Semi-AnnualReport October 31, 2019 · A November28,2019 9 GBP 15 15 CAD 15 1.6892 — BarclaysBankPLC ..... A November28,2019 15 GBP 25 25 CAD 25 1.6892 — BarclaysBankPLC

SEMI-ANNUAL REPORT AND SHAREHOLDER LETTER

Templeton Growth Fund,Ltd.October 31, 2020

The enclosed semi-annual financial statements have not been reviewed by the external auditors of the Fund.

Dear Investor,

This year will live long in the memory and has certainly proved challenging at times to us all. I hope you and your loved ones are safe and healthy.COVID-19 continues to dominate our lives, changing how we work, socialize, travel and invest.

Following a historically sharp drawdown in February and March, equity markets have since benefited from the performance of some of themega-cap technology names that have thrived in the ‘work-from-home’ era. With an uneven ‘K-shaped’ recovery developing in the widereconomy, volatility has been pronounced in equity markets.

This uncertain environment has provided further evidence of the importance of active management and diversification in your portfolio, as wellas the value of professional investment advice. Using these three pillars of investing is the best way to strike the right balance betweengenerating solid returns without amplifying risk.

And as the investment industry continues to evolve, so too does Franklin Templeton—we became the sixth largest asset manager in the worldafter acquiring asset manager Legg Mason earlier this year.

Central to this evolution is providing investment solutions that are designed for the changing needs of investors, which is why we decided tomerge Templeton Growth Fund Ltd. into a newly launched trust fund, Templeton Growth Fund, in November 2020.

The new fund has the same investment objectives, investment strategies and fee structures as Templeton Growth Fund, Ltd., which hasprovided investors access to the best undervalued holdings across equity and fixed income markets since 1954.

Portfolio manager Peter Moeschter will share his views on the outlook for the new Templeton Growth Fund in his letter to shareholders on thefollowing page. I also encourage you to review the Fund’s annual Management Report of Fund Performance, or alternatively, visit our websiteat www.franklintempleton.ca.

On behalf of Franklin Templeton Investments, thank you for entrusting your wealth with us and I wish you health and happiness.

Sincerely,

Duane W. GreenPresident and Chief Executive OfficerFranklin Templeton Canada.

Templeton Growth Fund, Ltd.

Templeton Growth Fund, Ltd. 1

http://www.franklintempleton.ca.

MESSAGE TO SHAREHOLDERS

Dear Shareholder,

Despite the onset of a significant global recession following the stringent social distancing measures imposed to slow the spread of the novelcoronavirus (COVID-19), global equities posted sizable gains in Canadian dollars for the reporting period. A gradual easing of restrictions andmassive government stimulus drove a resumption of economic activity, leading stocks higher throughout most of the period. Optimism aboutthe development of treatments and vaccines for COVID-19 further supported the recovery in equity prices. However, geopolitical tensions,rising infection rates and the possibility of renewed restrictions pressured global markets toward the end of the period.

Equity markets remained dominated by momentum stocks for most of the six months. The increasing concentration of market leadershipamong a handful of high-growth holdings is unsettling, and we have sought to diversify the portfolios among different value types and riskexposures in this environment. At a time when many of the leading growth stocks appear dangerously expensive and many of the cheapestvalue stocks face structural challenges, we have worked hard to achieve genuine diversification outside of these vulnerable market “tails.” Thecommon denominator of all our exposures is that the underlying companies were acquired at prices that we believe underestimate theirlong-term fundamental prospects.

We have continued to be creative and flexible about finding value. Our aim is to fill the portfolios with resilient companies that have interestinglong-term growth opportunities trading at discounted valuations. In periods where value is scarce, that requires casting a wide net amongdiverse types of value, economic exposures and risk clusters. If executed correctly, genuine diversification can both mitigate risks and enhancereturns.

This remains a challenging environment given the depressing news cycles and unprecedented underperformance of the value factor. However,we feel quite positive about what’s been happening in the portfolios. We believe we were right to enter the year with a defensive bias and alsoright to add cyclicality and risk as the post-crash reflation gathered steam. Our strategic move to genuinely diversify the portfolios among valuetypes and risk clusters has resulted in lower volatility and more balanced exposures, in our analysis.

By thinking creatively and acting flexibly, we have managed to find ways to add desirable growth and quality characteristics to the portfolioswithout abandoning our valuation discipline and paying exorbitant premiums. We will continue to remain sensibly diversified amonguncorrelated value exposures in this environment and prepared to pounce should further market volatility provide opportunities to invest ingenuine bargains.

Sincerely,

Peter MoeschterExecutive Vice President, Portfolio ManagerTempleton Global Equity Group


Templeton Growth Fund, Ltd.2

Financial StatementsTempleton Growth Fund, Ltd. ........................................................................................................................ 4

Notes to Financial Statements.............................................................................................................................. 12

Table of Contents

3

SharesAverage

Cost Fair Value

(000s) (000s)INVESTMENTS: 89.30%COMMON STOCKS: 89.30%United States: 32.93%

AbbVie Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,674 $ 6,005 $ 5,745American Express Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,763 6,938 6,292Booking Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,338 15,267 15,861BorgWarner Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146,618 6,899 6,832Comcast Corp., A .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,418 9,759 27,034Dollar Tree Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,543 21,133 22,085DuPont de Nemours Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134,299 9,594 10,177EPAM Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,271 15,130 17,398Freeport-McMoRan Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 461,958 7,170 10,671Gilead Sciences Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,449 3,713 9,873Honeywell International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,412 7,426 8,001Kellogg Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,704 11,009 11,789Laboratory Corp. of America Holdings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,286 8,594 10,721Lear Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,148 6,460 6,783Medtronic PLC .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,797 9,514 9,753Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,286 5,215 7,646Ross Stores Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,433 13,903 12,757Southwest Airlines Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139,849 7,498 7,365Stanley Black & Decker Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,640 4,269 6,120Starbucks Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,960 7,086 8,105Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209,755 15,421 15,456The Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313,078 12,012 13,434The Southern Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,805 5,431 5,496The TJX Companies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,175 12,826 12,397The Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,316 16,923 16,850T-Mobile U.S. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,323 5,192 5,156United Parcel Service Inc., B .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,591 5,929 8,914Verizon Communications Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325,403 24,544 24,705Zimmer Biomet Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,095 8,401 8,640

289,261 332,056

Japan: 16.76%East Japan Railway Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,700 4,253 2,766Honda Motor Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390,424 13,519 12,301Isuzu Motors Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343,200 3,348 3,709Japan Airlines Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325,750 8,230 7,579Keisei Electric Railway Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,500 2,429 2,068Kirin Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 629,900 16,575 15,127Komatsu Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 601,398 15,757 18,061Kyocera Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229,000 20,387 16,800Makita Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296,100 12,147 17,435Mitsubishi Electric Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 672,100 12,640 11,530Nexon Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,068 5,101 5,869Panasonic Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 788,465 10,496 9,702Seven & i Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,616 9,109 6,908Sony Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141,533 13,254 15,717Suntory Beverage & Food Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 294,538 12,455 13,531


SCHEDULE OF INVESTMENTS As at October 31, 2020 (Unaudited)

The accompanying notes are an integral part of these financial statements.


