically.

Political,

social

or

economic

disruptions

in

the

region,

even

in

countries

in

which

the

Fund

is

not

invested,

may

adversely

affect

the

value

of

securities

held

by

the

Fund.

Current

political

uncertainty

concerning

the

economic

consequences

of

the

departure

of

the

U.K.

from

the

European

Union

may

increase

market

volatility.

Derivatives

involve

costs

and

can

create

economic

leverage

which

may

result

in

significant

volatility

and

cause

the

Fund

to

participate

in

losses

(and

enable

gains)

on

an

amount

that

exceeds

the

Fund’s

initial

investment.

In

addition,

securities

issued

by

small-

and

mid-capitalization

companies

have

historically

experienced

more

price

volatility

than

larger-company

stocks,

especially

over

the

short

term

and

may

involve

additional

risks.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Prior

to

9/10/18,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

4.

Source:

Morningstar.

The

MSCI

ACWI

is

a

free

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

equity

market

performance

of

global

developed

and

emerging

markets.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

5.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(9/1/20–8/31/21)

Share

Class

Net

Investment

Income

A

$0.2309

C

$0.0342

R

$0.1721

R6

$0.3034

Advisor

$0.2854

Total

Annual

Operating

Expenses

5

Share

Class

A

1.06%

Advisor

0.81%

Your

Fund’s

Expenses

Templeton

Growth

Fund,

Inc.

11

franklintempleton.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration)

:

Divide

your

account

value

by

$1,000

(if

y

our

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6)

.

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50)

.

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

184/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

3/1/21

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

Ending

Account

Value

8/31/21

Expenses

Paid

During

Period

3/1/21–8/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,054.10

$5.40

$1,019.95

$5.31

1.04%

C

$1,000

$1,050.40

$9.28

$1,016.15

$9.13

1.80%

R

$1,000

$1,053.00

$6.71

$1,018.67

$6.60

1.30%

R6

$1,000

$1,055.80

$3.84

$1,021.47

$3.78

0.74%

Advisor

$1,000

$1,055.70

$4.13

$1,021.19

$4.06

0.80%

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Year

Ended

August

31,

2021

2020

2019

2018

2017

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$21.17

$20.96

$27.08

$26.26

$22.67

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.37

c

0.27

0.51

0.47

0.38

Net

realized

and

unrealized

gains

(losses)

...........

4.03

1.16

(3.96)

0.84

3.55

Total

from

investment

operations

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

4.40

1.43

(3.45)

1.31

3.93

Less

distributions

from:

Net

investment

income

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

(0.23)

(0.47)

(0.45)

(0.49)

(0.34)

Net

realized

gains

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

—

(0.75)

(2.22)

—

—

Total

distributions

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

(0.23)

(1.22)

(2.67)

(0.49)

(0.34)

Net

asset

value,

end

of

year

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

$25.34

$21.17

$20.96

$27.08

$26.26

Total

return

d

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

20.80%

6.53%

(13.02)%

4.99%

17.49%

Ratios

to

average

net

assets

Expenses

e

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

1.04

%

1.06%

1.06%

1.03%

1.06%

f

Net

investment

income

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

1.53%

c

1.29%

2.20%

1.75%

1.55%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$9,010,906

$8,191,333

$8,604,624

$10,711,345

$10,880,427

Portfolio

turnover

rate

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

44.14%

g

52.90%

25.30%

28.77%

29.17%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.42%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

securities

delivered

as

a

result

of

a

redemption

in-kind.

See

Note

3(h).

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

13

a

Year

Ended

August

31,

2021

2020

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$20.71

$20.56

$26.31

$25.52

$22.04

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19

c

0.11

0.25

0.26

0.19

Net

realized

and

unrealized

gains

(losses)

...........

3.95

1.12

(3.78)

0.81

3.45

Total

from

investment

operations

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

4.14

1.23

(3.53)

1.07

3.64

Less

distributions

from:

Net

investment

income

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

(0.03)

(0.33)

—

(0.28)

(0.16)

Net

realized

gains

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

—

(0.75)

(2.22)

—

—

Total

distributions

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

(0.03)

(1.08)

(2.22)

(0.28)

(0.16)

Net

asset

value,

end

of

year

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

$24.82

$20.71

$20.56

$26.31

$25.52

Total

return

d

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

19.93%

5.70%

(13.68)%

4.20%

16.61%

Ratios

to

average

net

assets

Expenses

e

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

1.79%

1.82%

1.81%

1.78%

1.81%

f

Net

investment

income

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

0.80%

c

0.54%

1.45%

1.00%

0.80%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$111,870

$125,500

$152,392

$554,889

$594,594

Portfolio

turnover

rate

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

44.14%

g

52.90%

25.30%

28.77%

29.17%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

(0.31)%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

securities

delivered

as

a

result

of

a

redemption

in-kind.

See

Note

3(h).

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

Year

Ended

August

31,

2021

2020

2019

2018

2017

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$20.93

$20.75

$26.81

$26.00

$22.45

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.30

c

0.21

0.44

0.40

0.31

Net

realized

and

unrealized

gains

(losses)

...........

3.99

1.14

(3.91)

0.83

3.52

Total

from

investment

operations

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

4.29

1.35

(3.47)

1.23

3.83

Less

distributions

from:

Net

investment

income

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

(0.17)

(0.42)

(0.37)

(0.42)

(0.28)

Net

realized

gains

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

—

(0.75)

(2.22)

—

—

Total

distributions

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

(0.17)

(1.17)

(2.59)

(0.42)

(0.28)

Net

asset

value,

end

of

year

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

$25.05

$20.93

$20.75

$26.81

$26.00

Total

return

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

20.49%

6.24%

(13.21)%

4.73%

17.18%

Ratios

to

average

net

assets

Expenses

d

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

1.29%

1.31%

1.31%

1.28%

1.31%

e

Net

investment

income

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

1.29%

c

1.04%

1.95%

1.50%

1.30%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$60,867

$56,912

$62,515

$88,560

$99,389

Portfolio

turnover

rate

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

44.14%

f

52.90%

25.30%

28.77%

29.17%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.18%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

securities

delivered

as

a

result

of

a

redemption

in-kind.

See

Note

3(h).

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

15

a

Year

Ended

August

31,

2021

2020

2019

2018

2017

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$21.20

$20.97

$27.10

$26.29

$22.69

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.59

c

0.34

0.59

0.56

0.46

Net

realized

and

unrealized

gains

(losses)

...........

