Templeton Growth Fund Inc.年度报告披露：各类别回报低于基准，基金将更名为 Templeton Global Equity Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant’s telephone number, including area code: (650) 312-2000

Date of fiscal year end: August 31

Date of reporting period: August 31, 2026

(a) The Report to Shareholders is filed herewith

This annual shareholder report contains important information about Templeton Growth Fund Inc. for the period September 1, 2025, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class A shares of Templeton Growth Fund Inc. returned 12.38%. The Fund compares its performance to the MSCI All Country World Index-NR, which returned 22.35% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT ($9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 8/31/2016 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

On January 1, 2026, the Fund’s principal investment strategies were revised to reflect reduced exposure to investments in derivative instruments and equity-linked notes.

In connection with these changes, principal risk disclosure regarding derivative instruments and equity-linked notes was removed from the principal risks section of the prospectus.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

945011102116561013910801130471072912793150311674118815100001171113048130111516119504164061869423076267213269358.820.115.11.74.3

This annual shareholder report contains important information about Templeton Growth Fund Inc. for the period September 1, 2025, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class C shares of Templeton Growth Fund Inc. returned 11.52%. The Fund compares its performance to the MSCI All Country World Index-NR, which returned 22.35% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class C 8/31/2016 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 10/5/2018, new Class C shares were incepted with the same fee and expense structure as the previous Class C shares (renamed Class C1 and subsequently discontinued). Performance for the new Class C shares is a blend of the old Class C1 shares’ actual performance through 10/4/2018, plus actual performance of the new Class C shares since its inception of 10/5/2018.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

On January 1, 2026, the Fund’s principal investment strategies were revised to reflect reduced exposure to investments in derivative instruments and equity-linked notes.

In connection with these changes, principal risk disclosure regarding derivative instruments and equity-linked notes was removed from the principal risks section of the prospectus.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

1000011661121511048811086132951085212839149651654718453100001171113048130111516119504164061869423076267213269358.820.115.11.74.3

This annual shareholder report contains important information about Templeton Growth Fund Inc. for the period September 1, 2025, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class R shares of Templeton Growth Fund Inc. returned 12.05%. The Fund compares its performance to the MSCI All Country World Index-NR, which returned 22.35% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class R 8/31/2016 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

On January 1, 2026, the Fund’s principal investment strategies were revised to reflect reduced exposure to investments in derivative instruments and equity-linked notes.

In connection with these changes, principal risk disclosure regarding derivative instruments and equity-linked notes was removed from the principal risks section of the prospectus.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

1000011718122721065111315136341118613296155871732219410100001171113048130111516119504164061869423076267213269358.820.115.11.74.3

This annual shareholder report contains important information about Templeton Growth Fund Inc. for the period September 1, 2025, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class R6 shares of Templeton Growth Fund Inc. returned 12.67%. The Fund compares its performance to the MSCI All Country World Index-NR, which returned 22.35% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class R6 8/31/2016 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

On January 1, 2026, the Fund’s principal investment strategies were revised to reflect reduced exposure to investments in derivative instruments and equity-linked notes.

In connection with these changes, principal risk disclosure regarding derivative instruments and equity-linked notes was removed from the principal risks section of the prospectus.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

1000011794124221084111586140351157913844163141823120540100001171113048130111516119504164061869423076267213269358.820.115.11.74.3

This annual shareholder report contains important information about Templeton Growth Fund Inc. for the period September 1, 2025, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Advisor Class shares of Templeton Growth Fund Inc. returned 12.64%. The Fund compares its performance to the MSCI All Country World Index-NR, which returned 22.35% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Advisor Class 8/31/2016 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

On January 1, 2026, the Fund’s principal investment strategies were revised to reflect reduced exposure to investments in derivative instruments and equity-linked notes.

In connection with these changes, principal risk disclosure regarding derivative instruments and equity-linked notes was removed from the principal risks section of the prospectus.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

1000011778123951081011544139751152513773162241811320403100001171113048130111516119504164061869423076267213269358.820.115.11.74.3

(b) Not applicable

(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 19(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.