SharesAverage

Cost Fair Value

(000s) (000s)Japan: 16.76% (Continued)

Takeda Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239,838 $ 12,335 $ 9,873

172,035 168,976

United Kingdom: 5.67%BAE Systems PLC .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,539,957 13,222 10,544BP PLC .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,261,053 18,848 7,682Burberry Group PLC.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428,720 9,529 10,030Compass Group PLC .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 532,068 11,208 9,701InterContinental Hotels Group PLC .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,850 7,245 7,841International Consolidated Airlines Group SA .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,775,407 4,815 2,958Royal Dutch Shell PLC, A .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,323 5 139Royal Dutch Shell PLC, B .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,356 12,074 5,066Whitbread PLC .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,334 3,487 3,239

80,433 57,200

Germany: 5.45%Adidas AG .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,617 4,678 6,973Bayer AG .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,555 18,515 8,986E.ON SE .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,721,270 23,845 23,879Siemens AG .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,943 11,306 13,119Siemens Energy AG.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,029 2,330 1,984

60,674 54,941

Switzerland: 4.88%Novartis AG .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161,022 19,167 16,713Roche Holding AG .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,920 16,635 32,494

35,802 49,207

France: 4.66%ArcelorMittal SA.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 519,220 10,322 9,379Pernod Ricard SA.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,650 8,043 8,295Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243,415 24,603 29,279

42,968 46,953

China: 4.37%Alibaba Group Holding Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427,156 16,306 21,564Gree Electric Appliances Inc. of Zhuhai . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 518,580 5,522 6,063Yum China Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231,380 13,851 16,408

35,679 44,035

Canada: 2.51%Husky Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,500 464 410Wheaton Precious Metals Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407,519 11,588 24,916

12,052 25,326

Belgium: 1.99%Anheuser-Busch InBev SA/NV.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,797 19,750 20,038

Taiwan: 1.93%Taiwan Semiconductor Manufacturing Co. Ltd., American Depositary Receipt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174,030 9,240 19,445

South Korea: 1.86%Samsung Electronics Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,670 3,300 18,764


SCHEDULE OF INVESTMENTS As at October 31, 2020 (Unaudited) (Continued)



SharesAverage

Cost Fair Value

(000s) (000s)Hong Kong: 1.72%

AIA Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,369,581 $ 16,835 $ 17,364

Netherlands: 1.61%NXP Semiconductors NV.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,414 10,594 16,275

Denmark: 1.13%AP Moeller-Maersk A/S, B.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,365 8,551 11,454

Macao: 1.08%Galaxy Entertainment Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,241,530 11,478 10,930

Thailand: 0.75%Bangkok Bank PCL, Foreign Traded Security. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,844,540 12,257 7,611

Total Common Stocks: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 820,909 900,575

Principal Amountin Currency

of Issue

SHORT-TERM SECURITIES: 2.37%Bank of Montreal, Term Deposit, 0.15%, 11/2/2020 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,900,000 CAD 23,900 23,900

Total Short-Term Securities: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,900 23,900

TOTAL INVESTMENTS: 91.67% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 844,809 924,475

NET UNREALIZED LOSS ON DERIVATIVES: 0.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7)OTHER ASSETS, less liabilities: 8.33% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,967

TOTAL NET ASSETS: 100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,008,435

SCHEDULE OF DERIVATIVE INSTRUMENTS (As at October 31, 2020)FORWARD FOREIGN EXCHANGE CONTRACTS

CounterpartyCreditRating Settlement Date

Currencyto be Delivered

Par Valuein Canadian Dollars

Currencyto be Received


ContractPrice

UnrealizedGain (Loss)

(000s) (000s) (000s) (000s) (000s)Bank of America, N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 7 CAD $ 7 5 USD $ 7 $ 0.7592 $—

Barclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A November 10, 2020 17 EUR 26 26 CAD 26 1.5583 —

Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 1 CAD 1 0 GBP 1 0.5813 —


Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 15 CHF 22 22 CAD 22 1.4534 —

Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 18 EUR 28 28 CAD 28 1.5584 —

Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 19 CHF 28 28 CAD 28 1.4534 —

Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 23 EUR 34 35 CAD 35 1.5584 1

JP Morgan Chase Bank, N.A. . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 23 EUR 36 36 CAD 36 1.5578 —

UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 5 CAD 5 4 USD 5 0.7592 —

Total Number of Contracts . . . . . . . . . . . . . . . . . . . 10 $ 1

Bank of America, N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 6 CAD 6 5 USD 6 0.7489 —

Bank of America, N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 28 USD 38 37 CAD 37 1.3181 (1)

Barclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A November 10, 2020 1 CAD 1 3 HKD 1 5.8056 —

Barclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A November 10, 2020 1 CAD 1 4 HKD 1 5.8056 —

Barclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A November 10, 2020 4 USD 5 5 CAD 5 1.3198 —

Barclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A November 10, 2020 51 USD 68 67 CAD 67 1.3181 (1)

Barclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A November 10, 2020 126 HKD 22 22 CAD 22 0.1716 —

Barclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A November 10, 2020 164 HKD 28 28 CAD 28 0.1716 —

Barclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A November 10, 2020 2,498 JPY 31 31 CAD 31 0.0126 —





SCHEDULE OF DERIVATIVE INSTRUMENTS (As at October 31, 2020) (Continued)FORWARD FOREIGN EXCHANGE CONTRACTS (Continued)

CounterpartyCreditRating Settlement Date

Currencyto be Delivered


Currencyto be Received


ContractPrice

UnrealizedGain (Loss)

(000s) (000s) (000s) (000s) (000s)Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 2 CAD $ 2 1 GBP $ 2 $ 0.5789 $—

Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 1 CAD 1 1 USD 1 0.7487 —


Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 3 CAD 3 2 EUR 3 0.6410 —

Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 15 GBP 26 26 CAD 26 1.7152 —

Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 19 GBP 33 33 CAD 33 1.7152 —

Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 72 USD 96 95 CAD 95 1.3187 (1)

Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 94 USD 124 123 CAD 123 1.3187 (1)

Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 3,453 JPY 44 43 CAD 43 0.0126 (1)

Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 4,349 JPY 56 55 CAD 55 0.0126 (1)

HSBC Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 3 CAD 3 270 JPY 3 78.1666 —

HSBC Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 1,513 JPY 19 19 CAD 19 0.0126 —

JP Morgan Chase Bank, N.A. . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 3 CAD 3 210 JPY 3 78.1791 —

JP Morgan Chase Bank, N.A. . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 4 CAD 4 2 EUR 4 0.6411 —

JP Morgan Chase Bank, N.A. . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 5 USD 6 6 CAD 6 1.3197 —

JP Morgan Chase Bank, N.A. . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 47 USD 62 61 CAD 61 1.3175 (1)

JP Morgan Chase Bank, N.A. . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 1,604 JPY 20 20 CAD 20 0.0126 —

JP Morgan Chase Bank, N.A. . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 3,942 JPY 51 50 CAD 50 0.0126 (1)

UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 4 CAD 4 3 USD 4 0.7488 —

UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A+ November 10, 2020 7 USD 9 9 CAD 9 1.3178 —

Total Number of Contracts . . . . . . . . . . . . . . . . . . . 29 $(8)

Net Unrealized Loss on ForwardExchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . $(7)

Net Unrealized Loss on Derivatives . . . . . . . . . . . . . . . . $ (7)





STATEMENTS OF FINANCIAL POSITIONAs at October 31, 2020 (Unaudited) and April 30, 2020

2020 2020(000s) (000s)

AssetsCurrent assetsNon-derivative investments at fair value $ 924,475 $ 953,889Unrealized gain on derivatives 1 6Cash

Canadian 43 34Foreign 74,764 76,492

ReceivablesInvestment securities sold 3,141 —Subscription of redeemable shares 36 205Dividends and withholding tax 5,545 8,165Refundable income taxes (Note 3(i)) 242 416Current income taxes (Note 3(i)) 4,331 12,044

Other assets (Note 5(e)) — 151,012,578 1,051,266

LiabilitiesCurrent liabilitiesUnrealized loss on derivatives 8 2Payables

Investment securities purchased 4 306Redemption of redeemable shares 733 678Management fees 1,316 1,289Fixed administration fees 235 230Future income taxes (Note 3(i)) 1,847 2,758

4,143 5,263Net assets attributable to holders of redeemable shares $ 1,008,435 $ 1,046,003

Net assets attributable to holders of redeemable shares per series (000s)Series A $ 547,625 $ 572,847Series A-Hedged 540 582Series F 25,610 26,209Series I 33,608 35,173Series O 186,424 190,649Series PA 133,742 142,500Series PA-Hedged 416 482Series PF 80,470 77,561

Number of redeemable shares outstanding (Note 4)Series A 30,663,358 32,576,096Series A-Hedged 41,758 46,370Series F 1,182,109 1,235,413Series I 1,543,078 1,649,096Series O 6,460,654 6,792,244Series PA 13,842,136 14,999,036Series PA-Hedged 44,472 53,145Series PF 7,027,279 6,926,383