3.90

1.16

(3.97)

0.83

3.56

Total

from

investment

operations

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

4.49

1.50

(3.38)

1.39

4.02

Less

distributions

from:

Net

investment

income

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

(0.30)

(0.52)

(0.53)

(0.58)

(0.42)

Net

realized

gains

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

—

(0.75)

(2.22)

—

—

Total

distributions

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

(0.30)

(1.27)

(2.75)

(0.58)

(0.42)

Net

asset

value,

end

of

year

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

$25.39

$21.20

$20.97

$27.10

$26.29

Total

return

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

21.15%

6.87%

(12.73)%

5.33%

17.94%

Ratios

to

average

net

assets

Expenses

d

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

0.74%

0.74%

0.73%

0.70%

0.71%

e

Net

investment

income

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

2.56%

c

1.63%

2.53%

2.08%

1.90%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$349,281

$1,342,940

$1,504,941

$1,791,152

$1,843,276

Portfolio

turnover

rate

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

44.14%

f

52.90%

25.30%

28.77%

29.17%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.45%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

securities

delivered

as

a

result

of

a

redemption

in-kind.

See

Note

3(h).

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

Year

Ended

August

31,

2021

2020

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$21.24

$21.01

$27.15

$26.33

$22.73

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.42

c

0.32

0.57

0.54

0.45

Net

realized

and

unrealized

gains

(losses)

...........

4.05

1.17

(3.98)

0.83

3.55

Total

from

investment

operations

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

4.47

1.49

(3.41)

1.37

4.00

Less

distributions

from:

Net

investment

income

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

(0.29)

(0.51)

(0.51)

(0.55)

(0.40)

Net

realized

gains

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

—

(0.75)

(2.22)

—

—

Total

distributions

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

(0.29)

(1.26)

(2.73)

(0.55)

(0.40)

Net

asset

value,

end

of

year

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

$25.42

$21.24

$21.01

$27.15

$26.33

Total

return

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

21.06%

6.79%

(12.79)%

5.24%

17.78%

Ratios

to

average

net

assets

Expenses

d

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

0.80%

0.81%

0.81%

0.78%

0.81%

e

Net

investment

income

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

1.76%

c

1.54%

2.45%

2.00%

1.80%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$429,251

$377,028

$427,371

$533,358

$523,263

Portfolio

turnover

rate

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

44.14%

f

52.90%

25.30%

28.77%

29.17%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.26

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.66%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

securities

delivered

as

a

result

of

a

redemption

in-kind.

See

Note

3(h).

Templeton

Growth

Fund,

Inc.

Statement

of

Investments,

August

31,

2021

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

17

a

a

Industry

Shares

a

Value

a

Common

Stocks

95.0%

Belgium

3.4%

Anheuser-Busch

InBev

SA/NV

......

Beverages

3,529,667

$

216,473,227

Umicore

SA

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

Chemicals

1,897,404

124,847,663

341,320,890

Brazil

1.1%

Wheaton

Precious

Metals

Corp.

.....

Metals

&

Mining

2,313,196

104,279,969

China

3.8%

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

A

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

Household

Durables

11,988,185

76,268,967

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

621,127

133,623,052

a

Prosus

NV

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

Internet

&

Direct

Marketing

Retail

638,864

56,546,985

Yum

China

Holdings,

Inc.

..........

Hotels,

Restaurants

&

Leisure

1,746,474

107,512,939

373,951,943

France

2.0%

Danone

SA

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

Food

Products

1,318,314

96,266,833

Pernod

Ricard

SA

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

Beverages

481,673

101,391,676

197,658,509

Germany

8.3%

adidas

AG

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

Textiles,

Apparel

&

Luxury

Goods

272,580

96,693,606

a

Continental

AG

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

Auto

Components

994,738

133,674,857

E.ON

SE

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

Multi-Utilities

15,871,597

209,394,076

Fresenius

Medical

Care

AG

&

Co.

KGaA

Health

Care

Providers

&

Services

1,994,473

153,348,457

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

2,623,085

111,680,321

Siemens

AG

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

Industrial

Conglomerates

705,225

116,988,220

821,779,537

Hong

Kong

1.8%

AIA

Group

Ltd.

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

Insurance

15,217,831

181,710,800

Japan

11.9%

Fujitsu

Ltd.

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

IT

Services

851,084

156,673,502

Honda

Motor

Co.

Ltd.

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

Automobiles

3,785,412

114,571,711

Isuzu

Motors

Ltd.

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

Automobiles

4,270,400

53,983,282

Komatsu

Ltd.

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

Machinery

6,045,300

147,038,131

Kyocera

Corp.

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

Electronic

Equipment,

Instruments

&

Components

977,477

60,766,838

Makita

Corp.

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

Machinery

1,757,963

100,989,335

Mitsubishi

Electric

Corp.

...........

Electrical

Equipment

8,725,900

119,292,715

Nexon

Co.

Ltd.

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

Entertainment

4,093,616

74,662,001

Nitori

Holdings

Co.

Ltd.

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

Specialty

Retail

271,547

50,807,893

Panasonic

Corp.

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

Household

Durables

11,938,468

142,725,271

Sony

Group

Corp.

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

Household

Durables

1,605,460

165,997,149

1,187,507,828

Luxembourg

1.0%

ArcelorMittal

SA

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

Metals

&

Mining

2,946,457

98,819,918

Macau

0.5%

a

Galaxy

Entertainment

Group

Ltd.

....

Hotels,

Restaurants

&

Leisure

8,282,618

53,104,485

a

Norway

1.2%

Equinor

ASA

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

Oil,

Gas

&

Consumable

Fuels

5,569,497

118,033,248

South

Korea

2.6%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

3,974,204

262,515,948

Templeton

Growth

Fund,

Inc.

Statement

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Switzerland

2.1%

Roche

Holding

AG

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

Pharmaceuticals

525,103

$

210,846,312

United

Kingdom

10.9%

AstraZeneca

plc

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

Pharmaceuticals

896,297

104,819,869

BAE

Systems

plc

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

Aerospace

&

Defense

14,622,483

114,244,060

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

25,993,909

105,754,740

Burberry

Group

plc

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

Textiles,

Apparel

&

Luxury

Goods

3,890,852

99,631,713

a

Compass

Group

plc

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

Hotels,

Restaurants

&

Leisure

6,775,324

139,982,969

a

InterContinental

Hotels

Group

plc

....

Hotels,

Restaurants

&

Leisure

1,755,301

112,157,490

a

International

Consolidated

Airlines

Group

SA

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

Airlines

33,502,759

73,457,348

a

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

74,576,604

117,613,251

Unilever

plc

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

Personal

Products

2,421,064

134,766,348

a

Whitbread

plc

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

Hotels,

Restaurants

&

Leisure

1,884,678

83,229,212

1,085,657,000

United

States

44.4%

Albemarle

Corp.

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

Chemicals

958,158

226,834,325

American

Express

Co.

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

Consumer

Finance

893,842

148,342,018

a

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

83,142

191,199,163

BorgWarner,

Inc.

