Despite recent market strength, considerable risks remain given ongoing fiscal imbalances, economic vulnerability and the continued politicization of financial markets. Yet, as Sir John <strong>Templeton</strong> wrote, “I never ask if the market is going to go up or down, because I don’t know, and besides it doesn’t matter. I search nation after nation for stocks, asking: ‘Where is the one that is the lowest priced in relation to what I believe it is worth’.” At <strong>Templeton</strong>, we continue to find stocks around the world that fit this criterion, with an objective of acquiring tomorrow’s earnings potential for our investors at low prices today. Regards, Lisa Myers, J.D., CFA <strong>Templeton</strong> Global Advisors Limited Lead Portfolio Manager <strong>Templeton</strong> Growth Fund, Ltd. <strong>Templeton</strong> Growth Fund, Ltd. 3
STATEMENT OF INVESTMENTS As at April 30, 2013 <strong>Templeton</strong> Growth Fund, Ltd. Shares Average Cost Fair Value (000s) (000s) LONG-TERM INVESTMENTS: 98.76% COMMON STOCKS: 97.27% United States: 45.09% Abercrombie & Fitch Co., A ............ 144,460 $ 5,527 $ 7,215 Accenture PLC, A ................... 272,340 9,661 22,331 ACE Ltd. ......................... 156,000 7,291 14,005 American Express Co. ............... 178,570 5,697 12,304 Amgen Inc. ....................... 190,790 10,770 20,022 Applied Materials Inc. ............... 716,940 8,294 10,472 Baker Hughes Inc. .................. 451,980 20,505 20,653 Brocade Communications Systems Inc. . . 1,701,290 8,905 9,957 Chesapeake Energy Corp. ............ 498,780 8,634 9,812 Chevron Corp. ..................... 99,770 9,968 12,242 Cisco Systems Inc. ................. 1,295,250 30,991 27,296 Citigroup Inc. ..................... 552,500 16,459 25,969 Comcast Corp., Special A ............. 532,850 15,142 21,090 CVS Caremark Corp. ................ 413,475 15,010 24,233 FedEx Corp. ...................... 142,740 11,940 13,516 Forest Laboratories Inc. .............. 183,540 7,055 6,915 General Electric Co. ................ 480,470 18,288 10,779 Gilead Sciences Inc. ................ 363,700 7,429 18,553 Halliburton Co. .................... 515,715 15,532 22,219 Hewlett-Packard Co. ................ 715,680 12,697 14,844 JPMorgan Chase & Co. .............. 288,090 12,864 14,214 LyondellBasell Industries NV, A ......... 129,030 6,008 7,891 Macy’s Inc. ....................... 359,100 10,646 16,130 Medtronic Inc. .................... 322,650 13,457 15,172 Merck & Co. Inc. ................... 310,920 12,061 14,721 Microsoft Corp. .................... 717,160 20,928 23,905 Morgan Stanley .................... 909,090 16,106 20,284 National Oilwell Varco Inc. ............ 175,402 2,434 11,522 Navistar International Corp. .......... 312,170 11,474 10,412 News Corp., A ..................... 446,630 7,954 13,934 Noble Corp. ...................... 370,261 14,378 13,983 Oracle Corp. ...................... 696,980 11,883 22,994 Pfizer Inc. ........................ 666,273 22,270 19,498 Symantec Corp. ................... 280,770 4,333 6,870 Target Corp. ...................... 201,960 8,192 14,347 The Home Depot Inc. ................ 98,969 2,634 7,312 The Procter & Gamble Co. ............ 175,750 11,588 13,584 Time Warner Cable Inc. .............. 141,911 5,841 13,419 Time Warner Inc. ................... 243,016 9,406 14,632 United Parcel Service Inc., B ........... 165,343 11,895 14,296 Viacom Inc., B ..................... 163,530 7,300 10,541 Walgreen Co. ..................... 330,570 11,704 16,480 481,151 640,568 United Kingdom: 14.26% Aviva PLC ........................ 2,608,084 38,542 12,452 BG Group PLC ..................... 793,600 15,691 13,443 Shares Average Cost Fair Value (000s) (000s) United Kingdom: 14.26% (Continued) BPPLC .......................... 1,039,470 $ 10,115 $ 7,587 GlaxoSmithKline PLC ................ 746,843 20,352 19,377 HSBC Holdings PLC ................. 2,289,231 38,992 25,096 International Consolidated Airlines Group SA ........................... 1,842,820 5,453 7,841 Kingfisher PLC ..................... 6,006,071 24,732 29,333 Lloyds Banking Group PLC ............ 26,750,190 17,397 22,730 Marks & Spencer Group PLC ........... 2,553,106 15,586 16,301 Royal Dutch Shell PLC, B ............. 412,321 15,129 14,537 Tesco PLC ........................ 1,396,206 8,656 7,996 Vodafone Group PLC ................. 8,451,175 25,516 25,928 236,161 202,621 Switzerland: 6.39% ABB Ltd. ......................... 710,030 12,968 16,924 Credit Suisse Group AG .............. 926,952 29,327 25,962 Novartis AG ....................... 220,400 14,328 16,453 Roche Holding AG .................. 124,840 20,498 31,380 77,121 90,719 France: 5.97% Alstom SA ........................ 323,540 13,964 13,355 BNP Paribas SA .................... 344,380 16,428 19,324 Compagnie de Saint-Gobain ........... 168,130 6,886 6,789 Sanofi ........................... 280,080 25,835 30,908 Total SA, B ....................... 283,310 23,094 14,379 86,207 84,755 Germany: 4.43% Merck KGaA ....................... 46,540 4,700 7,117 Muenchener Rueckversicherungs- Gesellschaft AG .................. 70,720 10,858 14,244 SAPAG .......................... 217,830 10,496 17,457 Siemens AG ....................... 229,400 21,439 24,098 47,493 62,916 Japan: 3.60% ITOCHU Corp. ..................... 1,334,200 14,311 16,587 Nissan Motor Co. Ltd. ............... 696,650 7,418 7,300 Toyota Motor Corp. ................. 466,860 22,444 27,212 44,173 51,099 Hong Kong: 3.08% AIA Group Ltd. .................... 3,230,050 9,158 14,424 Cheung Kong (Holdings) Ltd. .......... 613,150 6,728 9,281 Hutchison Whampoa Ltd. ............. 1,842,620 18,642 20,128 34,528 43,833 Singapore: 2.86% DBS Group Holdings Ltd. ............. 1,438,611 11,549 19,704 The accompanying notes are an integral part of these financial statements. 4 <strong>Templeton</strong> Growth Fund, Ltd.