Net assets attributable to holders of redeemable shares per share — CADSeries A $ 17.86 $ 17.58Series A-Hedged 12.94 12.55Series F 21.66 21.21Series I 21.78 21.33Series O 28.86 28.07Series PA 9.66 9.50Series PA-Hedged 9.36 9.07Series PF 11.45 11.20

Net assets attributable to holders of redeemable shares per share — USDSeries A $ 13.41 $ 12.63Series F 16.26 15.24Series I 16.35 15.32Series O 21.66 20.17Series PA 7.25 6.83Series PF 8.60 8.05

Signed on behalf of Templeton Growth Fund., Ltd.(Signed) Linda Currie (Signed) Stuart Douglas

Director Director




STATEMENTS OF COMPREHENSIVE INCOMEFor the six months ended October 31, 2020 and 2019 (Unaudited)

2020 2019

(000s) (000s)Income

Dividends $ 12,058 $ 21,750Interest for distribution purposes (Note 3(h)) (55) 689Net realized and/or unrealized foreign exchange gain (loss) (1,766) (342)Net realized gain (loss) on investments and derivatives 36,577 (15,882)Net change in unrealized appreciation (depreciation) in value of investments and derivatives (15,123) (29,027)

Total income (loss), net 31,691 (22,812)

ExpensesManagement and investment advisory fees (Note 5(a)) 7,986 9,213Fixed administration fees (Note 5(b)) 1,425 1,655Directors’ fees 49 56Investor meeting costs — 228Independent review committee fees 1 1

Operating expenses before amounts waived/paid by Manager 9,461 11,153Operating expenses waived/paid by Manager (Note 5(b)) (9) (54)

Net operating expenses after amounts waived/paid by Manager 9,452 11,099Transaction costs (Note 8) 370 812

Total expenses, net 9,822 11,911

Net income (loss) before income taxes 21,869 (34,723)Income taxes

Current 964 5,278Future (911) (550)

Total income taxes 53 4,728

Increase (decrease) in net assets attributable to holders of redeemable shares from operations $ 21,816 $ (39,451)

Increase (decrease) in net assets attributable to holders of redeemable shares from operations per series (000s)Series A $ 10,180 $ (24,424)Series A-Hedged 21 (19)Series F 601 (821)Series I 785 (1,279)Series O 5,647 (5,416)Series PA 2,789 (5,095)Series PA-Hedged 17 (9)Series PF 1,776 (2,388)

Weighted average number of shares outstandingSeries A 31,728,263 37,385,734Series A-Hedged 44,235 59,005Series F 1,217,473 1,334,368Series I 1,579,842 1,971,749Series O 6,633,935 8,519,309Series PA 14,347,866 15,656,298Series PA-Hedged 47,195 49,538Series PF 7,099,779 7,712,646

Increase (decrease) in net assets attributable to holders of redeemable shares from operations per shareSeries A $ 0.33 $ (0.66)Series A-Hedged 0.47 (0.33)Series F 0.50 (0.62)Series I 0.50 (0.65)Series O 0.85 (0.63)Series PA 0.19 (0.32)Series PA-Hedged 0.38 (0.18)Series PF 0.25 (0.31)




STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARESFor the six months ended October 31, 2020 and 2019 (Unaudited) (000s)

All Series Series A Series A-Hedged2020 2019 2020 2019 2020 2019

Net assets attributable to holders of redeemable shares at beginning ofperiod $1,046,003 $1,349,616 $572,847 $746,237 $ 582 $ 912

Increase (decrease) in net assets attributable to holders of redeemableshares from operations 21,816 (39,451) 10,180 (24,424) 21 (19)

Distributions to holders of redeemable sharesFrom net investment income (629) (456) (344) (252) — —From net realized gains on investments — — — — — —From return of capital — — — — — —

Total distributions to holders of redeemable shares (629) (456) (344) (252) — —Redeemable shares transactions

Subscriptions 16,566 23,383 4,282 8,416 15 29Reinvestments 592 429 332 243 — —Redemptions (75,913) (122,093) (39,672) (64,898) (78) (152)

Net increase (decrease) from redeemable shares transactions (58,755) (98,281) (35,058) (56,239) (63) (123)Increase (decrease) in net assets attributable to holders of

redeemable shares (37,568) (138,188) (25,222) (80,915) (42) (142)Net assets attributable to holders of redeemable shares at end of period $1,008,435 $1,211,428 $547,625 $665,322 $ 540 $ 770

Series F Series I Series O2020 2019 2020 2019 2020 2019

Net assets attributable to holders of redeemable shares at beginning ofperiod $ 26,209 $ 30,798 $ 35,173 $ 47,944 $190,649 $261,545

Increase (decrease) in net assets attributable to holders of redeemableshares from operations 601 (821) 785 (1,279) 5,647 (5,416)

Distributions to holders of redeemable sharesFrom net investment income (16) (11) (21) (16) (115) (89)From net realized gains on investments — — — — — —From return of capital — — — — — —

Total distributions to holders of redeemable shares (16) (11) (21) (16) (115) (89)Redeemable shares transactions

Subscriptions 2,535 4,567 30 90 1,208 3,573Reinvestments 14 9 18 14 112 86Redemptions (3,733) (5,225) (2,377) (4,104) (11,077) (29,452)

Net increase (decrease) from redeemable shares transactions (1,184) (649) (2,329) (4,000) (9,757) (25,793)Increase (decrease) in net assets attributable to holders of

redeemable shares (599) (1,481) (1,565) (5,295) (4,225) (31,298)Net assets attributable to holders of redeemable shares at end of period $ 25,610 $ 29,317 $ 33,608 $ 42,649 $186,424 $230,247

Series PA Series PA-Hedged Series PF2020 2019 2020 2019 2020 2019

Net assets attributable to holders of redeemable shares at beginning ofperiod $ 142,500 $ 167,221 $ 482 $ 498 $ 77,561 $ 94,461

Increase (decrease) in net assets attributable to holders of redeemableshares from operations 2,789 (5,095) 17 (9) 1,776 (2,388)

Distributions to holders of redeemable sharesFrom net investment income (83) (56) — — (50) (32)From net realized gains on investments — — — — — —From return of capital — — — — — —

Total distributions to holders of redeemable shares (83) (56) — — (50) (32)Redeemable shares transactions

Subscriptions 1,536 907 — 14 6,960 5,787Reinvestments 75 50 — — 41 27Redemptions (13,075) (11,114) (83) — (5,818) (7,148)

Net increase (decrease) from redeemable shares transactions (11,464) (10,157) (83) 14 1,183 (1,334)Increase (decrease) in net assets attributable to holders of

redeemable shares (8,758) (15,308) (66) 5 2,909 (3,754)Net assets attributable to holders of redeemable shares at end of period $ 133,742 $ 151,913 $ 416 $ 503 $ 80,470 $ 90,707




STATEMENTS OF CASH FLOWSFor the six months ended October 31, 2020 and 2019 (Unaudited)

2020 2019(000s) (000s)

Cash flows from operating activitiesInterest received $ 35 $ 689Dividends received, net of withholding taxes 11,184 18,458Proceeds from sale and maturity of investments 312,875 367,771Purchases of investments (263,483) (259,902)Receipts on settlement of derivative activities 71 67Payments on settlement of derivative activities (43) (36)Realized foreign exchange gain/(loss) (9) (45)Taxes paid (5,135) (17,128)Taxes refunded 13,207 —Operating expenses paid (9,494) (11,397)

Net cash from/(used in) operating activities 59,208 98,477

Cash flows from financing activitiesProceeds from issuances of redeemable shares 16,734 23,320Amounts paid on redemption of redeemable shares (75,854) (121,927)Distributions paid to holders of redeemable shares, net of reinvested distributions (37) (27)

Net cash from/(used in) financing activities (59,157) (98,634)

Net increase (decrease) in cash 51 (157)Cash at beginning of period 76,526 148Effect of exchange rate changes (1,770) 22

Cash at end of period $ 74,807 $ 13




1. Organization

(a) Inception and Financial Reporting Dates

Templeton Growth Fund, Ltd. (the �Fund�), is an open-ended mutual fund corporation incorporated under the laws of Canada onSeptember 1, 1954 and continued under the Canada Business Corporations Act on July 20, 1979.

