<PAGE>
TEMPLETON AMERICAS
GOVERNMENT SECURITIES FUND
- --------------------------------------------------------------------------------
YOUR FUND'S OBJECTIVE
The Templeton Americas Government Securities Fund seeks a high level of current
income with total return as a secondary objective. It seeks to achieve these
objectives by investing at least 65% of its total net assets in debt securities
issued or guaranteed by governments, government agencies, political sub-
divisions and other government entities of countries located in the Western
Hemisphere, defined as countries located in North, South, or Central America or
the surrounding waters.
- --------------------------------------------------------------------------------
May 15, 1995
Dear Shareholder:
We are pleased to bring you the first annual report of the Templeton Americas
Government Securities Fund, which covers the period from the Fund's inception on
June 27, 1994 through March 31, 1995.
This period presented significant challenges to the Fund, primarily because of
rising interest rates worldwide. In response to strong economic growth and fears
of future inflation, the U.S. Federal Reserve Board raised interest rates on
several occasions over the past year. This exerted upward pressure on interest
rates in other countries, which caused capital losses on many outstanding global
fixed-income positions.
Another significant factor affecting fixed-income securities markets was the
financial crisis surrounding Mexico's devaluation of its currency in December.
The ensuing deterioration of investor confidence, which spilled over into other
Latin American markets reliant on short-term foreign capital, resulted in
further declines in debt securities of emerging markets. Even U.S. dollar-
denominated bonds of developing countries were negatively affected. The Fund
reacted decisively to this situation by immediately selling all of its Mexican
peso-denominated securities before the peso was allowed to float freely on
currency markets. Although Latin American bond markets were
1
<PAGE>
generally weak as a result of the devaluation, the governments of Mexico and
Argentina have responded with strict economic measures designed to restore
investor confidence.
On March 31, 1995, 53.3% of the Fund's total net assets were invested in fixed-
income securities, with the remaining 46.7% in short-term obligations and other
assets. Since the Fund is so new, being less than fully invested at this time
does not unduly concern us. During the reporting period, we continued our search
for investments that meet the Fund's objectives, and actively put money to work
in the U.S. and Canadian bond markets, both of which have rebounded since the
beginning of the year. Because of uncertainties and volatility in emerging
markets, caution and patience have guided our investment decisions regarding
these countries. However, considering that yields are currently high in emerging
markets relative to the fundamental investment risk, we intend to continue to
look for opportunities to diversify the Fund's portfolio.
- --------------------------------------------------------------------------------
TEMPLETON AMERICAS GOVERNMENT
SECURITIES FUND
Geographic Distribution on 3/31/95
Based on Total Net Assets
[PIE CHART APPEARS HERE SHOWING
GEOGRAPHIC DISTRIBUTION OF THE FUND]
<TABLE>
<CAPTION>
Description Amount
----------------- ------------
<S> <C>
Mexico 2.8%
Canada 8.9%
United States 28.3%
Argentia 7.3%
Brazil 6.0%
Short-Term Obligations &
Other Net Assets 46.7%
</TABLE>
Looking forward, we are optimistic about fixed-income investment opportunities
in the Western Hemisphere for a number of reasons. Inflationary pressures appear
relatively subdued throughout most industrialized countries. In fact, the U.S.
Consumer Price Index (CPI) increased by only 2.7% in 1994, which is the same
rate exhibited in 1993./1/ U.S. economic growth slowed significantly in the
first quarter of 1995, compared to the robust growth
1. U.S. Bureau of Labor Statistics
2
<PAGE>
exhibited during the last quarter of 1994. This has kept Federal Reserve
monetary policy neutral for the time being, and as long as wage costs remain
moderate, upward pressure on the CPI should be minimal relative to past business
cycles. If moderate price increases continue, longer-term interest rates are
likely to remain in a relatively narrow range.