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

Auto

Components

2,474,987

105,632,445

Comcast

Corp.,

A

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

Media

2,466,927

149,693,130

a

Dollar

Tree,

Inc.

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

Multiline

Retail

1,608,666

145,648,620

DuPont

de

Nemours,

Inc.

..........

Chemicals

2,402,057

177,800,259

a

DXC

Technology

Co.

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

IT

Services

4,255,808

156,273,270

Freeport-McMoRan,

Inc.

...........

Metals

&

Mining

2,372,557

86,337,349

Honeywell

International,

Inc.

........

Industrial

Conglomerates

389,811

90,401,069

a

Hyatt

Hotels

Corp.,

A

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

Hotels,

Restaurants

&

Leisure

713,676

52,519,417

Johnson

&

Johnson

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

Pharmaceuticals

940,452

162,820,455

a

Laboratory

Corp.

of

America

Holdings

.

Health

Care

Providers

&

Services

330,533

100,277,101

Lear

Corp.

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

Auto

Components

579,183

92,634,529

Marathon

Petroleum

Corp.

.........

Oil,

Gas

&

Consumable

Fuels

3,524,559

208,900,612

Medtronic

plc

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

Health

Care

Equipment

&

Supplies

1,494,673

199,508,952

Public

Service

Enterprise

Group,

Inc.

.

Multi-Utilities

874,390

55,908,497

Ross

Stores,

Inc.

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

Specialty

Retail

1,401,259

165,909,066

Southern

Co.

(The)

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

Electric

Utilities

1,656,068

108,853,350

a

Southwest

Airlines

Co.

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

Airlines

2,581,275

128,495,869

Stanley

Black

&

Decker,

Inc.

........

Machinery

309,280

59,774,546

Starbucks

Corp.

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

Hotels,

Restaurants

&

Leisure

782,450

91,930,050

Sysco

Corp.

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

Food

&

Staples

Retailing

2,761,922

219,987,087

TJX

Cos.,

Inc.

(The)

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

Specialty

Retail

2,310,746

168,037,449

a

T-Mobile

US,

Inc.

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

Wireless

Telecommunication

Services

726,011

99,478,027

United

Parcel

Service,

Inc.,

B

.......

Air

Freight

&

Logistics

470,909

92,123,928

UnitedHealth

Group,

Inc.

...........

Health

Care

Providers

&

Services

313,563

130,526,870

Verizon

Communications,

Inc.

.......

Diversified

Telecommunication

Services

1,854,061

101,973,355

Visa,

Inc.,

A

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

IT

Services

605,021

138,610,311

a

Walt

Disney

Co.

(The)

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

Entertainment

1,263,858

229,137,455

Westinghouse

Air

Brake

Technologies

Corp.

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

Machinery

1,890,045

169,707,141

Zimmer

Biomet

Holdings,

Inc.

.......

Health

Care

Equipment

&

Supplies

1,125,177

169,282,880

4,424,558,595

Total

Common

Stocks

(Cost

$7,195,236,255)

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

9,461,744,982

Templeton

Growth

Fund,

Inc.

Statement

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

19

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,b

Hemisphere

Properties

India

Ltd.,

Escrow

Account

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

104,748

$

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$7,195,236,255)

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

9,461,744,982

Short

Term

Investments

2.3%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

2.3%

Canada

1.7%

National

Bank

of

Canada,

0.05%,

9/01/21

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

100,000,000

100,000,000

Royal

Bank

of

Canada,

0.03%,

9/01/21

65,700,000

65,700,000

165,700,000

France

0.6%

BNP

Paribas

SA,

0.06%,

9/01/21

.....

45,000,000

45,000,000

Credit

Agricole

Corporate

and

Investment

Bank

SA,

0.05%,

9/01/21

20,000,000

20,000,000

65,000,000

Total

Time

Deposits

(Cost

$230,700,000)

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

230,700,000

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$230,700,000

)

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

230,700,000

a

a

a

Total

Investments

(Cost

$7,425,936,255)

97.3%

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

$9,692,444,982

Other

Assets,

less

Liabilities

2.7%

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

269,730,520

Net

Assets

100.0%

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

$9,962,175,502

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

9

regarding

fair

value

measurements.

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statement

of

Assets

and

Liabilities

August

31,

2021

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

Templeton

Growth

Fund,

Inc.

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$7,425,936,255

Value

-

Unaffiliated

issuers

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

$9,692,444,982

Cash

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

74,477

Foreign

currency,

at

value

(cost

$270,200,705)

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

268,838,448

Receivables:

Capital

shares

sold

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

1,191,746

Dividends

and

interest

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

17,308,156

European

Union

tax

reclaims

(Note

1d)

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

37,311,128

Total

assets

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

10,017,168,937

Liabilities:

Payables:

Capital

shares

redeemed

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

8,440,237

Management

fees

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

5,849,012

Distribution

fees

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

2,043,841

Transfer

agent

fees

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

1,229,640

IRS

closing

agreement

fees

for

European

Union

tax

reclaims

(Note

1d)

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

35,825,008

Accrued

expenses

and

other

liabilities

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

1,605,697

Total

liabilities

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

54,993,435

Net

assets,

at

value

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

$9,962,175,502

Net

assets

consist

of:

Paid-in

capital

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

$8,544,617,633

Total

distributable

earnings

(losses)

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

1,417,557,869

Net

assets,

at

value

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

$9,962,175,502

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

August

31,

2021

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

21

Templeton

Growth

Fund,

Inc.

Class

A:

Net

assets,

at

value

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

$9,010,906,057

Shares

outstanding

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

355,615,736

Net

asset

value

per

share

a

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

$25.34

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

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

$26.81

Class

C:

Net

assets,

at

value

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

$111,870,465

Shares

outstanding

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

4,508,117

Net

asset

value

and

maximum

offering

price

per

share

a

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

$24.82

Class

R:

Net

assets,

at

value

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

$60,866,986

Shares

outstanding

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

2,430,155

Net

asset

value

and

maximum

offering

price

per

share

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

$25.05

Class

R6:

Net

assets,

at

value

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

$349,281,442

Shares

outstanding

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

13,755,415

Net

asset

value

and

maximum

offering

price

per

share

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

$25.39

Advisor

Class:

Net

assets,

at

value

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

$429,250,552

Shares

outstanding

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

16,886,320

Net

asset

value

and

maximum

offering

price

per

share

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

$25.42

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statement

of

Operations

for

the

year

ended

August

31,

2021

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

Templeton

Growth

Fund,

Inc.