Franklin Templeton Investments Corp., a corporation duly incorporated under the laws of the Province of Ontario (hereinafter called the�Manager�), having an office at 200 King Street West, Suite 1500, Toronto, Ontario M5H 3T4 and an indirectly wholly owned subsidiaryof Franklin Resources Inc. (�FRI�), a United States Securities and Exchange Commission (SEC) registered company listed on the NewYork Stock Exchange, is the Manager and Transfer Agent of the Fund.

The Fund launched Series A shares on November 29, 1954, Series F, I and O shares on November 24, 2000, Series A (Hedged) on March 22, 2013, Series PF on June 15, 2015 and Series PA and PA (Hedged) on January 25, 2019.

The Fund seeks to provide long-term capital appreciation by investing primarily in equity securities of companies around the world, and fixed income securities issued by governments or companies of any country. Series A (Hedged) seeks to provide long-term capital appreciation, while attempting to reduce the potential effects of exchange rate fluctuations between the Canadian dollar and global currencies within the Fund’s portfolio by investing in forward contracts.

The financial statements of the Fund include the Schedule of Investments as at October 31, 2020, and the Statements of Financial Position as at October 31, 2020 and April 30, 2020. The Statements of Comprehensive Income, Changes in Net Assets Attributable to Holders of Redeemable Shares and Cash Flows for the Fund are for the periods ended October 31, 2020 and 2019.

These financial statements have been authorized for issue by the Board of Directors of Templeton Growth Fund, Ltd. on December 3, 2020.

2. Basis of Presentation of IFRS

These financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”).

The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets andfinancial liabilities (including derivatives) at fair value through profit or loss.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have beenconsistently applied to all periods presented.

3. Summary of Significant Accounting Policies

The significant accounting policies are as follows:

(a) Classification of financial assets and liabilities — The Fund’s financial assets and financial liabilities, including derivatives, underIFRS 9 are classified and measured at fair value through profit and loss (�FVTPL�), as those financial assets and liabilities aremanaged together and their performance evaluated on a fair value basis in accordance with the Fund’s documented investmentstrategy. All financial assets and financial liabilities are shown on the Fund’s Statements of Financial Position and are measured asFVTPL with the associated unrealized gain/loss included in the Statements of Comprehensive Income in net change in unrealizedappreciation (depreciation) in value of investments and derivatives.

The Fund’s obligation for net assets attributable to holders of redeemable shares is presented at the redemption amount. All otherfinancial assets and liabilities are carried at amortized cost which approximates fair value due to their short-term nature.

The net asset value (�NAV�) is the value of the total assets of the Fund less the value of its total liabilities determined, on eachvaluation day, in accordance with Part 14 of National Instrument (NI) 81-106 Investment Fund Continuous Disclosure for thepurpose of processing shareholder transactions (herein called the “Trading NAV”). Net assets are determined in accordance withIFRS (herein called the “IFRS NAV”) and may differ to the Fund’s Trading NAV. Where the Fund’s Trading NAV is not equal to its IFRSNAV, a reconciliation is shown in Note 10 .


NOTES TO FINANCIAL STATEMENTS For the periods ended October 31, 2020 (Unaudited) and April 30, 2020


3. Summary of Significant Accounting Policies (Continued)

(b) Classification of redeemable shares — The Fund’s outstanding redeemable shares’ entitlements include a contractual obligation todistribute any net income and net realized capital gains annually in cash (at the request of the shareholder) and therefore theongoing redemption feature is not the shares’ only contractual obligation. In addition, the Fund has multiple features across thedifferent series of the Fund. Consequently, the Fund’s outstanding redeemable shares are classified as financial liabilities inaccordance with the requirements of International Accounting Standard 32 “Financial Instruments: Presentation”.

(c) Valuation of series — A separate net asset value (�NAV�) per share is calculated for each series of shares of the Fund. The Fundcalculates the NAV per share at the close of trading on the Toronto Stock Exchange (�TSX�) each business day (usually 4p.m. EST).The net assets of a series is computed by calculating the series’ proportionate share of the assets and liabilities of the Fund commonto all series, adjusted for the assets and liabilities of the Fund attributable only to that series. Expenses directly attributable to a seriesare charged to that series. Other expenses, investment income, realized and unrealized capital and foreign exchange gains andlosses are allocated proportionately to each series based upon the relative net assets of each series, with the exception of gains andlosses arising from the hedging strategy, utilizing forward foreign exchange contracts, which is allocated to Series A (Hedged) andSeries PA (Hedged) only.

(d) Valuation of investments — The Fund’s investments in financial instruments are carried at fair value daily. Fair value is the price thatwould be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on themeasurement date. The fair value of equity securities and derivative financial instruments (derivatives) traded in active markets ismeasured at quoted market prices at the close of trading on the reporting date. The Fund uses the last traded market price for bothfinancial assets and financial liabilities where the last traded price falls within the bid-ask spread. In circumstances where the lasttraded price is not within the bid-ask spread, the Manager will review and apply a price that is most representative of fair value basedon the specific facts and circumstances. Over the counter (�OTC�) securities are valued within the range of the most recent quotedbid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and mostrepresentative market (that is, the principal market). Certain equity securities are valued based upon fundamental characteristicsor relationships to similar securities.

Debt and certain preferred securities generally trade in the OTC market rather than on a securities exchange. The Fund’s pricingservices use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, amarket-based approach utilizing quotes from market makers is used to determine fair value. In instances where sufficient marketactivity may not exist or is limited, proprietary valuation models are used, which may consider market characteristics such asbenchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipatedtiming or principal repayments, underlying collateral and other unique security features in order to estimate the relevant cash flows,which are then discounted to calculate the fair value.

The Manager has procedures to determine the fair value of securities and other financial instruments for which market prices arenot readily available or which may not be reliably priced. Under these fair valuation procedures, the Fund primarily employs amarket-based approach, which may use related or comparable assets or liabilities, recent transactions, market multiples, bookvalues, and other relevant information for the investment to determine its fair value. The Fund may also use an income-basedvaluation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts mayalso be applied due to the nature or duration of any restrictions on the disposition of the investments, but only if they arise as a featureof the instrument itself. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly fromthe values that would have been used had an active market existed.

Trading in securities on foreign securities stock exchanges and OTC markets may not be completed before 4 p.m. Eastern time(EST). In addition, trading in certain foreign markets may not take place on every business day. Occasionally, events occur betweenthe time at which trading in a foreign security is completed and 4 p.m. EST that might call into question the reliability of the valueof a portfolio security held by the Fund. As a result, differences may arise between the value of the Fund’s portfolio securities asdetermined at the foreign market close and the latest indications of value at 4 p.m. EST. In order to minimize the potential for thesedifferences, the price movements are monitored following the close of trading in foreign stock markets through a series of countryspecific market proxies (such as baskets of American Depositary Receipts, futures contracts and exchange traded funds). Theseprice movements are measured against established trigger thresholds for each specific market proxy to assist in determining if anevent or market movement has occurred that may call into question the reliability of the values of the foreign securities held by theFund. If such an event occurs, the securities may be valued using fair value procedures, which may include the use of independentpricing services.


NOTES TO FINANCIAL STATEMENTS For the periods ended October 31, 2020 (Unaudited) and April 30, 2020 (Continued)



All security valuation techniques are periodically reviewed by the Valuation Committee of the Manager and are approved by theManager. The Valuation Committee provides administration and oversight of the Funds’ valuation policies and procedures. Theseprocedures allow the Valuation Committee to utilize independent pricing services, quotations from securities and financialinstrument dealers, and other market sources to determine fair value.

(e) Derivatives — The Fund may invest in derivatives in order to manage risk or gain exposure to various other investments or markets.Derivatives may be used for trading purposes where the Portfolio Manager believes this would be more effective than investingdirectly in the underlying financial instruments. Derivatives are financial contracts based on an underlying or notional amount,require no initial investment or an initial investment that is smaller than would normally be required to have similar response tochanges in market factors, and require or permit net settlement. Derivatives contain various risks including the potential inability ofthe counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and/or thepotential for market movements, which expose the Fund to gains and losses in excess of the amounts shown on the Statements ofFinancial Position. Realized gain and loss and unrealized appreciation and depreciation on these contracts for the period areincluded in the Statements of Comprehensive Income.