The Board of Trustees of the Registrant has determined that Ann Torre Bates and David W. Niemiec possess the technical attributes identified in Item 3 to Form N-CSR to qualify as “audit committee financial experts,” and has designated Ann Torre Bates and David W. Niemiec as the Audit Committee’s financial experts. Ann Torre Bates and David W. Niemiec are “independent” Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending August 31, 2025 and August 31, 2026 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $51,085 in August 31, 2025 and $49,965 in August 31, 2026.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in August 31, 2025 and $0 in August 31, 2026.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $10,000 in August 31, 2025 and $10,000 in August 31, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by 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 (“Service Affiliates”) during the Reporting Periods that required pre-approval by the Audit Committee.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in August 31, 2025 and $0 in August 31, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

(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 Registrant by the Auditors;

(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates 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.

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $218,342 in August 31, 2025 and $419,964 in August 31, 2026.

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor’s independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

(i) Not applicable.

(j) Not applicable.

Not applicable.

Templeton

Growth

Fund,

Inc.

Financial

Statements

and

Other

Important

Information

Annual

|

August 31, 2026

If

you

need

assistance

accessing

this

content,

please

reach

out

to

your

sales

representative

or

send

an

email

to

[email protected]

.

Table

of

Contents

franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

1

Financial

Highlights

and

Schedule

of

Investments

2

Financial

Statements

10

Notes

to

Financial

Statements

14

Report

of

Independent

Registered

Public

Accounting

Firm

24

Tax

Information

25

Changes

In

and

Disagreements

with

Accountants

26

Results

of

Meeting(s)

of

Shareholders

26

Remuneration

Paid

to

Directors,

Officers

and

Others

26

Board

Approval

of

Management

and

Subadvisory

Agreements

26

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

2

a

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$30.41

$28.09

$24.19

$20.47

$25.34

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.15

0.22

0.24

0.22

0.14

Net

realized

and

unrealized

gains

(losses)

...........

3.34

2.88

3.95

3.69

(4.59)

Total

from

investment

operations

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

3.49

3.10

4.19

3.91

(4.45)

Less

distributions

from:

Net

investment

income

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

(0.19)

(0.29)

(0.29)

(0.19)

(0.42)

Net

realized

gains

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

(3.88)

(0.49)

—

—

—

Total

distributions

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

(4.07)

(0.78)

(0.29)

(0.19)

(0.42)

Net

asset

value,

end

of

year

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

$29.83

$30.41

$28.09

$24.19

$20.47

Total

return

c

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

12.38%

11.38%

17.50%

19.23%

(17.76)%

Ratios

to

average

net

assets

Expenses

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

1.02%

d

1.03%

1.03%

1.03%

d

1.05%

d

Net

investment

income

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

0.52%

0.79%

0.94%

0.96%

0.61%

Supplemental

data

Net

assets

,

end

of

year

(000’s)

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

$8,537,178

$8,443,919

$8,279,320

$7,654,074

$6,913,896

Portfolio

turnover

rate

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

82.19%

75.81%

43.43%

33.07%

42.82%

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

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

3

a

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$29.38

$27.29

$23.61

$20.09

$24.82

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.07)

0.01

0.02

0.05

(0.03)

Net

realized

and

unrealized

gains

(losses)

...........