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$18,689,585)

Unaffiliated

issuers

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

$156,124,181

Interest:

Unaffiliated

issuers

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

178,074

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

94,021

Other

income

(Note

1d)

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

148,006,707

Less:

IRS

closing

agreement

fees

for

European

Union

tax

reclaims

(Note

1d)

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

(35,825,008)

Total

investment

income

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

268,577,975

Expenses:

Management

fees

(Note

3a)

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

70,425,464

Distribution

fees:

(Note

3c)

    Class

A

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

21,906,040

    Class

C

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

1,271,397

    Class

R

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

302,577

Transfer

agent

fees:

(Note

3e)

    Class

A

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

6,957,403

    Class

C

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

99,872

    Class

R

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

47,727

    Class

R6

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

173,426

    Advisor

Class

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

324,109

Custodian

fees

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

596,798

Reports

to

shareholders

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

760,741

Registration

and

filing

fees

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

178,433

Professional

fees

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

345,967

Directors'

fees

and

expenses

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

643,701

Other

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

337,216

Total

expenses

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

104,370,871

Expenses

waived/paid

by

affiliates

(Note

3f

and

3g)

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

(456)

Net

expenses

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

104,370,415

Net

investment

income

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

164,207,560

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:*

Unaffiliated

issuers

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

729,790,101

Foreign

currency

transactions

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

3,752,345

Net

realized

gain

(loss)

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

733,542,446

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

1,046,816,482

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(18,496,746)

Net

change

in

unrealized

appreciation

(depreciation)

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

1,028,319,736

Net

realized

and

unrealized

gain

(loss)

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

1,761,862,182

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$1,926,069,742

*

Includes

gains

from

a

redemption

in-kind

(Note

3h)

$161,407,329

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.

Annual

Report

23

Templeton

Growth

Fund,

Inc.

Year

Ended

August

31,

2021

Year

Ended

August

31,

2020

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$164,207,560

$138,922,117

Net

realized

gain

(loss)

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

733,542,446

(1,648,621,538)

Net

change

in

unrealized

appreciation

(depreciation)

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

1,028,319,736

2,176,684,560

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

1,926,069,742

666,985,139

Distributions

to

shareholders:

Class

A

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

(86,973,881)

(484,955,431)

Class

C

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

(190,023)

(7,391,161)

Class

R

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

(450,648)

(3,414,509)

Class

R6

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

(18,346,054)

(86,672,195)

Advisor

Class

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

(4,890,382)

(24,230,750)

Total

distributions

to

shareholders

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

(110,850,988)

(606,664,046)

Capital

share

transactions:

(Note

2

)

Class

A

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

(745,855,966)

(464,763,137)

Class

C

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

(36,651,009)

(26,723,960)

Class

R

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

(6,773,560)

(6,021,736)

Class

R6

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

(1,137,838,574)

(169,111,293)

Advisor

Class

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

(19,636,940)

(51,831,499)

Total

capital

share

transactions

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

(1,946,756,049)

(718,451,625)

Net

increase

(decrease)

in

net

assets

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

(131,537,295)

(658,130,532)

Net

assets:

Beginning

of

year

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

10,093,712,797

10,751,843,329

End

of

year

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

$9,962,175,502

$10,093,712,797

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

24

franklintempleton.com

Annual

Report

1.

Organization

and

Significant

Accounting

Policies

Templeton

Growth

Fund,

Inc. (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

The

Fund

offers

five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class.

Effective

August

2,

2021,

Class

C

shares

automatically

convert

to

Class

A

shares

after

they

have

been

held

for

8

years.

Prior

to

August

2,

2021,

Class

C

shares

converted

to

Class

A

shares

after

a

10-year

holding

period.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees. 

The

following

summarizes

the

Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Fund's Board

of

Directors

(the

Board),

the Fund's

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV. Investments

in

time

deposits

are

valued

at

cost,

which

approximates

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day.

Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At August

31,

2021,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

25

franklintempleton.com

Annual

Report

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Fund.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/

or

third-party

vendor,

is

reported

separately

in

the

Statement

of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

August

31,

2021,

the Fund

had

no

securities

on

loan.

d.

Income

and

Deferred

Taxes

It

is the

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

26

franklintempleton.com

Annual

Report

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union,

the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims).

Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statement

of

Assets

and

Liabilities.

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.

During

the

fiscal

year

ended

August

31,

2021,

the

Fund

received

EU

reclaims

in

excess

of

the

foreign

taxes

paid

during

the

year.

The

Fund

determined

to

enter

into

a

closing

agreement

with

the

IRS

and

recorded

the

estimated

fees

as

a

reduction

to

income,

as

reflected

in

the

Statement

of

Operations.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

August

31,

2021,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

e.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

f.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g.

Guarantees

and

Indemnifications

Under

the

Fund's

organizational

documents,

its

officers

and

directors

are

indemnified

by

the

Fund

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

Fund

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Income

and

Deferred

Taxes

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

27

franklintempleton.com

Annual

Report

2.

Shares

of

Beneficial

Interest

At

August

31,

2021,

there

were

2.7

billion

shares

authorized

($0.01

par

value).

Transactions

in

the

Fund’s

shares

were

as

follows:

Year

Ended

August

31,

2021

Year

Ended

August

31,

2020

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

14,148,810

$337,806,959

18,627,614

$386,125,617

Shares

issued

in

reinvestment

of

distributions

..........

3,072,895

71,076,068

18,723,508

416,972,537

Shares

redeemed

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

(48,521,456)

(1,154,738,993)

(60,884,115)

(1,267,861,291)

Net

increase

(decrease)

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

(31,299,749)

$(745,855,966)

(23,532,993)

$(464,763,137)

Class

C

Shares:

Shares

sold

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

1,066,971

$24,864,528

1,165,176

$24,125,085

Shares

issued

in

reinvestment

of

distributions

..........

8,315

189,337

329,613

7,221,816

Shares

redeemed

a

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

(2,626,529)

(61,704,874)

(2,847,963)

(58,070,861)

Net

increase

(decrease)

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

(1,551,243)

$(36,651,009)

(1,353,174)

$(26,723,960)

Class

R

Shares:

Shares

sold

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

223,204

$5,233,169

321,974

$6,400,091

Shares

issued

in

reinvestment

of

distributions

..........

19,663

450,486

153,178

3,379,118

Shares

redeemed

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

(532,136)

(12,457,215)

(768,993)

(15,800,945)

Net

increase

(decrease)

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

(289,269)

$(6,773,560)

(293,841)

$(6,021,736)

Class

R6

Shares:

Shares

sold

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

666,247

$15,737,628

1,223,712

$24,694,598

Shares

issued

in

reinvestment

of

distributions

..........