(i) Foreign/Forward exchange contracts — In the case of Series A (Hedged) and PA (Hedged), a hedging strategy is used thatseeks to reduce, as far as possible, the influence of changes in the exchange rate between the Canadian dollar and thecurrencies of securities held by the Fund’s portfolio on the portion of the Fund’s net assets attributable to Series A (Hedged)and PA (Hedged) shares outstanding by investing in forward foreign exchange contracts. A foreign exchange contract is anagreement between two parties to exchange different currencies at an agreed upon exchange rate at a future date. The gainsor losses on the contracts accrue solely to the Series A (Hedged) and PA (Hedged).

For OTC derivatives traded under an International Swaps and Derivatives Association (�ISDA�) master agreement, posting ofcollateral is required by either the Fund or the applicable counterparty if the total net exposure of all OTC derivatives with theapplicable counterparty exceeds a certain minimum transfer amount and can vary depending on the counterparty and the type ofagreement. Generally, collateral is determined at the close of business each day and any additional collateral required due tochanges in derivative values may be delivered by the Fund or the counterparty within a few business days. Collateral pledged maybe in the form of cash and/or securities. Cash pledged as collateral by the Fund for OTC derivatives, if any, is presented in theStatements of Financial Position as margin and collateral receivable / payable and securities pledged as collateral are identified inthe Fund’s Schedule of Investments. Should the Fund fail to meet any of these provisions, the derivative counterparty has the rightto terminate the derivative contract and require immediate payment by the Fund for those OTC derivatives with that particularcounterparty that are in a net liability position.

(f) Offsetting of derivative financial instruments — Derivative counterparty credit risk is managed through formal evaluation of thecreditworthiness of all potential counterparties. The Fund attempts to reduce its exposure to counterparty risk on OTC derivatives,whenever possible, by entering into ISDA master agreements with certain counterparties. These agreements contain variousprovisions, including but not limited to enforceable master netting arrangements, collateral requirements, events of default, or earlytermination. Termination events applicable to the counterparty include certain deteriorations in the credit quality of the counterparty.Termination events applicable to the Fund include failure of the Fund to maintain certain net asset levels and/or, limit the decline innet assets over various periods of time. In the event of default or early termination, the ISDA master agreement gives thenon-defaulting party the right to net and close-out all transactions traded to one net amount, payable by one counterparty to theother, however, absent an event of default or early termination, OTC derivatives assets and liabilities are settled on a gross basis,presented gross, and not offset in the Statements of Financial Position. Early termination by the counterparty may result in animmediate payment by the Fund of any net liability owed to that counterparty under ISDA agreement.

See Note 11 for details of derivative assets and liabilities presented gross, amounts available for offset and collateral amountspledged or held in trust for the Fund.

(g) Transaction costs —Transaction costs incurred on the purchase and sale of equity securities generally include brokeragecommissions, trade execution costs, stamp duty and exchange fees and are charged as an expense for the period and shown on theStatements of Comprehensive Income.

(h) Security transactions, investment income, expenses and distributions — Security transactions are recorded on the trade date.Estimated expenses are accrued daily. Dividend income, distributions received from Underlying Funds and distributions toshareholders are recorded on the ex-dividend date.





Interest for distribution purposes shown on the Statements of Comprehensive Income represents the coupon interest received bythe Fund accounted for on an accrual basis.

Realized and unrealized gains or losses on security transactions are determined on an average cost basis.

(i) Taxes — The Fund presently qualifies as a “mutual fund corporation” as defined in the Income Tax Act (Canada) (the “Act”) andthe Ontario Corporations Tax Act.

As a mutual fund corporation, taxable dividends received from taxable Canadian corporations are subject to a tax of 38 1/3%. Suchtaxes are fully refundable upon payment of taxable dividends to its share holders on a basis of $1 for every $2.61 of dividends paid.Any such tax paid is reported as an amount receivable until recovered through the payment to shareholders of dividends out of netinvestment income. Interest income and foreign dividends, net of applicable expenses, are taxed at full corporate rates with credits,subject to certain limitations, for foreign taxes paid.

Future income tax liabilities are recorded in the financial statements due to temporary differences related to accrued dividendincome.

For the years ended April 30, 2020 and 2019, the Fund was subject to tax at full corporate rates on 50% of its net realized capitalgains. This tax can be eliminated by �capital gains redemptions� (as defined in the Act) by the Fund, or within 60 days of its financialyear, by making payment to its shareholders of a capital gains dividend out of the Fund’s realized but undistributed capital gains,or by a combination of both. Where capital gains redemptions in a given year are not sufficient to eliminate this tax, it is the Fund’spolicy to apply capital losses against capital gains or pay a capital gains dividend sufficient to do so. Consequently, no amount hasbeen included for this tax in the provision for income taxes in the current or prior year.

The Fund may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreigncurrency transactions in the foreign jurisdictions in which it invests. Foreign taxes, if any, are recorded based on the tax regulationsand rates that exist in the foreign markets in which the Fund invests. When a foreign capital gain tax is determined to apply, the Fundrecords an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

The switching of shares between Series A (Hedged) or PA (Hedged) and another series of the Fund, are considered a dispositionfor tax purposes and shareholders will realize a capital gain or loss at the time of the switch.

(j) Functional and presentation currency — The Fund’s functional currency is the Canadian Dollar (“CAD”) which is the currency of theprimary economic environment in which it operates. The Fund is distributed within Canada with the subscriptions and redemptionsprimarily denominated in CAD. Accordingly, the Manager has determined that the functional currency of the Fund is CAD. TheFund’s presentation currency is also CAD.

(k) Foreign currency translation — Portfolio securities and other assets and liabilities denominated in foreign currencies are translatedinto the functional currency based on the mid exchange rate on the valuation date. Purchases and sales of securities and incomeitems denominated in foreign currencies are translated into the functional currency at the exchange rate in effect on the transactiondate. When an exchange rate is unavailable or unreliable, it will be determined using procedures established and accepted by theBoard of Directors and the Manager.

Realized foreign exchange gains or losses arise from sales of foreign currencies, changes between the trade date and settlementdate values on foreign securities and foreign capital transactions, and the difference between the recorded amounts of foreigncurrency denominated dividends, interest, withholding taxes, and U.S. short-term holdings, and the functional currency equivalentof the amounts actually received or paid. These gains or losses are reported on the Statements of Comprehensive Income as netrealized and/or unrealized foreign exchange gain (loss).

(l) Increase (decrease) in net assets from operations per share — This calculation is based on the increase (decrease) in net assets fromoperations attributable to each series divided by the weighted average number of shares of that series outstanding during the period.

(m) Accounting judgements, estimates and assumptions— The preparation of financial statements in accordance with IFRS may requirethe Manager to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities at the dateof the financial statements and the amounts of income and expense reported during the periods. Actual results may differ from thoseestimates.





The key areas where judgement is applied is in the determination of the functional currency of the Funds, as discussed in Note 3(j).Assumptions and estimates are made in the determination of fair values of financial instruments not traded on an active market asdiscussed in Note 3(d).

4. Capital Risk Management

The capital of the Fund is comprised of its net assets attributable to holders of redeemable shares. The Fund’s capital is managed inaccordance with its respective investment objectives and policies, and there are no externally imposed restrictions in relation to the Fund’sshares. Changes in capital during the period are reflected in the Statements of Changes in Net Assets Attributable to Holders ofRedeemable Shares for the Fund. The Fund has no specific restrictions or capital requirements on the subscriptions and redemption ofshares, other than minimum subscription requirements. The Fund endeavors to manage capital by maintaining a strong capital base tosupport the investment activities of the Fund while maintaining sufficient liquidity to meet redemptions.