3.21

2.79

3.86

3.61

(4.52)

Total

from

investment

operations

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

3.14

2.80

3.88

3.66

(4.55)

Less

distributions

from:

Net

investment

income

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

—

(0.22)

(0.20)

(0.14)

(0.18)

Net

realized

gains

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

(3.88)

(0.49)

—

—

—

Total

distributions

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

(3.88)

(0.71)

(0.20)

(0.14)

(0.18)

Net

asset

value,

end

of

year

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

$28.64

$29.38

$27.29

$23.61

$20.09

Total

return

c

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

11.52%

10.57%

16.56%

18.31%

(18.38)%

Ratios

to

average

net

assets

Expenses

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

1.77%

d

1.78%

1.77%

1.78%

d

1.80%

d

Net

investment

income

(loss)

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

(0.24)%

0.03%

0.07%

0.21%

(0.13)%

Supplemental

data

Net

assets

,

end

of

year

(000’s)

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

$18,827

$22,852

$28,293

$92,670

$84,172

Portfolio

turnover

rate

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

82.19%

75.81%

43.43%

33.07%

42.82%

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

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

4

a

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$29.89

$27.66

$23.86

$20.24

$25.05

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.08

0.15

0.18

0.16

0.08

Net

realized

and

unrealized

gains

(losses)

...........

3.26

2.84

3.89

3.64

(4.54)

Total

from

investment

operations

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

3.34

2.99

4.07

3.80

(4.46)

Less

distributions

from:

Net

investment

income

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

(0.12)

(0.27)

(0.27)

(0.18)

(0.35)

Net

realized

gains

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

(3.88)

(0.49)

—

—

—

Total

distributions

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

(4.00)

(0.76)

(0.27)

(0.18)

(0.35)

Net

asset

value,

end

of

year

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

$29.23

$29.89

$27.66

$23.86

$20.24

Total

return

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

12.05%

11.13%

17.23%

18.86%

(17.95)%

Ratios

to

average

net

assets

Expenses

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

1.27%

c

1.28%

1.28%

1.28%

c

1.30%

c

Net

investment

income

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

0.27%

0.55%

0.69%

0.71%

0.36%

Supplemental

data

Net

assets

,

end

of

year

(000’s)

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

$54,583

$53,907

$53,873

$50,808

$45,502

Portfolio

turnover

rate

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

82.19%

75.81%

43.43%

33.07%

42.82%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

5

a

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$30.65

$28.24

$24.27

$20.50

$25.39

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.24

0.31

0.32

0.29

0.21

Net

realized

and

unrealized

gains

(losses)

...........

3.35

2.91

3.96

3.70

(4.61)

Total

from

investment

operations

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

3.59

3.22

4.28

3.99

(4.40)

Less

distributions

from:

Net

investment

income

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

(0.27)

(0.32)

(0.31)

(0.22)

(0.49)

Net

realized

gains

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

(3.88)

(0.49)

—

—

—

Total

distributions

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

(4.15)

(0.81)

(0.31)

(0.22)

(0.49)

Net

asset

value,

end

of

year

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

$30.09

$30.65

$28.24

$24.27

$20.50

Total

return

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

12.67%

11.75%

17.84%

19.56%

(17.50)%

Ratios

to

average

net

assets

Expenses

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

0.73%

c

0.73%

0.74%

0.73%

c

0.75%

c

Net

investment

income

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

0.81%

1.09%

1.25%

1.27%

0.92%

Supplemental

data

Net

assets

,

end

of

year

(000’s)

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

$309,984

$306,610

$297,769

$294,490

$277,985

Portfolio

turnover

rate

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

82.19%

75.81%

43.43%

33.07%

42.82%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

Growth

Fund,

Inc.

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

a

Year

Ended

August

31,

2026

2025

2024

2023

2022

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$30.67

$28.28

$24.31

$20.54

$25.42

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.23

0.29

0.31

0.27

0.20

Net

realized

and

unrealized

gains

(losses)

...........