Additionally, trade barriers between nations that constitute "the Americas" have
been greatly reduced through trade agreements such as NAFTA (North American Free
Trade Agreement) and, more recently, the Mercosur agreement, which integrates
the economies of Argentina, Brazil, Uruguay and Paraguay. We believe such
developments are the beginning of a long-term process that will eventually
foster closer economic ties between these countries. Of course, there are
special risks involved with foreign investing related to market, currency,
economic, political, and other factors. The Fund will also invest in lower-rated
debt securities and those issued in developing nations./2/ These risks are
further discussed in the Fund's prospectus.
We thank you for your participation in the Templeton Americas Government
Securities Fund and look forward to serving your investment needs in the months
and years to come.
Sincerely,
/s/ Neal S. Devlin
Neal S. Devlin
Portfolio Manager
Templeton Americas Government Securities Fund
- --------------------------------------------------------------------------------
Although Sir John Templeton has not been involved in investment management of
the Templeton funds since October 1992, we were saddened by his recent decision
to step down as Chairman and Director of the U.S. registered Templeton funds.
The independent directors have nominated John Wm. Galbraith, former vice
chairman of Templeton, Galbraith & Hansberger, Ltd. to succeed him. The
investment manager will continue to use the investment philosophies and
principles established by Sir John.
- --------------------------------------------------------------------------------
2. Investing in emerging market countries involves certain considerations not
typically associated with investing in securities of U.S. issuers, including
currency exchange rate fluctuations, political uncertainty and instability,
higher rates of inflation and controls on foreign investment. The Fund has the
flexibility to invest in illiquid securities, and substantially all of the
Fund's assets at any one time may be invested in debt instruments that are
lower-rated or unrated, high risk, and predominantly speculative.
3
<PAGE>
PERFORMANCE SUMMARY
The Templeton Americas Government Securities Fund reported a total return of
- -1.33% for the period from its inception on June 27, 1994 through March 31,
1995. Total return measures the change in value of an investment, assuming
reinvestment of dividends, and does not include the maximum initial sales
charge.
The Fund's share price, as measured by net asset value, decreased from $10.00 on
June 27, 1994 to $9.59 on March 31, 1995. During the reporting period,
shareholders received 28 cents ($0.28) per share in dividend income. Of course,
past performance does not guarantee future results, and distributions will vary
depending on income earned by the Fund.
The graph to the right compares the Fund's performance since July 1, 1994, with
that of the unmanaged Lehman Brothers U.S. Treasury Index, and an internally-
created composite index that more closely reflects the Fund's holdings. Please
remember that the Fund's performance differs from that of the indices because
the indices do not contain cash (the Fund generally carries a certain percentage
of cash at any given time) and include no sales charges or management expenses.
Of course, one cannot invest directly in an index.
TEMPLETON AMERICAS GOVERNMENT
SECURITIES FUND
Total Return Index Comparison
$10,000 Investment (7/1/94-3/31/95)
[GRAPH APPEARS HERE SHOWING COMPARISON BETWEEN TEMPLETON AMERICAS GOVERNMENT
SECURITIES FUND, LEHMAN BROTHERS U.S. TREASURY INDEX AND COMPOSITE INDEX]
<TABLE>
<CAPTION>
7/94 3/95
------ ------
<S> <C> <C>
Templeton Americas Government
Securities Fund* 10,000 9,448
Lehman Brothers
U.S. Treasury Index 10,000 10,548
Composite Index** 10,000 9,889
</TABLE>
*Includes all sales charges and represents the change in value of an
investment over the indicated period. Total return assumes reinvestment of
dividends and capital gains. Past performance is not indicative of future
results.
**Internally created: Consists of 60% Lehman Brothers U.S. Treasury Index and
40% J.P. Morgan Emerging Market Bond/Latin Euro Composite Index.
- --------------------------------------------------------------------------------
TEMPLETON AMERICAS GOVERNMENT
SECURITIES FUND
Period ended 3/31/95
<TABLE>
<CAPTION>
Since
Inception
(06/27/94)
<S> <C>
Cumulative Total Return/1/ -1.33%
Aggregate Total Return/2/ -5.49%
</TABLE>
1. Cumulative total return represents the change in value of an investment
over the specified periods. It does not include the maximum 4.25% initial
sales charge.
