ANNUAL REPORT - Franklin Templeton Investments

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Templeton Growth Fund, Ltd. NOTES TO FINANCIAL STATEMENTS For the periods ended April 30, 2013 and 2012 (Continued) 3. Shareholders’ Capital (Continued) Fund to repurchase their shares at their current net asset value. The Fund’s objective when managing capital is to safeguard its ability to continue as going concern in order to maintain a strong capital base to support the development of the investment activities of the Fund. In order to maintain or adjust capital structure, the level of shareholder subscriptions and redemptions is monitored relative to liquid assets. The Fund may redeem and issue new shares in accordance with the Fund’s Articles. Changes in issued capital stock are summarized as follows: Series A Series A Hedged Series F April 30, 2013 April 30, 2012 April 30, 2013 April 30, 2012 April 30, 2013 April 30, 2012 Outstanding shares — beginning 126,734,454 155,696,226 — — 2,913,019 3,042,823 Subscriptions 2,857,794 3,165,397 300,000 — 316,662 879,075 Reinvestments — 1,658,891 — — — 33,180 Redemptions (24,247,905) (33,786,060) — — (684,872) (1,042,059) Outstanding shares — ending 105,344,343 126,734,454 300,000 — 2,544,809 2,913,019 Series I Series O April 30, 2013 April 30, 2012 April 30, 2013 April 30, 2012 Outstanding shares — beginning 2,075,126 2,174,396 10,629,680 12,440,653 Subscriptions 24,256 48,441 727,119 476,547 Reinvestments — 17,395 — 132,680 Redemptions (170,938) (165,106) (1,439,895) (2,420,200) Outstanding shares — ending 1,928,444 2,075,126 9,916,904 10,629,680 4. Related Party Transactions (a) Investment advisory and management fees The Fund pays an investment advisory fee to Templeton Global Advisors Limited, Bahamas (the “Advisor”) computed at 1/4 of 0.50% quarterly on the average daily net assets of the Fund. The Fund pays the management fee to the Manager calculated monthly at the rate set out below on the average daily net assets of the Fund: Series A 1/12 of 1.10% Series A Hedged 1/12 of 1.40% Series F 1/12 of 0.50% Series I 1/12 of 0.60% The Series O management and administration fee is negotiated with and paid by the individual shareholder directly to the Manager. (b) Manager Holdings As at April 30, 2013, the Manager held all of the shares in Series A Hedged. No shares of the Fund were held by the Manager as at April 30, 2012. (c) Other services In addition to providing administration and other services in connection with the distribution of Fund shares, the Manager also acts as registrar and transfer agent for the Fund and is compensated by the Fund for the provision of such services. (d) Expenses absorbed or paid by the Manager Operating expenses of the Fund may be absorbed or paid by the Manager as discussed in Note 6. 5. Sales Charges The sales charge incurred by shareholders of Series A shares is dependent on the purchase option selected at the time of purchase. Under the front-load sales option, a negotiable fee of up to 6% of the purchase price is payable by the Series A (including A Hedged) investors to their dealers. Under the low-load option, the Series A (including A Hedged) investors will pay a redemption fee to the Manager if they redeem their shares within three years of purchasing them. This redemption fee is based on a declining percentage Templeton Growth Fund, Ltd. 13
Templeton Growth Fund, Ltd. NOTES TO FINANCIAL STATEMENTS For the periods ended April 30, 2013 and 2012 (Continued) 5. Sales Charges (Continued) of the original cost of the investor’s shares and how long the investor has held them, ranging from 3% to 0%. Up to 10% of an investor’s investment in Series A (including A Hedged) shares may be redeemed in each calendar year without a redemption charge. Under the deferred sales charge option, the Series A (including A Hedged) investors will pay a redemption fee to the Manager if they redeem their shares within six years of purchasing them. This redemption fee is based on a declining percentage, ranging from 6% to 0%, of the original cost of the investor’s shares and how long the investor has held them. Series I shareholders negotiate a fee of up to 2% with their dealers. 6. Operating Expenses The operating expenses of the Fund, which include, but are not limited to, legal, audit, custodial, registrar, fund administration and the cost of financial statements and other reports, are the direct responsibility of the Fund. Brokerage commissions and taxes paid by the Fund are not included in operating expenses, but are borne by the Fund and are reflected separately in the Statements of Operations. The Manager pays certain of the operating expenses on behalf of the Fund and is then reimbursed by the Fund. The Manager may waive or absorb certain expenses of the Fund. The decision to do so is reviewed regularly and determined at the sole discretion of the Manager. The portion of the operating expenses allocated to Series O investors may be absorbed by the Manager as part of its agreement with the investors in those Series. 7. Other Expenses The principal items in other expenses are rent, data communication charges and other overhead costs charged by the Manager. 8. Other Assets The principal items in other assets are recoverable expenses from the Manager. 9. Other Liabilities The principal item in other liabilities is Ontario capital tax liability. 10. Financial Risk Management Risks arising from holding financial instruments are inherent in the Fund’s activities and are managed through a process of ongoing measurement and monitoring. These financial risks may include, among others, market risk (including market price risk, currency risk, and interest rate risk), liquidity risk and credit risk. These risks are moderated through careful selection of securities and other financial instruments within the Fund’s investment guidelines by the Advisor. The risks are measured using a method that reflects the expected impact on the results and net assets attributable to shareholders of the Fund from reasonably possible changes in the relevant risk variables. Information about these risk exposures at the reporting date and risk management policies employed are disclosed in Notes 10 (a) to (e). (a) Currency risk The Fund holds assets and liabilities denominated in currencies other than its functional currency, and is therefore exposed to currency risk as the values of such assets and liabilities will fluctuate due to changes in exchange rates. The Advisor monitors the Fund’s currency risk position, and may enter into forward exchange contracts to manage foreign exchange exposure and disclosed in the Fund’s Statement of Investments, if applicable. The table below summarizes the Fund’s exposure to currency risk, where applicable. Amounts shown are based on the carrying value of monetary and non-monetary assets, less liabilities. Where individual currencies held are less than 5% of net assets, that currency has been included in “other”. The table also illustrates the expected increase or decrease in net assets had the functional currency 14 Templeton Growth Fund, Ltd.
Page 1 and 2: FOR THE YEAR ENDED APRIL 30, 2013 T
Page 3 and 4: Templeton Growth Fund, Ltd. MESSAGE
Page 5 and 6: STATEMENT OF INVESTMENTS As at Apri
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Page 21 and 22: MANAGEMENT’S RESPONSIBILITY FOR F
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ANNUAL REPORT - Franklin Templeton Investments

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