769,785

17,789,730

3,783,306

84,178,560

Shares

redeemed

in-kind

(Note

3h

)

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

(46,036,025)

(1,058,754,908)

—

—

Shares

redeemed

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

(4,995,981)

(112,611,024)

(13,421,059)

(277,984,451)

Net

increase

(decrease)

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

(49,595,974)

$(1,137,838,574)

(8,414,041)

$(169,111,293)

Advisor

Class

Shares:

Shares

sold

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

1,761,161

$42,203,228

2,010,896

$41,786,879

Shares

issued

in

reinvestment

of

distributions

..........

19

9,649

4,625,861

1,002,943

22,365,636

Shares

redeemed

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

(2,829,121)

(66,466,029)

(5,601,594)

(115,984,014)

Net

increase

(decrease)

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

(868,311)

$(19,636,940)

(2,587,755)

$(51,831,499)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

28

franklintempleton.com

Annual

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

directors

of

the

Fund

are

also

officers

and/or

directors

of

the

following

subsidiaries:

a.

Management

Fees

The

Fund

pays

an

investment

management

fee

to

Global

Advisors

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

year

ended

August

31,

2021,

the

gross

effective

investment

management

fee

rate

was

0.689%

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,

Subsidiary

Affiliation

Templeton

Global

Advisors

Limited

(Global

Advisors)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

(formerly

Franklin

Templeton

Distributors,

Inc.)

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

29

franklintempleton.com

Annual

Report

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

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

year:

e.

Transfer

Agent

Fees

Each

class

of

shares

pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class

reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

year

ended

August

31,

2021,

the

Fund

paid

transfer

agent

fees

of

$7,602,537,

of

which $4,321,486

was

retained

by

Investor

Services.

f.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

August

31,

2021,

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

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

$225,833

CDSC

retained

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

$5,488

3.

Transactions

with

Affiliates

(continued)

c.

Distribution

Fees

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

30

franklintempleton.com

Annual

Report

g.

Waiver

and

Expense

Reimbursements

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

December

31,

2021.

h.

Other

Affiliated

transactions

During

the

year

ended

August

31,

2021,

the

Franklin

Global

Allocation

Fund

(formerly

Franklin

Founding

Funds

Allocation

Fund)

(Allocation

Fund),

a

series

of

the

Franklin

Fund

Allocator

Series,

repositioned

to

a

direct

investment

fund

and

subsequently

fully

redeemed

out

of

the

Fund.

As

a

result,

on

January

29,

2021,

the

Fund

delivered

portfolio

securities

and

cash

that

were

transferred

in-kind

to

the

Allocation

Fund,

which

included

$161,407,329

of

net

realized

gains.

As

such

gains

are

not

taxable

to

the

Fund

and

are

not

distributed

to

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gains

to

paid-in

capital.

4.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

August

31,

2021,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended August

31,

2021

the

Fund

utilized

$557,114,885

of

capital

loss

carryforwards.

The

tax

character

of

distributions

paid

during

the

years

ended

August

31,

2021

and

2020,

was

as

follows:

    aa

Value

at

Beginning

of

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Year

Number

of

Shares

Held

at

End

of

Year

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

Growth

Fund,

Inc.

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..

$—

$83,625,000

$(83,625,000)

$

—

$

—

$—

—

$—

Total

Affiliated

Securities

....

$—

$83,625,000

$(83,625,000)

$—

$—

$—

$—

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

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

1,032,619,499

2021

2020

Distributions

paid

from:

Ordinary

income

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

$110,850,988

$255,043,908

Long

term

capital

gain

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

—

351,620,138

$110,850,988

$606,664,046

3.

Transactions

with

Affiliates

(continued)

f.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

31

franklintempleton.com

Annual

Report

At

August

31,

2021,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

ordinary

income

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

foreign

currency

transactions,

EU

reclaims,

corporate

actions

and

gains

realized

on

in-kind

shareholder

redemptions.

5.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities

and

in-kind

transactions)

for

the

year

ended

August

31,

2021,

aggregated

$4,137,474,960

and

$4,517,707,010,

respectively.

Sales

of

investments

excludes

in-kind

transactions

of

$901,254,942.

6.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

7.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

8.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

4,

2022.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

year

ended

August

31,

2021,

the Fund

did

not

use

the

Global

Credit

Facility.

Cost

of

investments

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

$7,432,951,897

Unrealized

appreciation

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

$2,408,426,947

Unrealized

depreciation

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

(148,933,862)

Net

unrealized

appreciation

(depreciation)

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

$2,259,493,085

Distributable

earnings:

Undistributed

ordinary

income

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

$161,554,356

4.

Income

Taxes

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

32

franklintempleton.com

Annual

Report

9.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

August

31,

2021,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

10.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

In

January

2021,

the

FASB

issued

ASU

No.

2021-01,

with

further

amendments

to

Topic

848.

The

amendments

in

the

ASUs

provide

optional

temporary

accounting

recognition

and financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR)

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021

and

2023. The

ASUs

are

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2022.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

these

ASUs

will

not

have

a

material

impact

on

the

financial

statements. 

Level

1

Level

2

Level

3

Total

Templeton

Growth

Fund,

Inc.

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

$

—

$

341,320,890

$

—

$

341,320,890

Brazil

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

104,279,969

—

—

104,279,969

China

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

241,135,991

132,815,952

—

373,951,943

France

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

—

197,658,509

—

197,658,509

Germany

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

—

821,779,537

—

821,779,537

Hong

Kong

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

—

181,710,800

—

181,710,800

Japan

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

—

1,187,507,828

—

1,187,507,828

Luxembourg

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

—

98,819,918

—

98,819,918

Macau

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

—

53,104,485

—

53,104,485

Norway

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

—

118,033,248

—

118,033,248

South

Korea

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

—

262,515,948

—

262,515,948

Switzerland

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

—

210,846,312

—

210,846,312

United

Kingdom

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

134,766,348

950,890,652

—

1,085,657,000

United

States

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

4,424,558,595

—

—

4,424,558,595

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

—

230,700,000

—

230,700,000

Total

Investments

in

Securities

...........

$4,904,740,903

$4,787,704,079

b

$—

$9,692,444,982

a

Includes

securities

determined

to

have

no

value

at

August

31,

2021.

b

Includes

foreign

securities

valued

at

$4,557,004,079,

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.

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

33

franklintempleton.com

Annual

Report

11.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Templeton

Growth

Fund,

Inc.

Report

of

Independent

Registered

Public

Accounting

Firm

34

franklintempleton.com

Annual

Report

To

the

Board

of

Directors

and

Shareholders

of

Templeton

Growth

Fund,

Inc.

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

statement

of

investments,

of

Templeton

Growth

Fund,

Inc.

(the

"Fund")

as

of

August

31,

2021,

the

related

statement

of

operations

for

the

year

ended

August

31,

2021,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

August

31,

2021,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

August

31,

2021

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

August

31,

2021,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

August

31,

2021

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

August

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

August

31,

2021

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

PricewaterhouseCoopers

LLP

San

Francisco,

California

October

19,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948.