3.36

2.90

3.97

3.71

(4.60)

Total

from

investment

operations

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

3.59

3.19

4.28

3.98

(4.40)

Less

distributions

from:

Net

investment

income

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

(0.26)

(0.31)

(0.31)

(0.21)

(0.48)

Net

realized

gains

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

(3.88)

(0.49)

—

—

—

Total

distributions

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

(4.14)

(0.80)

(0.31)

(0.21)

(0.48)

Net

asset

value,

end

of

year

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

$30.12

$30.67

$28.28

$24.31

$20.54

Total

return

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

12.64%

11.65%

17.80%

19.51%

(17.53)%

Ratios

to

average

net

assets

Expenses

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

0.77%

c

0.78%

0.78%

0.78%

c

0.79%

c

Net

investment

income

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

0.78%

1.04%

1.20%

1.21%

0.85%

Supplemental

data

Net

assets

,

end

of

year

(000’s)

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

$235,049

$217,327

$195,896

$169,293

$159,910

Portfolio

turnover

rate

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

82.19%

75.81%

43.43%

33.07%

42.82%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

Growth

Fund,

Inc.

Schedule

of

Investments,

August

31,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

7

a

a

Industry

Shares

a

Value

a

Common

Stocks

96.5%

Australia

1.7%

Rio

Tinto

Ltd.

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

Metals

&

Mining

1,280,900

$

160,096,174

China

2.2%

BYD

Co.

Ltd.

,

H

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

Automobiles

11,167,000

123,259,652

a,b

JD.com,

Inc.

,

ADR

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

Broadline

Retail

2,924,776

82,595,674

205,855,326

Denmark

1.1%

Novo

Nordisk

A/S

,

B

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

Pharmaceuticals

2,280,212

103,266,205

France

4.9%

Airbus

SE

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

Aerospace

&

Defense

642,490

146,632,047

Safran

SA

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

Aerospace

&

Defense

499,786

195,336,438

Vinci

SA

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

Construction

&

Engineering

783,478

102,720,469

444,688,954

Germany

1.8%

Siemens

Energy

AG

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

Electrical

Equipment

984,434

162,143,781

Hong

Kong

2.2%

Hong

Kong

Exchanges

&

Clearing

Ltd.

Capital

Markets

2,209,983

119,485,928

Sun

Hung

Kai

Properties

Ltd.

.......

Real

Estate

Management

&

Development

5,790,145

85,521,248

205,007,176

Japan

5.4%

IHI

Corp.

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

Machinery

5,447,565

91,017,781

Keyence

Corp.

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

Electronic

Equipment,

Instruments

&

Components

265,089

138,123,577

c

Kioxia

Holdings

Corp.

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

Semiconductors

&

Semiconductor

Equipment

272,225

84,170,342

Mitsubishi

Electric

Corp.

...........

Electrical

Equipment

2,290,979

79,329,153

Mizuho

Financial

Group,

Inc.

........

Banks

1,828,631

97,408,500

490,049,353

Netherlands

3.3%

ASML

Holding

NV

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

Semiconductors

&

Semiconductor

Equipment

50,168

85,086,611

ING

Groep

NV

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

Banks

6,027,021

213,359,728

298,446,339

South

Korea

2.5%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

727,418

137,324,074

SK

Hynix,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

79,363

96,052,071

233,376,145

Taiwan

2.8%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

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

Semiconductors

&

Semiconductor

Equipment

622,818

258,668,772

United

Kingdom

9.3%

AstraZeneca

plc

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

Pharmaceuticals

811,813

130,878,805

HSBC

Holdings

plc

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

Banks

10,707,767

219,331,935

Rolls-Royce

Holdings

plc

..........

Aerospace

&

Defense

13,108,275

266,414,786

SSE

plc

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

Electric

Utilities

2,932,840

96,409,945

Unilever

plc

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

Personal

Care

Products

2,079,113

135,130,460

848,165,931

United

States

59.3%

c

Advanced

Micro

Devices,

Inc.

.......

Semiconductors

&

Semiconductor

Equipment

203,594

95,835,768

Alphabet,

Inc.

,

A

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

Interactive

Media

&

Services

988,531

335,457,995

c

Amazon.com,

Inc.

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

Broadline

Retail

1,163,515

302,246,291

Templeton

Growth

Fund,

Inc.

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

States

(continued)

Amphenol

Corp.