Changes in issued shares are summarized as follows:

Series A Series A-Hedged Series F

October 31, 2020 April 30, 2020 October 31, 2020 April 30, 2020 October 31, 2020 April 30, 2020

Outstanding shares — beginning 32,576,096 38,822,975 46,370 63,635 1,235,413 1,343,774Subscriptions 234,067 893,671 1,194 6,743 114,061 358,745Reinvestments 18,472 13,335 26 21 627 418Redemptions (2,165,277) (7,153,885) (5,832) (24,029) (167,992) (467,524)

Outstanding shares — ending 30,663,358 32,576,096 41,758 46,370 1,182,109 1,235,413

Series I Series O Series PA

October 31, 2020 April 30, 2020 October 31, 2020 April 30, 2020 October 31, 2020 April 30, 2020

Outstanding shares — beginning 1,649,096 2,078,783 6,792,244 8,736,961 14,999,036 16,147,038Subscriptions 1,308 5,968 40,867 228,719 154,604 1,079,028Reinvestments 842 624 3,917 3,025 7,758 5,074Redemptions (108,168) (436,279) (376,374) (2,176,461) (1,319,262) (2,232,104)

Outstanding shares — ending 1,543,078 1,649,096 6,460,654 6,792,244 13,842,136 14,999,036

Series PA-Hedged Series PF

October 31, 2020 April 30, 2020 October 31, 2020 April 30, 2020

Outstanding shares — beginning 53,145 48,168 6,926,383 7,824,436Subscriptions — 4,971 595,329 799,357Reinvestments 9 6 3,615 2,398Redemptions (8,682) — (498,048) (1,699,808)

Outstanding shares — ending 44,472 53,145 7,027,279 6,926,383

5. Related Party Transactions

The Manager is the principal distributor, registrar and transfer agent of the Fund. The Manager and/or its affiliates provides or arrangesfor the provision of all management and administrative services for day-to-day Fund operations, including marketing, promotion anddistribution of the Fund, portfolio advisory services and the provision of key management personnel to the Fund.

As a principal distributor of the Fund, the Manager markets the Fund and arranges for the sale of the Fund through dealers acrossCanada. The Manager may retain certain companies to assist in the sale of the Fund under the deferred sales charge option. TheManager’s affiliate, FTC Investor Services (�FTC ISI�) also acts as a principal distributor for Series F, PF and O shares of the Fund. Foracting as principal distributor of the applicable series, FTC ISI receives an inter-company service fee of 0.20% from the Manager withrespect to those shares.

In addition to management services, the Manager acts as registrar and transfer agent of the Fund. These services are in the normal courseof operations and are covered by a fixed administration fee, as discussed in Note 5(b), paid by the Fund to the Manager.




5. Related Party Transactions (Continued)

Franklin Templeton Services, LLC (�FTS�) provides fund accounting and portfolio valuation services in connection with the Fund, andprovides certain back office administration services to the Manager. These services are in the normal course of operations and arecovered by a fixed administration fee, as discussed in Note 5(b), paid by the Fund to the Manager.

(a) Management and investment advisory fees (�management fees�)

The Fund pays an aggregate monthly fee for management and investment advisory services to the Manager, calculated monthly, at therate set out below on the average daily net assets of the Fund, plus applicable taxes:

Series A 1/12 of 1.85%

Series A (Hedged) 1/12 of 1.85%

Series F 1/12 of 0.85%

Series I 1/12 of 1.10%

Series PA 1/12 of 1.80%

Series PA (Hedged) 1/12 of 1.80%

Series PF 1/12 of 0.80%

The Manager has agreed to waive a portion of the management fees on certain series of shares (the �Management Fee Waiver�). ThisManagement Fee Waiver is applied to the following Series at the specified rate:

Series I: 0.23%

The management fee for Series O is paid for by the shareholder directly to the Manager as follows:

First C$200,000 to under $2.5 million 0.95%

Next C$2.5 million to under $5.0 million 0.80%

Over C$5.0 million 0.75%

Certain institutional and ultra-high-net-worth investors may negotiate the management fee by written agreement with Franklin Templeton.

The Manager is the portfolio advisor of the Fund. The Manager has engaged Templeton Global Advisors Limited, Bahamas an affiliate ofthe Manager, as sub-advisor (the �Sub-Advisor�). The Sub-Advisor provides investment analysis and recommendations to the Managerand executes and arranges for brokers to execute portfolio transactions in respect of the Fund. A portion of the management fee payableby the Fund to the Manager is paid by the Manager to the Sub-Advisor with respect to portfolio advisory services.

(b) Fixed administration fees

The Manager pays the operating expenses of the Fund, other than certain fund costs (�Fund Costs�), such as borrowing and interestcosts, investor meeting costs (as permitted by Canadian securities regulation), the fees and expenses of the Independent ReviewCommittee, directors’ fees and expenses, any costs and expenses associated with litigation for the benefit of the Fund or brought topursue rights on behalf of the Fund and the cost of compliance with any new government and regulatory requirements, in exchange fora payment by the Fund of an annual fixed administration rate. The operating expenses payable by the Manager include but are not limitedto, transfer agent fees, custodian fees, legal and audit fees. As such, the Fund did not directly pay these costs; hence line items for theseamounts are not shown on the Statements of Comprehensive Income.

The Manager may, in some years and in certain cases, waive a portion of a series’ Administration Fee or absorb certain Fund Costs. Thedecision to waive the Administration Fee or absorb certain Fund Costs, or a portion thereof, is determined at the discretion of the Manager.In addition, the Manager pays all operating expenses of Series O.




5. Related Party Transactions (Continued)

The monthly fixed administration fee is calculated as 1/12 of the annual rate of 0.35% applied against the monthly average daily net assetsof Series A, A (Hedged), F and I, plus applicable taxes. Series PA, PA (Hedged) and PF are charged an annual fixed administration feerate of 0.15% against the monthly average daily net assets of that series, plus applicable taxes. Series O is not charged an administrationfee. The fixed administration fee payable at the period ends are shown in the Statements of Financial Position of the Fund.

(c) Manager holdings

The Manager held the following shares in the Fund as at October 31, 2020 and April 30, 2020.

October 31, 2020 April 30, 2020Series PA 500 500Series PA-Hedged 30,000 30,000

(d) Other services

In addition to providing administration and other management services in connection with the distribution of the Fund’s shares, theManager acts as registrar and transfer agent for the Fund. In consideration of these services, the Manager charges a fixed administrationfee as discussed in Note 5(b).

(e) Other Assets

The principal amounts in other assets are recoverable expenses from the Manager as discussed in Note 5(b).

6. Sales Charges

The sales charge incurred by shareholders of Series A (including Series A (Hedged) shares and Series PA (including Series PA (Hedged))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 and Series PA investorsto their dealers. Under the low-load option, the Series A and Series PA investors will pay a redemption fee to the Manager if they redeemtheir shares within three years of purchasing them. This redemption fee is based on a declining percentage of the original cost of theinvestor’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 Asharesand Series PA shares may be redeemed in each calendar year without a redemption charge. Under the deferred sales chargeoption, the Series A and Series PA investors will pay a redemption fee to the Manager if they redeem their shares within six years ofpurchasing them. This redemption fee is based on a declining percentage, ranging from 6% to 0%, of the original cost of the investor’sshares and how long the investor has held them. Series I shareholders negotiate a fee of up to 2% with their dealers.

7. Financial Risk Management

Risks arising from holding financial instruments are inherent in the Fund’s activities and is managed through a process of ongoingmeasurement and monitoring. These financial risks may include, among others, market risk (including currency risk, interest rate riskand other price risk), liquidity risk, credit risk and concentration risk. All investments result in a risk of loss of capital. These risks aremoderated through careful selection of securities and other financial instruments within the Fund’s investment guidelines by therespective portfolio advisors. The risks are measured using a method that reflects the expected impact on the results and net assetsattributable to shareholders of the Fund from reasonably possible changes in the relevant risk variables.

During 2020, there has been a global outbreak of a corona virus disease (COVID-19), which the World Health Organization has declareda pandemic. Unexpected events like COVID-19 can cause adverse effects on many companies, sectors, nations, regions and the marketin general, in ways that cannot necessarily be foreseen. The effects of this pandemic may materially and adversely impact the value andperformance of the Fund, the Fund’s ability to buy and sell investments at appropriate valuations and the Fund’s ability to achieve theirinvestment objectives.