2. Aggregate total return represents the change in value of an investment
over the specified periods. It includes the maximum 4.25% initial sales
charge. Since the Fund has been in existence for less than one year, average
annual total returns are not provided.
Note: All total return calculations assume reinvestment of dividends.
Investment return and principal value will fluctuate with market conditions,
currencies, and the economic and political climates where investments are
made, so that your shares, when redeemed, may be worth more or less than
their initial cost. Past performance is not indicative of future results.
The Fund's Business Manager has voluntarily agreed to limit the total
expenses of the Fund, which reduces operating expenses and increases total
return to shareholders. Without these limitations, the Fund's total return
would have been lower. The expense limitation may be discontinued at any
time.
4
<PAGE>
Templeton Americas Government Securities Fund
Financial Statements
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
JUNE 27, 1994
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31, 1995
-----------------
<S> <C>
Net asset value, beginning of period $ 10.00
-------
Income from investment operations:
Net investment income .30
Net realized and unrealized gain (.43)
-------
Total from investment operations (.13)
Distributions to shareholders from net investment income (.28)
-------
Change in net asset value (.41)
-------
Net asset value, end of period $ 9.59
=======
TOTAL RETURN* (1.33)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000) $ 2,826
Ratio of expenses to average net assets 6.49%**
Ratio of expenses, net of reimbursement, to average net as-
sets 1.25%**
Ratio of net investment income to average net assets 5.07%**
Portfolio turnover rate --
</TABLE>
*TOTAL RETURN DOES NOT REFLECT SALES COMMISSIONS. NOT ANNUALIZED.
**ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
5
<PAGE>
Templeton Americas Government Securities Fund
Investment Portfolio, March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL IN
LOCAL CURRENCY* VALUE
<C> <C> <S> <C>
- -----------------------------------------------------------------------------
BOND--CORPORATE: (cost $54,725) 1.8%
- -----------------------------------------------------------------------------
55,000 Industrias Klabin de Papel Celulose SA,
Braz. 12.125%, 12/28/02 $ 49,225
- -----------------------------------------------------------------------------
BONDS--GOVERNMENT & GOVERNMENT AGENCIES: 51.5%
- -----------------------------------------------------------------------------
190,000 Arg. Bocon Previsionales IV, 4.50%, FRN,
9/01/02 91,601
20,000 U.S. Federal Home Loan Bank, 7.735%, 2/9/98 20,294
30,000 U.S. Federal Home Loan Mortgage Corp., 7.82%,
1/27/98 30,558
50,000 U.S. Federal National Mortgage Assn., 7.74%,
2/3/98 50,781
164,900 Braz. Government of Brazil, 7.8125%, FRN A,
1/01/01 120,995
Government of Canada:
290,000 Can. 10.50%, 3/1/01 226,457
35,000 Can. 6.25%, 9/15/95 24,787
125,000 Arg. Republic of Argentina, 10.95%, 11/01/99 111,094
26,000 U.S. U.S. Treasury Bond, 7.25%, 05/15/16 25,139
U.S. Treasury Notes:
25,000 U.S. 6.50%, 8/15/97 24,813
180,000 U.S. 8.125%, 2/15/98 185,596
180,000 U.S. 8.50%, 5/15/97 185,821
100,000 U.S. 8.625%, 10/15/95 101,172
170,000 U.S. 8.75%, 10/15/97 177,225
150,000 Mex. United Mexican States, 8.50%, 9/15/02 80,250
----------
TOTAL BONDS--GOVERNMENT & GOVERNMENT AGENCIES (cost $1,554,773) 1,456,583
- -----------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 43.2% (cost $1,218,725)
- -----------------------------------------------------------------------------
1,220,000 U.S. U.S. Treasury Bills, 5.50% to 5.65% with
maturities to 5/11/95 1,219,237
- -----------------------------------------------------------------------------
TOTAL INVESTMENTS: 96.5% (cost $2,828,223) 2,725,045
UNREALIZED LOSS IN FORWARD EXCHANGE CONTRACTS: (0.1)% (842)
OTHER ASSETS, LESS LIABILITIES: 3.6% 101,858
----------
TOTAL NET ASSETS: 100.0% $2,826,061
==========
</TABLE>
* CURRENCY OF COUNTRY INDICATED.