,

A

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

Electronic

Equipment,

Instruments

&

Components

733,094

$

116,232,054

Apple,

Inc.

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

Technology

Hardware,

Storage

&

Peripherals

1,159,855

367,500,057

Applied

Materials,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

206,471

94,644,242

c

Arista

Networks,

Inc.

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

Communications

Equipment

468,419

91,664,914

Booking

Holdings,

Inc.

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

Hotels,

Restaurants

&

Leisure

859,852

171,187,935

c

Boston

Scientific

Corp.

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

Health

Care

Equipment

&

Supplies

2,368,960

114,420,768

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

13,045,495

93,311,720

Broadcom,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

397,495

147,208,298

Charles

Schwab

Corp.

(The)

........

Capital

Markets

996,908

109,480,436

CNH

Industrial

NV

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

Machinery

8,569,730

101,379,906

ConocoPhillips

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

Oil,

Gas

&

Consumable

Fuels

832,267

110,267,055

Crown

Holdings,

Inc.

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

Containers

&

Packaging

817,835

95,187,816

Ferguson

Enterprises,

Inc.

.........

Trading

Companies

&

Distributors

402,194

90,296,575

HCA

Healthcare,

Inc.

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

Health

Care

Providers

&

Services

317,270

131,492,551

c

Intel

Corp.

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

Semiconductors

&

Semiconductor

Equipment

750,930

67,215,744

c

IQVIA

Holdings,

Inc.

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

Life

Sciences

Tools

&

Services

508,797

132,892,688

JPMorgan

Chase

&

Co.

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

Banks

283,789

101,034,560

L3Harris

Technologies,

Inc.

.........

Aerospace

&

Defense

318,451

84,787,579

Linde

plc

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

Chemicals

297,977

145,883,580

Medtronic

plc

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

Health

Care

Equipment

&

Supplies

1,442,161

130,731,895

Merck

&

Co.,

Inc.

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

Pharmaceuticals

1,096,758

162,056,962

Microsoft

Corp.

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

Software

630,225

319,706,840

NextEra

Energy,

Inc.

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

Electric

Utilities

2,131,266

175,488,442

NVIDIA

Corp.

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

Semiconductors

&

Semiconductor

Equipment

1,785,187

394,133,586

PNC

Financial

Services

Group,

Inc.

(The)

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

Banks

479,327

114,861,129

Progressive

Corp.

(The)

...........

Insurance

677,895

147,835,342

S&P

Global,

Inc.

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

Capital

Markets

230,756

100,572,695

Schneider

Electric

SE

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

Electrical

Equipment

300,848

102,974,457

Smurfit

Westrock

plc

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

Containers

&

Packaging

2,264,500

106,205,050

Thermo

Fisher

Scientific,

Inc.

.......

Life

Sciences

Tools

&

Services

412,077

254,292,717

United

Rentals,

Inc.

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

Trading

Companies

&

Distributors

96,287

99,945,906

Visa,

Inc.

,

A

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

Financial

Services

570,393

216,389,992

5,424,823,545

Total

Common

Stocks

(Cost

$

6,676,605,691

)

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

8,834,587,701

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

c,d

Hemisphere

Properties

India

Ltd.,

Escrow

Account

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

104,748

—

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

—

Total

Long

Term

Investments

(Cost

$

6,676,605,691

)

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

8,834,587,701

Short

Term

Investments

4.4%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

4.4%

Australia

2.2%

Australia

&

New

Zealand

Banking

Group

Ltd.

,

3.62

%

,

9/01/26

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

200,000,000

200,000,000

Templeton

Growth

Fund,

Inc.

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

9

Short

Term

Investments

(continued)

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

(continued)

Canada

2.2%

Bank

of

Montreal

,

3.62

%

,

9/01/26

....