(a) Currency risk

The Fund holds assets and liabilities denominated in currencies other than its functional currency, and are therefore exposed to currencyrisk as the values of such assets and liabilities will fluctuate due to changes in exchange rates.




7. Financial Risk Management (Continued)

The Advisor monitors the Fund’s currency risk position, and may enter into forward exchange contracts to manage foreign exchangeexposure as described in Note 3(e) and disclosed in the Fund’s Schedule of Investments, as applicable.

The table below summarizes the Fund’s exposure to currency risk, where applicable. Amounts shown are based on the carrying value ofmonetary and non-monetary assets, less liabilities and derivatives. Where individual currencies held are less than 5% of net assets, thatcurrency has been included in “currencies less than 5% of net assets”. The table also illustrates the expected decrease or increase in netassets had the functional currency strengthened or weakened by 5% in relation to all foreign currencies, with all other variables heldconstant. Actual results may differ from this sensitivity analysis and the difference could be material.

October 31, 2020 April 30, 2020

Currency AmountAs % of

net assets AmountAs % of

net assets

(000s) (000s)CHF .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 51,297 5.09% $ 63,427 6.06%EUR ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,243 12.22% 166,190 15.89%GBP ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,397 5.69% 60,356 5.77%JPY .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222,761 22.09% 248,749 23.78%USD ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405,941 40.25% 307,058 29.36%Currencies less than 5% of net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,035 9.32% 87,852 8.40%

$954,674 94.66% $933,632 89.26%

Impact on net assets from 5% currency movement . . . . . . . . . . . . . . . . . . . . . . . $ 47,734 4.73% $ 46,682 4.46%

(b) Interest rate risk

Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of interest bearingfinancial instruments. The portfolio advisors monitor overall interest rate sensitivity on a periodic basis.

The Fund is not directly exposed to interest rate risk as no significant interest bearing securities (excluding overnight term deposits) wereheld by the Fund as at October 31, 2020 and April 30, 2020.

(c) Other price risk

Other price risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate as a result of changes in marketprices (other than those arising from currency risk or interest rate risk). Those changes may be caused by factors specific to the individualfinancial instrument or its issuer, or factors affecting a market or market segment. Other assets and liabilities are monetary items that areshort-term in nature, and as such they are not subject to other price risk.

The table below illustrates the expected increase or decrease in net assets if the value of the Fund’s investments had increased ordecreased by 5%, with all other variables held constant. Actual results may differ from this sensitivity analysis and the difference couldbe material.

October 31, 2020 April 30, 2020

Sensitivity on NetAssets

% Impact on NetAssets

Sensitivity on NetAssets

% Impact on NetAssets

(000s) (000s)$45,029 4.47% $44,919 4.29%

(d) Liquidity risk

Liquidity risk is the risk that the Fund will not be able to meet liabilities as they fall due. As the Fund is exposed to daily cash redemptionof shares, the assets of the Fund are invested mainly in securities which are traded in active markets and can be readily disposed of. Inaddition, sufficient cash and cash equivalents are maintained to meet normal operating requirements. The Fund has the ability to borrowup to 5% of its net assets for the purposes of funding redemptions. The Fund has a non-committed redemption line of credit agreementwith a Schedule 1 bank in Canada from which these amounts can be borrowed, if necessary. The loans are issued at prime rate and arepayable on demand. There were no loans issued or outstanding as of October 31, 2020 and April 30, 2020.





The Fund also has a policy to purchase an illiquid asset only to the extent that immediately after purchase, the value of the illiquidsecurities held by the Fund does not account for more than 10% of the net assets of the Fund.

The Fund’s financial liabilities which include redemptions payable, accrued liabilities and derivative liabilities are due within 3 months.Redeemable shares are redeemable on demand at the holder’s option. However, the Manager does not expect that the contractualmaturity disclosed above will be representative of the actual cash outflows, as holders of these instruments typically retain them for alonger period.

In accordance with the Fund’s investment objectives, the Manager monitors the Fund’s liquidity position on an ongoing basis.

(e) Credit risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered intowith the Fund. This risk is generally lower if the issuer has a high credit rating from an independent credit rating agency, while the risk isgenerally higher if the issuer has a low credit rating or no credit rating. Where applicable, credit ratings have been disclosed at the endof the Schedule of Investments.

All transactions in listed securities are settled or paid for upon delivery using approved brokers. The credit risk related to the associatedreceivables is considered limited, as delivery of securities sold is only made once the broker has received payment. Payment is made ona purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation. However, thereare risks involved in dealing with custodians or prime brokers who settle trades and in rare circumstances, the securities and other assetsdeposited with the custodian or broker may be exposed to credit risk with regard to such parties. In addition, there may be practicalproblems or time delays associated with enforcing the Fund’s rights to its assets in the case of an insolvency of any such party.

As at October 31, 2020 and April 30, 2020, the Fund had no significant investments in debt instruments and/or derivatives.

All cash and trading transactions are carried out by banks rated A or higher by Standard & Poor’s as at October 31, 2020 and April 30,2020.

(f) Concentration risk

Concentration risk arises as a result of the concentration of exposures within the same category, whether it is geographical location,product type, industry sector or counterparty type. Below is a summary of the Fund’s concentration risk.

Industries

October 31,2020(%)

April 30,2020(%)

Pharmaceuticals 9.66 12.78Beverages 5.65 5.87Hotels, Restaurants & Leisure 5.57 3.65Metals & Mining 4.46 7.11Others 63.96 56.48

Asset Class Weightings

October 31,2020(%)

April 30,2020(%)

Common Stocks 89.30 85.89Short-term securities and all other

assets, net10.70 14.11

(g) Fair value estimation

The Fund classifies fair value measurements of investments held using a fair value hierarchy that reflects the significance of the inputsused in making the measurements. The fair value hierarchy has the following levels:

• Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities

• Level 2—inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (prices)or indirectly (derived from prices)

• Level 3—inputs for the asset or liability that are not based on observable market data (unobservable inputs)





The determination of what constitutes “observable” requires significant judgement by the Manager. The Manager considers observabledata to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided byindependent sources that are actively involved in the relevant market. Financial instruments that trade in markets that are not consideredto be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observableinputs are classified within Level 2. Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently.These may include private equity and corporate debt securities. As observable prices are not available for these securities, the Managerhas used valuation techniques to derive the fair value.

The Fund’s investments are generally classified as follows:

• Equities — The Fund’s equity positions are classified as Level 1 when the security is actively traded and a reliable price is observable.The Fund’s equities may not trade frequently or have a fair value factor included and therefore observable prices may not be available.In such cases, fair value is determined using observable market data (e.g., transactions for similar securities of the same issuer) andthe fair value is classified as Level 2, unless the determination of fair value requires significant unobservable data, in which case themeasurement is classified as Level 3.

• Bonds and short-term investments — Debt securities generally trade in the OTC market rather than on a securities exchange. Theinputs that are significant to valuation are generally observable such as benchmark yield curves, credit spreads, estimated defaultrates, anticipated market interest rate volatility, coupon rates, anticipated timing of repayments, underlying collateral and other uniquesecurity features in order to estimate the relevant cash flows. Therefore the Fund’s bonds and short-term investments have beenclassified as Level 2, unless the determination of fair value requires significant unobservable data, in which case the measurement isclassified as Level 3.

• Derivative assets and liabilities — Derivative assets and liabilities consist of foreign currency forward contracts which are valued basedprimarily on the contract notional amount, the difference between the contract rate and the forward market rate for the same currency.Contracts for which counterparty credit spreads are observable and reliable, or for which the credit-related inputs are determined notto be significant to fair value, are classified as Level 2.

The carrying values of cash, capital shares sold receivable, dividend and interest receivable, receivable for investments sold, payable forinvestments purchased, capital shares redeemed payable, distributions payable, accrued liabilities and the Fund’s obligation for netassets attributable to holders of redeemable shares approximate their fair values due to their short-term nature.

The following table shows the classification of the Fund’s financial assets and liabilities measured at fair value as at October 31, 2020 andApril 30, 2020.

