ANNUAL REPORT - Franklin Templeton Investments

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Templeton Growth Fund, Ltd. STATEMENTS OF CHANGES IN NET ASSETS For the periods ended April 30, 2013 and 2012 (in 000s) All Series Series A Series A Hedged 2013 2012 2013 2012 2013 2012 Increase (decrease) in net assets from operations $ 235,830 $ (69,440) $ 198,235 $ (65,153) $ 76 $ — Distributions to shareholders From net investment income — (18,889) — (16,612) — — From capital gains — — — — — — From return of capital — — — — — — — (18,889) — (16,612) — — Capital share transactions Subscriptions 46,244 45,337 29,468 29,906 3,000 — Reinvestments — 18,092 — 15,925 — — Redemptions (272,713) (360,597) (243,796) (318,366) — — (226,469) (297,168) (214,328) (272,535) 3,000 — Increase (decrease) in net assets for the period 9,361 (385,497) (16,093) (354,300) 3,076 — Net assets — beginning of period 1,411,198 1,796,695 1,223,281 1,577,581 — — Net assets — end of period $ 1,420,559 $ 1,411,198 $ 1,207,188 $ 1,223,281 $ 3,076 $ — Series F Series I Series O 2013 2012 2013 2012 2013 2012 Increase (decrease) in net assets from operations $ 5,403 $ (991) $ 4,241 $ (625) $ 27,875 $ (2,671) Distributions to shareholders From net investment income — (367) — (254) — (1,656) From capital gains — — — — — — From return of capital — — — — — — — (367) — (254) — (1,656) Capital share transactions Subscriptions 3,619 9,062 290 518 9,867 5,851 Reinvestments — 348 — 184 — 1,635 Redemptions (7,511) (10,675) (1,949) (1,773) (19,457) (29,783) (3,892) (1,265) (1,659) (1,071) (9,590) (22,297) Increase (decrease) in net assets for the period 1,511 (2,623) 2,582 (1,950) 18,285 (26,624) Net assets — beginning of period 31,050 33,673 22,278 24,228 134,589 161,213 Net assets — end of period $ 32,561 $ 31,050 $ 24,860 $ 22,278 $ 152,874 $ 134,589 The accompanying notes are an integral part of these financial statements. Templeton Growth Fund, Ltd. 9
Templeton Growth Fund, Ltd. NOTES TO FINANCIAL STATEMENTS For the periods ended April 30, 2013 and 2012 1. Organization (a) Inception and Financial Reporting Dates Templeton Growth Fund, Ltd. (the “Fund”), is an open-ended mutual fund corporation incorporated under the laws of Canada on September 1, 1954, and continued under the Canada Business Corporations Act on July 20, 1979. The Fund launched Series A shares on November 29, 1954, Series F, I and O shares on November 24, 2000 and Series A Hedged on March 22, 2013. Series A Hedged seeks to provide long-term capital appreciation, while reducing the potential effects of exchange rate fluctuations between the Canadian dollar and global currencies within the Fund’s Portfolio by investing in forward contracts. The financial statements of the Fund include the Statement of Investments as at April 30, 2013, and the Statements of Net Assets as at April 30, 2013 and April 30, 2012. The Statements of Operations and Changes in Net Assets for the Fund are for the years ended April 30, 2013 and 2012. (b) Fund Events The Fund may invest up to 7.5% of its net assets in separate classes of shares in Templeton China Opportunities Fund (“TCOF”), an “Underlying Fund” and a sub-fund of Franklin Templeton Selected Markets Funds (“FTSMF”), an open-end investment company organized under the laws of Luxembourg as a Société d’investissement à Capital Variable. TCOF is managed by Templeton Investment Counsel, LLC, an affiliate of Franklin Templeton Investment Corp. (the “Manager”). TCOF’s portfolio is managed in accordance with the investment restrictions applicable to a UCITS, an undertaking for collective investment in transferable securities, which are substantially similar to those that govern the Fund in Canada. As of April 30, 2013, the Fund held 0.76% of its net assets within TCOF. The principal distributor and the administrative agent of FTSMF is an affiliate of the Manager. On March 22, 2013, the Fund commenced the offering of Series A Hedged shares, which was made available for sale on March 28, 2013. 2. Summary of Significant Accounting Policies These financial statements are prepared in accordance with Canadian generally accepted accounting principles (“GAAP”). The significant accounting policies are as follows: (a) (b) Designation of financial assets and liabilities — For the purpose of measuring and recognizing financial assets and liabilities, the following designations have been made: All investments, including derivatives, if any, are initially recognized at fair value and are designated as held for trading. Accrued interest, distributions and dividends receivable, amounts receivable for capital shares sold and securities sold, and other assets are designated as loans and receivables and reported at cost or amortized cost. Amounts payable for securities purchased and capital shares redeemed, management fees payable, distributions payable, accrued expenses and other liabilities, are designated as other financial liabilities and reported at amortized cost. Valuation of investments — The CICA Handbook Section 3855, “Financial Instruments — Recognition and Measurement”, requires that the fair value of financial instruments traded in active markets be measured at bid price for long positions and closing ask price for short positions for financial statement reporting purposes (“net assets”). The Canadian Securities Administrators allow investment funds to calculate the daily net asset value for the purpose of processing shareholder transactions using the last traded price for the day as fair value of financial instruments traded in an active market, which is referred to as a “trading net asset value”. As a result, the net assets per share for financial reporting purposes may differ from the trading net asset value. This measurement difference does not affect the Fund’s shareholder transactions. The Fund’s trading net asset values are disclosed in Note 13. Securities listed on a securities exchange and those traded on the over-the-counter market are valued at the closing bid price for long positions and closing ask price for short positions on the valuation day. The Fund has procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. Under these fair valuation 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 10 Templeton Growth Fund, Ltd.
Page 1 and 2: FOR THE YEAR ENDED APRIL 30, 2013 T
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ANNUAL REPORT - Franklin Templeton Investments

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