98,700,000

$

98,700,000

National

Bank

of

Canada

,

3.58

%

,

9/01/26

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

100,800,000

100,800,000

199,500,000

Total

Time

Deposits

(Cost

$

399,500,000

)

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

399,500,000

Shares

e

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Money

Market

Funds

0.0%

†

f,g

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.629

%

......

1,357

1,357

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

1,357

)

1,357

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

399,501,357

)

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

399,501,357

a

a

a

Total

Investments

(Cost

$

7,076,107,048

)

100.9

%

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

$9,234,089,058

Other

Assets,

less

Liabilities

(

0.9

)

%

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

(78,468,197)

Net

Assets

100.0%

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

$9,155,620,861

a

a

a

See

Abbreviations

on

page

23

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

A

portion

or

all

of

the

security

is

on

loan

at

August

31,

2026.

See

Note

1(c).

b

Variable

interest

entity

(VIE).

See

Note

6

regarding

investments

made

through

a

VIE

structure.

At

August

31,

2026,

the

value

of

this

security

was

$82,595,674,

representing

0.9%

of

net

assets.

c

Non-income

producing.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

8

regarding

fair

value

measurements.

e

See

Note

1(c)

regarding

securities

on

loan.

f

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statement

of

Assets

and

Liabilities

August

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

Templeton

Growth

Fund,

Inc.

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$7,076,105,691

Cost

-

Non-controlled

affiliates

(Note

3

f

)

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

1,357

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$

1,299

)

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

$9,234,087,701

Value

-

Non-controlled

affiliates

(Note

3

f

)

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

1,357

Cash

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

35,500

Receivables:

Capital

shares

sold

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

1,237,075

Dividends

and

interest

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

19,921,664

Foreign

tax

refund

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

3,974,162

European

Union

tax

reclaims

(Note

1

d

)

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

1,105,819

Total

assets

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

9,260,363,278

Liabilities:

Payables:

Investment

securities

purchased

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

88,333,249

Capital

shares

redeemed

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

6,960,985

Management

fees

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

5,479,485

Distribution

fees

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

1,889,896

Transfer

agent

fees

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

1,682,278

Directors'

fees

and

expenses

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

16,895

Payable

upon

return

of

securities

loaned

(Note

1

c

)

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

1,357

Accrued

expenses

and

other

liabilities

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

378,272

Total

liabilities

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

104,742,417

Net

assets,

at

value

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

$9,155,620,861

Net

assets

consist

of:

Paid-in

capital

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

$6,477,636,725

Total

distributable

earnings

(losses)

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

2,677,984,136

Net

assets,

at

value

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

$9,155,620,861

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

August

31,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

11

Templeton

Growth

Fund,

Inc.

Class

A:

Net

assets,

at

value

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

$8,537,177,652

Shares

outstanding

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

286,238,871

Net

asset

value

per

share

a

,b

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

$29.83

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94

.50

%

)

b

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

$31.57

Class

C:

Net

assets,

at

value

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

$18,827,346

Shares

outstanding

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

657,292

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$28.64

Class

R:

Net

assets,

at

value

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

$54,582,921

Shares

outstanding

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

1,867,238

Net

asset

value

and

maximum

offering

price

per

share

b

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

$29.23

Class

R6:

Net

assets,

at

value

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

$309,983,824

Shares

outstanding

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

10,302,144

Net

asset

value

and

maximum

offering

price

per

share

b

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

$30.09

Advisor

Class:

Net

assets,

at

value

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

$235,049,118

Shares

outstanding

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

7,802,974

Net

asset

value

and

maximum

offering

price

per

share

b

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

$30.12

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Templeton

Growth

Fund,

Inc.

Financial

Statements

Statement

of

Operations

for

the

year

ended

August

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

Templeton

Growth

Fund,

Inc.

