ANNUAL REPORT - Franklin Templeton Investments

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Templeton Growth Fund, Ltd. STATEMENTS OF NET ASSETS As at April 30, 2013 and 2012 2013 2012 (000s) (000s) Assets Investment in securities — at fair value $ 1,409,526 $ 1,406,682 Cash Canadian 2,730 33 Foreign 4,243 3,447 Receivables Investment securities sold 3,973 — Capital shares sold 372 117 Dividends, interest and withholding tax 6,192 6,742 Refundable income taxes 286 6,518 Current income taxes 766 — Unrealized gain on derivatives 31 — Other assets (Note 8) 150 — Total assets 1,428,269 1,423,539 Liabilities Payables advisory fees Accrued expenses 1,411 1,837 Current income taxes — 1,857 Future income taxes 1,844 2,525 Other liabilities (Note 9) — 198 Capital shares redeemed Management and investment 1,158 3,297 2,365 3,559 Total liabilities 7,710 12,341 Net assets $ 1,420,559 $ 1,411,198 Total net assets per series (000s) Series A $1,207,188 $1,223,281 Series A Hedged 3,076 — Series F 32,561 31,050 Series I 24,860 22,278 Series O 152,874 134,589 Number of shares outstanding (Note 3) Series A 105,344,343 126,734,454 Series A Hedged 300,000 — Series F 2,544,809 2,913,019 Series I 1,928,444 2,075,126 Series O 9,916,904 10,629,680 Net assets per share — CAD Series A $11.46 $9.65 Series A Hedged 10.26 — Series F 12.80 10.66 Series I 12.89 10.73 Series O 15.42 12.66 Net assets per share — USD Series A $11.38 $9.77 Series F 12.71 10.79 Series I 12.80 10.87 Series O 15.31 12.82 Cost of investments held (000s) $1,314,428 $1,537,334 (Signed) Don Reed Director Signed on behalf of Templeton Growth Fund., Ltd. (Signed) Nevil Thomas Director The accompanying notes are an integral part of these financial statements. Templeton Growth Fund, Ltd. 7
Templeton Growth Fund, Ltd. STATEMENTS OF OPERATIONS For the periods ended April 30, 2013 and 2012 2013 2012 (000s) (000s) Investment income Dividends $ 36,884 $ 45,779 Interest 110 122 Total investment income 36,994 45,901 Expenses Management fees (Note 4(a)) 14,467 16,447 Investment advisory fees (Note 4(a)) 6,723 7,627 Transfer agent fees (Note 4(b)) 7,253 8,857 Custodian fees 113 199 Legal fees 2 11 Audit fees 82 95 Directors’ fees 162 196 Shareholder reporting costs 343 390 Independent review committee fees 1 2 Registration fees 77 69 Other expenses (Note 7) 1,103 1,236 Total expenses 30,326 35,129 Expenses waived/paid by Manager (Note 6) (329) (911) Net expenses 29,997 34,218 Net investment income (loss) 6,997 11,683 Realized and unrealized gain (loss) on investments and transaction costs Net realized gain (loss) on investments 7,965 3,887 Net realized and/or unrealized foreign exchange gain (loss) (173) (3) Net change in unrealized appreciation (depreciation) in value of investments and derivatives 225,781 (75,766) Transaction costs (Note 11) (1,048) (398) Net gain (loss) on investments 232,525 (72,280) Net gain (loss) before taxes 239,522 (60,597) Provision for (recoverable) income taxes Current 4,374 8,193 Future (682) 650 Total provision for income taxes 3,692 8,843 Increase (decrease) in net assets from operations $ 235,830 $ (69,440) Increase (decrease) in net assets from operations per series (000s) Series A $198,235 $ (65,153) Series A Hedged 76 — Series F 5,403 (991) Series I 4,241 (625) Series O 27,875 (2,671) Increase (decrease) in net assets from operations per share Series A 1.73 (0.46) Series A Hedged 0.25 — Series F 2.04 (0.33) Series I 2.11 (0.30) Series O 2.72 (0.23) The accompanying notes are an integral part of these financial statements. 8 Templeton Growth Fund, Ltd.
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ANNUAL REPORT - Franklin Templeton Investments

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