Templeton

Growth

Fund,

Inc.

Tax

Information

35

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amount

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amount,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amount,

for

the

fiscal

year

ended

August

31,

2021:

Pursuant

to:

Amount

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$55,778,680

Qualified

Dividend

Income

(QDI)

§854(b)(1)(B)

$189,364,800

Templeton

Growth

Fund,

Inc.

Board

Members

and

Officers

36

franklintempleton.com

Annual

Report

The

name,

year

of

birth

and

address

of

the

officers

and

board

members,

as

well

as

their

affiliations,

positions

held

with

the

Fund,

principal

occupations

during

at

least

the

past

five

years

and

number

of

U.S.

registered

portfolios

overseen

in

the

Franklin

Templeton

fund

complex,

are

shown

below.

Generally,

each

board

member

serves

until

that

person’s

successor

is

elected

and

qualified.

Independent

Board

Members

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Harris

J.

Ashton

(1932)

Director

Since

1992

122

Bar-S

Foods

(meat

packing

company)

(1981-2010).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Director,

RBC

Holdings,

Inc.

(bank

holding

company)

(until

2002);

and

President,

Chief

Executive

Officer

and

Chairman

of

the

Board,

General

Host

Corporation

(nursery

and

craft

centers)

(until

1998).

Ann

Torre

Bates

(1958)

Director

Since

2008

29

Ares

Capital

Corporation

(specialty

finance

company)

(2010-present),

United

Natural

Foods,

Inc.

(distributor

of

natural,

organic

and

specialty

foods)

(2013-present),

formerly

,

Allied

Capital

Corporation

(financial

services)

(2003-

2010),

SLM

Corporation

(Sallie

Mae)

(1997-2014)

and

Navient

Corporation

(loan

management,

servicing

and

asset

recovery)

(2014-2016).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Executive

Vice

President

and

Chief

Financial

Officer,

NHP

Incorporated

(manager

of

multifamily

housing)

(1995-1997);

and

Vice

President

and

Treasurer,

US

Airways,

Inc.

(until

1995).

Mary

C.

Choksi

(1950)

Director

Since

2016

123

Omnicom

Group

Inc.

(advertising

and

marketing

communications

services)

(2011-present)

and

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2017-present);

and

formerly

,

Avis

Budget

Group

Inc.

(car

rental)

(2007-2020).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(investment

management

group)

(2015-2017);

Founding

Partner

and

Senior

Managing

Director,

Strategic

Investment

Group

(1987-2015);

Founding

Partner

and

Managing

Director,

Emerging

Markets

Management

LLC

(investment

management

firm)

(1987-2011);

and

Loan

Officer/Senior

Loan

Officer/Senior

Pension

Investment

Officer,

World

Bank

Group

(international

financial

institution)

(1977-1987).

Templeton

Growth

Fund,

Inc.

37

franklintempleton.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Edith

E.

Holiday

(1952)

Lead

Independent

Director

Director

since

2000

and

Lead

Independent

Director

since

2007

123

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present),

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-present);

Santander

Holdings

USA

(holding

company)

(2019-present);

and

formerly

,

Canadian

National

Railway

(railroad)

(2001-April

2021),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-May

2021),RTI

International

Metals,

Inc.

(manufacture

and

distribution

of

titanium)

(1999-2015)

and

H.J.

Heinz

Company

(processed

foods

and

allied

products)

(1994-2013).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

or

Trustee

of

various

companies

and

trusts;

and

formerly

,

Assistant

to

the

President

of

the

United

States

and

Secretary

of

the

Cabinet

(1990-1993);

General

Counsel

to

the

United

States

Treasury

Department

(1989-1990);

and

Counselor

to

the

Secretary

and

Assistant

Secretary

for

Public

Affairs

and

Public

Liaison-United

States

Treasury

Department

(1988-1989).

J.

Michael

Luttig

(1954)

Director

Since

2009

123

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Private

investor;

and

formerly

,

Counselor

and

Senior

Advisor

to

the

Chairman,

CEO,

and

Board

of

Directors,

of

The

Boeing

Company

(aerospace

company),

and

member

of

the

Executive

Council

(May

2019-January

1,

2020);

Executive

Vice

President,

General

Counsel

and

member

of

the

Executive

Council,

The

Boeing

Company

(2006-2019);

and

Federal

Appeals

Court

Judge,

United

States

Court

of

Appeals

for

the

Fourth

Circuit

(1991-2006).

David

W.

Niemiec

(1949)

Director

Since

2005

29

Hess

Midstream

LP

(oil

and

gas

midstream

infrastructure)

(2017-present).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Advisor,

Saratoga

Partners

(private

equity

fund);

and

formerly

,

Managing

Director,

Saratoga

Partners

(1998-2001)

and

SBC

Warburg

Dillon

Read

(investment

banking)

(1997-1998);

Vice

Chairman,

Dillon,

Read

&

Co.

Inc.

(investment

banking)

(1991-1997);

and

Chief

Financial

Officer,

Dillon,

Read

&

Co.

Inc.

(1982-1997).

Larry

D.

Thompson

(1945)

Director

Since

2005

123

Formerly,

Graham

Holdings

Company

(education

and

media

organization)

(2011-May

2021);

The

Southern

Company

(energy

company)

(2014-2020;

previously

2010-2012)

and

Cbeyond,

Inc.

(business

communications

provider)

(2010-2012).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

Counsel,

Finch

McCranie,

LLP

(law

firm)

(2015-present);

John

A.

Sibley

Professor

of

Corporate

and

Business

Law,

University

of

Georgia

School

of

Law

(2015-present;

previously

2011-2012);

and

formerly

,

Independent

Compliance

Monitor

and

Auditor,

Volkswagen

AG

(manufacturer

of

automobiles

and

commercial

vehicles)

(2017-2020);

Executive

Vice

President

-

Government

Affairs,

General

Counsel

and

Corporate

Secretary,

PepsiCo,

Inc.

(consumer

products)

(2012-2014);

Senior

Vice

President

-

Government

Affairs,

General

Counsel

and

Secretary,

PepsiCo,

Inc.

(2004-2011);

Senior

Fellow

of

The

Brookings

Institution

(2003-2004);

Visiting

Professor,

University

of

Georgia

School

of

Law

(2004);

and

Deputy

Attorney

General,

U.S.

Department

of

Justice

(2001-2003).

Independent

Board

Members

(continued)

Templeton

Growth

Fund,

Inc.

38

franklintempleton.com

Annual

Report

Interested

Board

Members

and

Officers

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Constantine

D.

