TEMPLETON GROWTH FUND, INC.
Special Meeting of Shareholders, June 15, 2000 and July 5, 2000
-------------------------------------------------------------------------------
A Special Meeting of Shareholders of the Fund was held at the Hyatt Regency Pier
66, Panorama Ballroom, 2301 S. E. 17th Street Causeway, Fort Lauderdale, Florida
and the Fund's offices, 500 E. Broward Blvd., Fort Lauderdale, Florida, on June
15, 2000 and July 5, 2000, respectively. The purpose of the meeting was to elect
12 Directors of the Fund; ratify the selection of PricewaterhouseCoopers LLP as
the Fund's independent auditors; approve the amendment of certain of the Fund's
fundamental investment restrictions (including five Sub-Proposals); approve the
reclassification of the Fund's fundamental investment policies and certain
fundamental investment restrictions to non-fundamental policies and restrictions
(including ten Sub-Proposals); approve the elimination of one of the Fund's
fundamental investment restrictions; approve the amendment and restatement of
the Fund's articles of incorporation; and in their discretion, to authorize the
proxyholders to vote upon such other matters that may properly come before the
meeting or any adjournments of the meeting. At the meeting, the following
persons were elected by the shareholders to serve as Directors of the Fund:
Harris J. Ashton, Nicholas F. Brady, Frank J. Crothers, S. Joseph Fortunato,
John Wm. Galbraith, Andrew H. Hines, Jr., Edith E. Holiday, Charles B. Johnson,
Betty P. Krahmer, Gordon S. Macklin, Fred R. Millsaps and Constantine D.
Tseretopoulos. Shareholders ratified the selection of PricewaterhouseCoopers LLP
to serve as the Fund's independent auditors, approved the amendment of certain
of the Fund's fundamental investment restrictions (including five
Sub-Proposals), approved the reclassification of the Fund's fundamental
investment policies and certain fundamental investment restrictions to
non-fundamental policies and restrictions (including ten Sub-Proposals),
approved the elimination of one of the Fund's fundamental investment
restrictions and approved the amendment and restatement of the Fund's articles
of incorporation. No other business was transacted at the meeting.
The results of the voting at the Special Meeting are as follows:
1. The election of twelve (12) Directors:
<TABLE>
<CAPTION>
% of % of % of % of
Shares Outstanding Voted Shares Outstanding Voted
Term Expiring 2003: For Shares Shares Withheld Shares Shares
--------------------------- ------------- -------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Harris J. Ashton 463,763,549 60.79% 96.87% 14,962,721 1.96% 3.13%
Nicholas F. Brady 463,842,998 60.80% 96.89% 14,883,272 1.95% 3.11%
Frank J. Crothers 463,895,084 60.81% 96.90% 14,831,187 1.94% 3.10%
S. Joseph Fortunato 463,782,588 60.79% 96.88% 14,943,682 1.96% 3.12%
John Wm. Galbraith 463,179,246 60.71% 96.75% 15,547,024 2.04% 3.25%
Andrew H. Hines, Jr. 463,375,238 60.74% 96.79% 15,351,033 2.01% 3.21%
Edith E. Holiday 463,921,982 60.81% 96.91% 14,804,289 1.94% 3.09%
Charles B. Johnson 463,890,613 60.81% 96.90% 14,835,657 1.94% 3.10%
Betty P. Krahmer 463,675,456 60.78% 96.86 15,050,814 1.97% 3.14%
Gordon S. Macklin 463,596,417 60.77% 96.84% 15,129,853 1.98% 3.16%
Fred R. Millsaps 463,700,157 60.78% 96.86% 15,026,113 1.97% 3.14%
Constantine D. 463,731,350 60.78% 96.87% 14,994,920 1.97% 3.13%
Tseretopoulos
</TABLE>
2. The ratification or rejection of the selection of PricewaterhouseCoopers LLP
as independent auditors of the Fund:
% of % of
Outstanding Voted
Shares Shares Shares
--------------------------- ------------- -------------- -------------
For 457,150,852 59.92% 95.49%
Against 2,886,451 0.38% 0.60%
Abstain 18,688,966 2.45% 3.91%
3. The amendment of certain of the Fund's fundamental investment restrictions
(includes five Sub-proposals):
a. Amendment of the Fund's fundamental investment restriction regarding
borrowing:
% of % of
Outstanding Voted
Shares Shares Shares
--------------------------- ------------- -------------- -------------
For 336,486,149 44.11% 88.66%
Against 17,554,242 2.30% 4.63%
Abstain 25,454,429 3.33% 6.71%
Broker Non-Votes 99,231,451 13.01% --
b. Amendment of the Fund's fundamental investment restriction regarding
underwriting:
% of % of
Outstanding Voted
Shares Shares Shares
--------------------------- ------------- -------------- -------------
For 342,198,123 44.85% 90.17%
Against 12,015,527 1.58% 3.17%
Abstain 25,281,170 3.31% 6.66%
Broker Non-Votes 99,231,451 13.01% --
c. Amendment of the Fund's fundamental investment restriction regarding
lending:
% of % of
Outstanding Voted
Shares Shares Shares
--------------------------- ------------- -------------- -------------
For 338,870,662 44.42% 89.30%
Against 15,340,256 2.01% 4.04%
Abstain 25,283,902 3.31% 6.66%
Broker Non-Votes 99,231,451 13.01% --