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$6,272,063)

Unaffiliated

issuers

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

$127,032,977

Interest:

Unaffiliated

issuers

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

14,742,314

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(766,872)

Non-controlled

affiliates

(Note

3

f

)

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

966,767

Other

income

(Note

1

d

)

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

42,420

Total

investment

income

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

142,017,606

Expenses:

Management

fees

(Note

3

a

)

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

63,552,649

Distribution

fees:

(Note

3c

)

    Class

A

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

21,454,808

    Class

C

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

209,266

    Class

R

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

270,204

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

4,688,441

    Class

C

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

11,323

    Class

R

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

29,532

    Class

R6

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

61,115

    Advisor

Class

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

124,601

Custodian

fees

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

324,140

Reports

to

shareholders

fees

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

157,476

Registration

and

filing

fees

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

167,713

Professional

fees

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

133,030

Directors'

fees

and

expenses

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

1,083,370

Other

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

343,384

Total

expenses

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

92,611,052

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(14,300)

Net

expenses

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

92,596,752

Net

investment

income

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

49,420,854

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$2,593,297)

Unaffiliated

issuers

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

717,331,992

Foreign

currency

transactions

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

948,376

Net

realized

gain

(loss)

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

718,280,368

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

303,129,115

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(129,374)

Change

in

deferred

taxes

on

unrealized

appreciation

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

2,357,382

Net

change

in

unrealized

appreciation

(depreciation)

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

305,357,123

Net

realized

and

unrealized

gain

(loss)

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

1,023,637,491

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$1,073,058,345

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

13

Templeton

Growth

Fund,

Inc.

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$49,420,854

$68,911,088

Net

realized

gain

(loss)

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

718,280,368

1,226,333,614

Net

change

in

unrealized

appreciation

(depreciation)

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

305,357,123

(365,133,698)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

1,073,058,345

930,111,004

Distributions

to

shareholders:

Class

A

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

(1,101,948,522)

(224,146,961)

Class

C

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

(2,855,185)

(700,632)

Class

R

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

(6,932,535)

(1,447,285)

Class

R6

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

(40,483,831)

(8,321,351)

Advisor

Class

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

(29,327,348)

(5,566,735)

Total

distributions

to

shareholders

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

(1,181,547,421)

(240,182,964)

Capital

share

transactions:

(Note

2

)

Class

A

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

194,701,959

(478,849,234)

Class

C

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

(3,545,015)

(6,920,151)

Class

R

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

1,444,433

(4,017,103)

Class

R6

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

6,586,743

(15,083,643)

Advisor

Class

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

20,306,636

4,406,540

Total

capital

share

transactions

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

219,494,756

(500,463,591)

Net

increase

(decrease)

in

net

assets

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

111,005,680

189,464,449

Net

assets:

Beginning

of

year

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

9,044,615,181

8,855,150,732

End

of

year

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

$9,155,620,861

$9,044,615,181

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

14

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.

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

Fund

offers

five classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

December

31,

2026,

Templeton

Growth

Fund,

Inc.

will

be

renamed

Templeton

Global

Equity

Fund.

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Directors

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Investments

in time

deposits are

valued

at

cost,

which

approximates

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

August

31,

2026,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

15

franklintempleton.com

Annual

Report

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Fund. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statement of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

Securities

on

loan

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

d.

Income

and

Deferred

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and 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

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation

(continued)

Templeton

Growth

Fund,

Inc.

Notes

to

Financial

Statements

16

franklintempleton.com

Annual

Report

exist

in

the

foreign

markets

in

which

the

Fund

invests.

In

some

cases,

the

Fund

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Statement

of

Assets

and

Liabilities

and

dividend

income

in

the

Statement

of

Operations.

In

many

cases,

however,

the

Fund

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

In

the

event

that

EU

reclaims

received

by

the Fund

during a

fiscal

year

exceed

foreign

withholding

taxes

paid

by

the

Fund,

and

the

Fund previously

passed

through to

its

shareholders

foreign

taxes

incurred

by

the

Fund

to

be

used

as

a

credit

or

deduction

on

a

shareholder’s

income

tax

return,

the Fund

will enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

(IRS)

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the Fund's

shareholders.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

August

31,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

e.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in