ANNUAL REPORT - Franklin Templeton Investments

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.