d. Amendment of the Fund's fundamental investment restriction regarding
industry concentration:
% of % of
Outstanding Voted
Shares Shares Shares
--------------------------- ------------- -------------- -------------
For 340,883,823 44.68% 89.83%
Against 13,060,299 1.71% 3.44%
Abstain 25,550,698 3.35% 6.73%
Broker Non-Votes 99,231,451 13.01% --
e. Amendment of the Fund's fundamental investment restriction regarding
investment in other investment companies:
% of % of
Outstanding Voted
Shares Shares Shares
--------------------------- ------------- -------------- -------------
For 341,597,334 44.77% 90.01%
Against 12,969,736 1.70% 3.42%
Abstain 24,927,750 3.27% 6.57%
Broker Non-Votes 99,231,451 13.01% --
4. The reclassification of the Fund's fundamental investment policies and
certain fundamental investment restrictions to non-fundamental policies and
restrictions (includes 10 Sub-Proposals):
a. Reclassify policy on investments in stocks and debt obligations:
% of % of
Outstanding Voted
Shares Shares Shares
--------------------------- ------------- -------------- -------------
For 342,761,084 44.93% 90.32%
Against 11,288,042 1.48% 2.97%
Abstain 25,445,694 3.33% 6.71%
Broker Non-Votes 99,231,451 13.01% --
b. Reclassify policy on investments in preferred stocks and certain debt
securities:
% of % of
Outstanding Voted
Shares Shares Shares
--------------------------- ------------- -------------- -------------
For 343,210,759 44.99% 90.44%
Against 10,909,089 1.43% 2.87%
Abstain 25,374,972 3.32% 6.69%
Broker Non-Votes 99,231,451 13.01% --
c. Reclassify policy on investments in temporary defensive instruments:
% of % of
Outstanding Voted
Shares Shares Shares
--------------------------- ------------- -------------- -------------
For 342,961,112 44.95% 90.37%
Against 10,733,277 1.41% 2.83%
Abstain 25,800,431 3.38% 6.80%
Broker Non-Votes 99,231,451 13.01% --
d. Reclassify policy on investments in a single issuer:
% of % of
Outstanding Voted
Shares Shares Shares
--------------------------- ------------- -------------- -------------
For 337,501,011 44.24% 88.93%
Against 14,988,324 1.96% 3.95%
Abstain 27,005,485 3.54% 7.12%
Broker Non-Votes 99,231,451 13.01% --
e. Reclassify policy on investments in securities with a limited trading
market:
% of % of
Outstanding Voted
Shares Shares Shares
--------------------------- ------------- -------------- -------------
For 336,320,944 44.08% 88.62%
Against 16,843,376 2.21% 4.44%
Abstain 26,330,500 3.45% 6.94%
Broker Non-Votes 99,231,451 13.01% --
f. Reclassify restriction on investments in companies whose securities the
Fund's Directors and Officers own:
% of % of
Outstanding Voted
Shares Shares Shares
------------------------- -------------- -------------- -------------
For 334,381,258 43.83% 88.11%
Against 18,640,215 2.44% 4.91%
Abstain 26,473,347 3.47% 6.98%
Broker Non-Votes 99,231,451 13.01% --
g. Reclassify restriction on investments in a single class of securities,
voting securities or securities of a company for the purpose of
controlling or managing the company:
% of % of
Outstanding Voted
Shares Shares Shares
------------------------- -------------- -------------- -------------
For 337,495,029 44.24% 88.93%
Against 15,537,323 2.03% 4.10%
Abstain 26,462,468 3.47% 6.97%
Broker Non-Votes 99,231,451 13.01% --
h. Reclassify restriction on investments in unseasoned issuers:
% of % of
Outstanding Voted
Shares Shares Shares
------------------------- -------------- -------------- -------------
For 333,482,339 43.71% 87.88%
Against 18,795,681 2.46% 4.95%
Abstain 27,216,800 3.57% 7.17%
Broker Non-Votes 99,231,451 13.01% --
i. Reclassify restriction on investments in warrants:
% of % of
Outstanding Voted
Shares Shares Shares
------------------------- -------------- -------------- -------------
For 338,411,489 44.36% 89.17%
Against 13,962,285 1.83% 3.68%
Abstain 27,121,046 3.55% 7.15%
Broker Non-Votes 99,231,451 13.01% --
j. Reclassify restriction on investments in unlisted securities and
securities with a limited trading market:
% of % of
Outstanding Voted
Shares Shares Shares
------------------------- -------------- -------------- -------------
For 332,507,151 43.58% 87.61%
Against 20,212,574 2.65% 5.33%
Abstain 26,775,095 3.51% 7.06%
Broker Non-Votes 99,231,451 13.01% --
5. The elimination of one of the Fund's fundamental investment restrictions:
% of % of
Outstanding Voted
Shares Shares Shares
------------------------- -------------- -------------- -------------
For 337,503,871 44.24% 88.94%
Against 15,640,706 2.05% 4.12%
Abstain 26,350,243 3.45% 6.94%
Broker Non-Votes 99,231,451 13.01% --
6. The amendment and restatement of the Fund's articles of incorporation:
% of % of
Outstanding Voted
Shares Shares Shares
------------------------- -------------- -------------- -------------
For 385,499,581 50.53% 90.19%
Against 11,746,810 1.54% 2.75%
Abstain 30,195,990 3.96% 7.06%
Broker Non-Votes 87,297,160 11.44% --
