ANNUAL REPORT - Franklin Templeton Investments

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INDEPENDENT AUDITOR’S REPORT To the shareholders of Templeton Growth Fund, Ltd. (the Fund) We have audited the accompanying financial statements of the Fund, which comprise the statement of investment portfolio as at April 30, 2013, the statements of net assets as at April 30, 2013 and April 30, 2012 and the statements of operations and changes in net assets for the years then ended, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management’s responsibility for the financial statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as at April 30, 2013 and April 30, 2012 and the results of its operations and the changes in its net assets for the years then ended in accordance with Canadian generally accepted accounting principles. Toronto, Ontario May 21, 2013 Chartered Accountants, Licensed Public Accountants Templeton Growth Fund, Ltd. 21
Franklin Templeton Investments is one of the world’s largest publicly-traded investment management companies, delivering a truly global perspective to investors for over 60 years. With values that have withstood the test of time, Franklin Templeton Investments provides global and domestic investment advisory services to the Franklin, Templeton, Bissett and Mutual Series funds and institutional accounts, including private wealth management solutions through Fiduciary Trust Company of Canada. www.franklintempleton.ca Franklin Templeton Investments Corp. 5000 Yonge Street, Suite 900 Toronto, ON, M2N 0A7 Client Services: 416.364.4672 Fax: 416.364.1163 Client Services Toll-free: 1.800.387.0830 Toll-free Fax: 1.866.850.8241 Founding Member of The Canadian Coalition for Good Governance Canadian offices: VANCOUVER • CALGARY • WINNIPEG • TORONTO OTTAWA • MONTREAL • HALIFAX NYSE: BEN IFIC A Member of The Investment Funds Institute of Canada 201304253044 Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Franklin Templeton Investments Funds’ prospectus before investing. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the money market funds will be able to maintain their net asset value per security at a constant amount or that the full amount of your investment in the fund(s) will be returned to you. Unit/share values change frequently and past performance may not be repeated. Fiduciary Trust Company of Canada is a wholly owned subsidiary of Franklin Templeton Investments Corp. 700 ARE 04/13
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
Page 7 and 8: Templeton Growth Fund, Ltd. STATEME
Page 9 and 10: Templeton Growth Fund, Ltd. STATEME
Page 11 and 12: Templeton Growth Fund, Ltd. NOTES T
Page 21: MANAGEMENT’S RESPONSIBILITY FOR F

ANNUAL REPORT - Franklin Templeton Investments

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