Tseretopoulos

(1954)

Director

Since

2000

19

None

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Physician,

Chief

of

Staff,

owner

and

operator

of

the

Lyford

Cay

Hospital

(1987-present);

director

of

various

nonprofit

organizations;

and

formerly

,

Cardiology

Fellow,

University

of

Maryland

(1985-1987);

and

Internal

Medicine

Resident,

Greater

Baltimore

Medical

Center

(1982-

1985).

Robert

E.

Wade

(1946)

Director

Since

2006

29

El

Oro

Ltd

(investments)

(2003-

2019).

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Attorney

at

law

engaged

in

private

practice

as

a

sole

practitioner

(1972-2008)

and

member

of

various

boards.

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

**Gregory

E.

Johnson

(1961)

Director

Since

2007

134

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Executive

Chairman,

Chairman

of

the

Board

and

Director,

Franklin

Resources,

Inc.;

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

39

of

the

investment

companies

in

Franklin

Templeton;

Vice

Chairman,

Investment

Company

Institute;

and

formerly

,

Chief

Executive

Officer

(2013-2020)

and

President

(1994-2015),

Franklin

Resources,

Inc.

**Rupert

H.

Johnson,

Jr.

(1940)

Chairman

of

the

Board,

Director

and

Vice

President

Chairman

of

the

Board

and

Director

since

2013

and

Vice

President

since

1996

123

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

(Vice

Chairman),

Franklin

Resources,

Inc.;

Director,

Franklin

Advisers,

Inc.;

and

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

37

of

the

investment

companies

in

Franklin

Templeton.

Alan

T.

Bartlett

(1970)

President

and

Chief

Executive

Officer

–

Investment

Management

Since

2019

Not

Applicable

Not

Applicable

Lyford

Cay

Nassau,

Bahamas

Principal

Occupation

During

at

Least

the

Past

5

Years:

President

and

Director,

Templeton

Global

Advisors

Limited;

Chief

Investment

Officer

of

Templeton

Global

Equity

Group;

officer

of

five

of

the

investment

companies

in

Franklin

Templeton;

Chairman

of

the

Board,

Goodhart

Partners;

and

formerly

,

Chief

Executive

Officer,

Goodhart

Partners

(2009-2019).

Independent

Board

Members

(continued)

Templeton

Growth

Fund,

Inc.

39

franklintempleton.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Alison

E.

Baur

(1964)

Vice

President

Since

2012

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Deputy

General

Counsel,

Franklin

Templeton;

and

officer

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

44

of

the

investment

companies

in

Franklin

Templeton.

Breda

M.

Beckerle

(1958)

Chief

Compliance

Officer

Since

2020

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Chief

Compliance

Officer,

Fiduciary

Investment

Management

International,

Inc.,

Franklin

Advisers,

Inc.,

Franklin

Mutual

Advisers,

LLC,

Franklin

Templeton

Institutional,

LLC;

and

officer

of

39

of

the

investment

companies

in

Franklin

Templeton.

Steven

J.

Gray

(1955)

Vice

President

Since

2009

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

Vice

President,

FASA,

LLC;

Assistant

Secretary,

Franklin

Distributors,

LLC;

and

officer

of

44

of

the

investment

companies

in

Franklin

Templeton.

Matthew

T.

Hinkle

(1971)

Chief

Executive

Officer

–

Finance

and

Administration

Since

2017

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Vice

President,

Franklin

Templeton

Services,

LLC;

officer

of

44

of

the

investment

companies

in

Franklin

Templeton;

and

formerly

,

Vice

President,

Global

Tax

(2012-April

2017)

and

Treasurer/Assistant

Treasurer,

Franklin

Templeton

(2009-2017).

Susan

Kerr

(1949)

Vice

President

–

AML

Compliance

Since

July

2021

Not

Applicable

Not

Applicable

620

Eighth

Avenue

New

York,

NY

10018

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Compliance

Analyst,

Global

Compliance,

Franklin

Templeton;

Chief

Anti-Money

Laundering

Compliance

Officer,

Legg

Mason

&

Co.

or

its

affiliates;

Anti

Money

Laundering

Compliance

Officer;

Senior

Compliance

Officer,

LMIS;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Navid

J.

Tofigh

(1972)

Vice

President

Since

2015

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Associate

General

Counsel

and

officer

of

44

of

the

investment

companies

in

Franklin

Templeton.

Craig

S.

Tyle

(1960)

Vice

President

Since

2005

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

General

Counsel

and

Executive

Vice

President,

Franklin

Resources,

Inc.;

and

officer

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

44

of

the

investment

companies

in

Franklin

Templeton.

Interested

Board

Members

and

Officers

(continued)

Templeton

Growth

Fund,

Inc.

40

franklintempleton.com

Annual

Report

*We

base

the

number

of

portfolios

on

each

separate

series

of

the

U.S.

registered

investment

companies

within

the

Franklin

Templeton

fund

complex.

These

portfolios

have

a

common

investment

manager

or

affiliated

investment

managers.

**Gregory

E.

Johnson

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

of

Franklin

Resources,

Inc.

(Resources),

which

is

the

parent

company

of

the

Fund’s

investment

manager

and

distributor.

Rupert

H.

Johnson,

Jr.

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

and

major

shareholder

of

Resources.

Note

1:

Rupert

H.

Johnson,

Jr.

is

the

uncle

of

Gregory

E.

Johnson.

Note

2:

Officer

information

is

current

as

of

the

date

of

this

report.

It

is

possible

that

after

this

date,

information

about

officers

may

change.

The

Sarbanes-Oxley

Act

of

2002

and

Rules

adopted

by

the

U.S.

Securities

and

Exchange

Commission

require

the

Fund

to

disclose

whether

the

Fund’s

Audit

Committee

includes

at

least

one

member

who

is

an

audit

committee

financial

expert

within

the

meaning

of

such

Act

and

Rules.

The

Fund’s

Board

has

determined

that

there

is

at

least

one

such

financial

expert

on

the

Audit

Committee

and

has

designated

each

of

Ann

Torre

Bates

and

David

W.

Niemiec

as

an

audit

committee

financial

expert.

The

Board

believes

that

Ms.

Bates

and

Mr.

Niemiec

qualify

as

such

an

expert

in

view

of

their

extensive

business

background

and

experience.

Ms.

Bates

has

served

as

a

member

of

the

Fund

Audit

Committee

since

2008.

She

currently

serves

as

a

director

of

Ares

Capital

Corporation

(2010-present)

and

United

Natural

Foods,

Inc.

(2013-present)

and

was

formerly

a

director

of

Navient

Corporation

from

2014

to

2016,

SLM

Corporation

from

1997

to

2014

and

Allied

Capital

Corporation

from

2003

to

2010,

Executive

Vice

President

and

Chief

Financial

Officer

of

NHP

Incorporated

from

1995

to

1997

and

Vice

President

and

Treasurer

of

US

Airways,

Inc.

until

1995.