SEE NOTES TO FINANCIAL STATEMENTS.
6
<PAGE>
Templeton Americas Government Securities Fund
Financial Statements
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
March 31, 1995
<TABLE>
<S> <C>
Assets:
Investment in securities, at value
(identified cost $2,828,223) $2,725,045
Cash 31,447
Receivables:
Interest receivable 36,438
Administrative fee reimbursement 10,443
Unamortized organization costs 58,201
----------
Total assets 2,861,574
----------
Liabilities:
Payable for fund shares redeemed 1,671
Unrealized loss in forward exchange contracts (Note 5) 842
Accrued expenses 33,000
----------
Total liabilities 35,513
----------
Net assets, at value $2,826,061
==========
Net assets consists of:
Net unrealized depreciation $ (104,020)
Accumulated net realized loss (11,430)
Net capital paid in on shares of beneficial interest 2,941,511
----------
Net assets, at value $2,826,061
==========
Shares outstanding 294,735
==========
Net asset value per share ($2,826,061 / 294,735) $ 9.59
==========
Maximum offering price
($9.59 / 95.75%) $ 10.02
==========
</TABLE>
STATEMENT OF OPERATIONS
for the period June 27, 1994
(commencement of operations)
to March 31, 1995
<TABLE>
<S> <C> <C>
Interest income: $ 74,075
Expenses:
Management fees (Note 3) $ 7,036
Administrative fees (Note 3) 1,752
Distribution fees (Note 3) 4,630
Transfer agent fees (Note 3) 300
Custodian fees 1,600
Reports to shareholders 31,250
Audit fees 8,450
Legal fees 3,250
Registration and filing fees 2,000
Trustees' fees and expenses 6,000
Amoritization of
organization costs 9,842
Other 28
---------
Total expenses 76,138
Less expenses reimbursed (Note 3) (61,483)
---------
Total expenses less reimbursement 14,655
---------
Net investment income 59,420
Realized and unrealized loss:
Net realized loss on:
Investments (18,015)
Foreign currency transactions (688)
---------
(18,703)
Net unrealized depreciation on:
Investments (103,178)
Foreign currency translation of other assets and
liabilities (842)
---------
(104,020)
---------
Net realized and unrealized loss (122,723)
---------
Net decrease in net assets resulting from operations $ (63,303)
=========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
7
<PAGE>
Templeton Americas Government Securities Fund
Financial Statements (cont.)
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
JUNE 27, 1994
(COMMENCEMENT OF
OPERATIONS) TO
MARCH 31, 1995
----------------
<S> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 59,420
Net realized loss from security and foreign currency
transactions (18,703)
Net unrealized depreciation (104,020)
----------
Net decrease in net assets resulting from operations (63,303)
Distributions to shareholders from net investment income (52,147)
Fund share transactions (Note 2) 2,941,511
----------
Net increase in net assets 2,826,061
Net assets:
Beginning of period --
----------
End of period $2,826,061
==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
8
<PAGE>
Templeton Americas Government Securities Fund
Notes to Financial Statements
- --------------------------------------------------------------------------------
1. SUMMARY OF ACCOUNTING POLICIES
Templeton Americas Government Securities Fund (the Fund) is a separate series
of Templeton Global Investment Trust (the Trust) which is an open-end, non-di-
versified management investment company registered under the Investment Company
Act of 1940. The Fund commenced operations on June 27, 1994. The following sum-
marizes the Fund's significant accounting policies.
A. Securities Valuations:
Securities listed or traded on a recognized national or foreign stock exchange
or NASDAQ are valued at the last reported sales prices on the principal ex-
change on which the securities are traded. Over-the-counter securities and
listed securities for which no sale is reported are valued at the mean between
the last current bid and asked prices. Securities for which market quotations
are not readily available are valued at fair value as determined by management
and approved in good faith by the Board of Trustees.