October 31, 2020 April 30, 2020

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

(000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s)

Equities — Long $ 411,494 $ 489,081* $ — $ 900,575 $ 826,383 $ 72,006* $ — $ 898,389Short-term securities — 23,900 — 23,900 — 55,500 — 55,500

Total Investments $ 411,494 $ 512,981 $ — $ 924,475 $ 826,383 $ 127,506 $ — $ 953,889

Derivative assets $ — $ 1 $ — $ 1 $ — $ 6 $ — $ 6Derivative liabilities — (8) — (8) — (2) — (2)* Represents the amounts transferred from Level1 to Level 2 and subsequently transferred to Level 1 as discussed below.

If an instrument classified as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1. In such cases, instrumentsare reclassified into Level 2, unless the measurement of the instruments fair value requires the use of significant unobservable inputs, inwhich case it is classified as Level 3. If an instrument previously transferred out of Level 1 becomes actively traded, it is subsequentlytransferred out of Level 3 to Level 2 or Level 1, as applicable. The Fund’s policy is to recognise transfers into and out of the fair valuehierarchy levels as of the date of the event or change in circumstances giving rise to the transfer.

In accordance with the Fund’s valuation policy, the Fund may apply fair value adjustment factors when quoted market prices are deemedto have been affected by significant market events or market movements which exceed pre-determined thresholds. In such cases,investments are classified as Level 2 and subsequently reclassified as Level 1, when the fair value adjustment factors were no longerrequired.





As at October 31, 2020 and April 30, 2020 there were market movements which caused the pre-determined tolerances to be breachedresulting in transfers from Level 1 to Level 2. These securities were subsequently transferred back to Level 1, in the amounts denoted inthe tables above, when the fair value adjustment factors were no longer required.

8. Broker Commissions

Commissions paid to brokers for portfolio transactions during the periods ended October 31, 2020 and 2019 amounted to $0.4 millionand $0.8million, respectively. A portion of commissions paid may include payment for goods and services that are used to assist withinvestment or trading decisions such as investment research, analysis and reports (“research services”). Where ascertainable, the valueof the research services included in the commission paid for the periods ended October 31, 2020 and 2019 amounted to $0.1 million and$0.2 million, respectively.

9. Taxes

(a) Capital and non-capital losses

The Fund has no unused capital and non-capital losses for income tax purposes as of April 30, 2020. Capital losses can be carriedforward indefinitely and applied against future years’ capital gains.

Temporary differences between the carrying value of certain assets and liabilities for accounting and income tax purposes give rise todeferred tax assets and liabilities. The most significant temporary difference is that between the reported fair value of the investmentportfolio and its adjusted cost base (�ACB�) for income tax purposes. To the extent that the fair value of a portfolio exceeds its ACB, adeferred tax liability arises. Since capital gains taxes payable by the Fund are refundable under the relevant provisions of the Act, thefuture tax liability is fully offset by the future refundable taxes available to a mutual fund corporation. Conversely, when the ACB exceedsthe portfolio’s fair value, a deferred tax asset is generated. In such cases, no benefit is recorded given the uncertainty that such future taxassets will ultimately be realized. Any unused capital and non-capital losses disclosed above represent a future tax asset to the Fund forwhich no benefit has been recorded in these financial statements as there is no certainty that the losses are more likely than not to beutilized in future periods.

(b) Effective tax rates

The Fund’s statutory corporate tax rate on net investment income (excluding Canadian dividend income) for the year ended April 30,2020 was 39.50%: (2019: 39.50%). The actual effective tax rate for the year ended April 30, 2020 was -9.39%: (2019: -28.53%). Theeffective tax rate includes the tax effect of income related foreign exchange gains/losses included in net realized gains/losses.

April 30, 2020 April 30, 2019% %

Statutory Tax Rate.................................................................................................... 39.50 39.50Realized and Unrealized Gain (Loss) on Investments ............................................................ (47.93) (67.09)Canadian Dividends .................................................................................................. 0.28 0.62Foreign Taxes (grouped) ............................................................................................. (0.39) (2.58)Other................................................................................................................... (0.84) 1.02

Effective Tax Rate .................................................................................................... (9.39) (28.53)

10. Trading Net Asset Value

As discussed in Note 3(a), the Trading NAV per share may differ from the IFRS NAV per share as shown in the Statements of FinancialPosition. As at October 31, 2020 and April 30, 2020 the Fund’s Trading NAV per share did not differ from the IFRS NAV per share.

11. Other Information

(a) Offsetting of derivative financial information

As discussed in Note 3(f) the Fund held derivatives that were subject to enforceable netting arrangements, in the form of ISDAagreements, with certain counterparties.




11. Other Information (Continued)

Absent an agreement, or an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offsetin the Statements of Financial Position.

The following tables present the gross derivative assets and liabilities, not offset as at October 31, 2020 and April 30, 2020 and amountsavailable for offset. The �Net Amount� represents the impact to the Fund if all set-off rights were exercised.

October 31, 2020Amounts available for offset Amounts available for offset

CounterpartyGrossAssets

FinancialInstruments

CollateralHeld in Trust

NetAmount

GrossLiabilities


CollateralPledged

NetAmount

(000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s)Barclays Bank PLC .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $— $— $— $— $(1) $— $— $(1)Bank of America, N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — (1) — — (1)Citibank N.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 — — (4) (1) — (3)JP Morgan Chase Bank, N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — (2) — — (2)Others(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — — — —

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1 $ 1 $— $— $(8) $(1) $— $(7)

April 30, 2020Amounts available for offset Amounts available for offset

CounterpartyGrossAssets


CollateralHeld in Trust

NetAmount

GrossLiabilities


CollateralPledged

NetAmount

(000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s)Barclays Bank PLC .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1 $— $— $ 1 $— $— $— $—Bank of America, N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 — — 1 — — — —Citibank, N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 — — (2) (2)JP Morgan Chase Bank, N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 — — 2 — — — —Others(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — — — —

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6 $ 2 $— $ 4 $(2) $(2) $— $—

(a)Represents contracts for which there are no ISDA agreements with the counterparties and for which are centrally cleared over-the-counter derivatives.

12. Financial Statement Presentation

The amounts shown on the Statements of Financial Position, the Statements of Comprehensive Income, Changes in Net AssetsAttributable to Holders of Redeemable Shares and Cash Flows are rounded to the nearest thousand. As a result, balances reported mayinclude amounts rounded to zero and as a result, certain line items on the respective statements may not be shown. Per share amountsand number of shares outstanding shown are actual amounts.

13. Currency Legend

Below is a list of currency abbreviations that may be used throughout the financial statements.

CAD Canadian DollarCHF Switzerland FrancCNY China Yuan RenminbiDKK Denmark KroneEUR EuroGBP United Kingdom Pound

HKD Hong Kong DollarJPY Japanese YenKRW South-Korean WonTHB Thai BahtUSD United States Dollar




14. Subsequent Event

On November 13, 2020, following regulatory and shareholder approval, the Manager merged Templeton Growth Fund, Ltd. (the�Terminating Fund�) into the Templeton Growth Fund (the �Continuing Fund�). On the merger date, the Continuing Fund acquired all thenet assets of the Terminating Fund at fair market value in exchange for units of the same series of the Continuing Fund of equal value.The shareholders of the Terminating Fund became unitholders of the Continuing Fund and the Terminating Fund will be wound up.




Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Pleaseread the Franklin Templeton Funds’ prospectus before investing. Mutual funds are not guaranteed, their values change frequentlyand past performance may not be repeated.

Mailing Address Head Office Address

Franklin Templeton Investments Corp. Franklin Templeton Investments Corp.5000 Yonge Street, Suite 900Toronto ON, M2N 0A7www.franklintempleton.ca

200 King Street West, Suite 1500Toronto ON, M5H 3T4www.franklintempleton.ca

Client Services Toll-free: (800) 387-0830 Toll-free Fax: (866) 850-8241

Franklin Templeton Canada is a business name used by Franklin Templeton Investments Corp.

© 2020 Franklin Templeton Investments. All rights reserved. SARE 10/20

Documents

Semi-AnnualReport October 31, 2019 · A November28,2019 9 GBP 15 15 CAD 15 1.6892 — BarclaysBankPLC ..... A November28,2019 15 GBP 25 25 CAD 25 1.6892 — BarclaysBankPLC