Mr.

Niemiec

has

served

as

a

member

of

the

Fund

Audit

Committee

since

2005,

currently

serves

as

an

Advisor

to

Saratoga

Partners

and

was

formerly

its

Managing

Director

from

1998

to

2001

and

serves

as

a

director

of

Hess

Midstream

LP

(2017-present).

Mr.

Niemiec

was

formerly

a

director

of

Emeritus

Corporation

from

1999

to

2010

and

OSI

Pharmaceuticals,

Inc.

from

2006

to

2010,

Managing

Director

of

SBC

Warburg

Dillon

Read

from

1997

to

1998,

and

was

Vice

Chairman

from

1991

to

1997

and

Chief

Financial

Officer

from

1982

to

1997

of

Dillon,

Read

&

Co.

Inc.

As

a

result

of

such

background

and

experience,

the

Board

believes

that

Ms.

Bates

and

Mr.

Niemiec

have

each

acquired

an

understanding

of

generally

accepted

accounting

principles

and

financial

statements,

the

general

application

of

such

principles

in

connection

with

the

accounting

estimates,

accruals

and

reserves,

and

analyzing

and

evaluating

financial

statements

that

present

a

breadth

and

level

of

complexity

of

accounting

issues

generally

comparable

to

those

of

the

Fund,

as

well

as

an

understanding

of

internal

controls

and

procedures

for

financial

reporting

and

an

understanding

of

audit

committee

functions.

Ms.

Bates

and

Mr.

Niemiec

are

independent

Board

members

as

that

term

is

defined

under

the

applicable

U.S.

Securities

and

Exchange

Commission

Rules

and

Releases.

The

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

board

members

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

(800)

DIAL

BEN/342-5236

to

request

the

SAI.

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Lori

A.

Weber

(1964)

Vice

President

and

Secretary

Vice

President

since

2011

and

Secretary

since

2013

Not

Applicable

Not

Applicable

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

Assistant

Secretary,

Franklin

Resources,

Inc.;

Vice

President

and

Secretary,

Templeton

Investment

Counsel,

LLC;

and

officer

of

44

of

the

investment

companies

in

Franklin

Templeton.

Ryan

R.

Wheeler

(1985)

Interim

Chief

Financial

Officer,

Chief

Accounting

Officer

and

Treasurer

Since

October

2021

Not

Applicable

Not

Applicable

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director,

Fund

Administration

&

Reporting;

officer

of

15

of

the

investment

companies

in

Franklin

Templeton;

and

formerly

,

Director,

Senior

Manager

and

Manager

PricewaterhouseCoopers,

LLC

(2014-January

2021).

Interested

Board

Members

and

Officers

(continued)

Templeton

Growth

Fund,

Inc.

Shareholder

Information

41

franklintempleton.com

Annual

Report

Liquidity

Risk

Management

Program-

Funds

no

HLIM

Each

Fund

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

FT

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Investment

Compliance,

Investment

Operations,

Valuation

Committee,

Product

Management

and

Global

Product

Strategy.

In

assessing

and

managing

each

Fund’s

liquidity

risk,

the

ILC

considers,

as

relevant,

a

variety

of

factors,

including

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

Classification

of

the

Fund’s

portfolio

holdings

in

the

four

liquidity

categories

is

based

on

the

number

of

days

it

is

reasonably

expected

to

take

to

convert

the

investment

to

cash

(for

Highly

Liquid

and

Moderately

Liquid

holdings)

or

sell

or

dispose

of

the

investment

(for

Less

Liquid

and

Illiquid

investments),

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

Each

Fund

primarily

holds

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments,"

and

therefore

is

not

required

to

establish

an

HLIM.

Highly

Liquid

Investments

are

defined

as

cash

and

any

investment

reasonably

expected

to

be

convertible

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

the

conversion

to

cash

significantly

changing

the

market

value

of

the

investment.

At

meetings

of

the

Funds’

Board

of

Trustees

held

in

May

2021,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2020.

The

Program

Administrator

report

concluded

that

(i.)

the

LRMP,

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

each

Fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Templeton

Growth

Fund,

Inc.

Shareholder

Information

42

franklintempleton.com

Annual

Report

Quarterly

Statement

of

Investments

The

Fund

files

a

complete

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

as

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)632-

2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

101

A

10/21

©

2021

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Annual

Report

and

Shareholder

Letter

Templeton

Growth

Fund,

Inc.

Investment

Manager

Distributor

Shareholder

Services

Templeton

Global

Advisors

Limited

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics. 

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

(c) N/A

(d) N/A

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4.

Principal Accountant Fees and Services.

(a)      Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $91,441 for the fiscal year ended August 31, 2021 and $112,024 for the fiscal year ended August 31, 2020.

(b)      Audit-Related Fees

The aggregate fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4 were $34,039 for the fiscal year ended August 31, 2021 and $34,039 for the fiscal year ended August 31, 2020. The services for which these fees were paid included attestation services.

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.  

(c)      Tax Fees

There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning.

(d)      All Other Fees

There were no fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant, other than the services reported in paragraphs (a)-(c) of Item.

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4
were $25,812 for the fiscal year ended August 31, 2021 and $137,944 for the fiscal year ended August 31, 2020.  The services for which these fees were paid included benchmarking services in connection with the ICI TA Survey, valuation services related to a fair value engagement, and professional fees in connection with SOC 1 reports. 

(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:

      (i)   pre-approval of all audit and audit related services;

      (ii)  pre-approval of all non-audit related services to be provided to the Fund by the auditors;

      (iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and

      (iv)  establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $64,371 for the fiscal year ended August 31, 2021 and $171,983 for the fiscal year ended August 31, 2020.

(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee

of Listed Registrants.

                    N/A

Item 6. Schedule of Investments.

                                  N/A

Item 7

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

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

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

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

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

Item 11. Controls and Procedures.

(a)

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

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

(b)

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

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

Item 13. Exhibits.

(a)(1)

Code of Ethics

codeofethics

(a)(2)

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of

Matthew T. Hinkle

, Chief Executive Officer - Finance and Administration, and Ryan R. Wheeler, Interim Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(b)

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

Matthew T. Hinkle

, Chief Executive Officer - Finance and Administration, and Ryan R. Wheeler, Interim Chief Financial Officer, Chief Accounting Officer and Treasurer

section906

SIGNATURES

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

TEMPLETON GROWTH FUND, INC.

By S\MATTHEW T. HINKLE______________________

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

Date October 28, 2021

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

By S\MATTHEW T. HINKLE_______________________

Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date October 28, 2021

By S\Ryan R. Wheeler______________________

Ryan R. Wheeler

Interim Chief Financial Officer, Chief Accounting Officer and Treasurer

Date October 28, 2021