B. Foreign Currency Translations:
Portfolio securities and other assets and liabilities denominated in foreign
currencies are translated into U.S. dollars based on the rate of exchange of
such currencies against U.S. dollars on the date of valuation. Purchases and
sales of portfolio securities and income items denominated in foreign curren-
cies are translated into U.S. dollar amounts on the respective dates of such
transactions. When the Fund purchases or sells foreign securities it customar-
ily enters into foreign exchange contracts to minimize foreign exchange risk
between the trade date and the settlement date of such transactions.
The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of for-
eign currencies, currency gains or losses realized between the trade and set-
tlement dates on securities transactions, the differences between the amounts
of dividends, interest, and foreign withholding taxes recorded on the Fund's
books, and the U.S. dollar equivalent of the amounts actually received or paid.
Net unrealized foreign exchange gains and losses arise from changes in the
value of assets and liabilities other than investments in securities at the end
of the fiscal period, resulting from changes in the exchange rates.
C. Income Taxes:
It is the Fund's policy to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all its
taxable income to its shareholders. Therefore, no provision has been made for
income taxes.
D. Unamortized Organization Costs
Organization costs are being amortized on a straight line basis over a five
year period.
E. Security Transactions, Investment Income, Distributions, and Expenses:
Security transactions are accounted for on a trade date basis. Dividend income
is recorded on the ex-dividend date. Certain dividend income from foreign secu-
rities is recorded as soon as information is available to the Fund. Interest
income and estimated expenses are accrued daily. Distributions to shareholders,
which are determined in accordance with income tax regulations, are recorded on
the ex-dividend date.
9
<PAGE>
Templeton Americas Government Securities Fund
Notes to Financial Statements (cont.)
- --------------------------------------------------------------------------------
2. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
At March 31, 1995, there were an unlimited number of shares of beneficial in-
terest authorized ($.01 par value). Transactions in the Fund's shares were as
follows:
<TABLE>
<CAPTION>
PERIOD FROM JUNE 27, 1994
(COMMENCEMENT OF
OPERATIONS) TO
MARCH 31, 1995
---------------------------
SHARES AMOUNT
------------ --------------
<S> <C> <C>
Shares sold 334,587 $ 3,166,002
Shares issued on reinvestment of distribu-
tions 5,210 50,581
Shares redeemed (45,062) (275,072)
----------- --------------
Net increase 294,735 $ 2,941,511
=========== ==============
</TABLE>
Templeton Global Investors, Inc., the Fund's administrative manager, is the
record owner of 255,283 shares as ofMarch 31, 1995.
3. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Certain officers of the Fund are also directors or officers of Templeton In-
vestment Counsel, Inc. (TICI), Templeton Global Investors, Inc. (TGII), Frank-
lin Templeton Distributors, Inc. (FTD), and Franklin Templeton Investor Servic-
es, Inc. (FTIS), the Fund's investment manager, administrative manager, princi-
pal underwriter, and transfer agent, respectively. The Fund pays monthly an in-
vestment management fee to TICI equal, on an annual basis, to 0.60% of the av-
erage daily net assets of the Fund. The Fund pays TGII monthly its allocated
share of an administrative fee of 0.15% per annum on the first $200 million of
the Trust's aggregate average daily net assets, 0.135% of the next $500 mil-
lion, 0.10% of the next $500 million, and 0.075% per annum of average net as-
sets in excess of $1.2 billion. TGII has voluntarily agreed to limit the total
expenses of the Fund to an annual rate of 1.25% of the Fund's average net as-
sets. The amount of the reimbursement for the period ended March 31, 1995 is
set forth in the Statement of Operations. For the period ended March 31, 1995,
FTD received net commissions of $963 from the sale of the Fund's shares and
FTIS received fees of $300.
Pursuant to a distribution plan, the Fund reimburses FTD monthly (subject to a
limit of 0.35% per annum of the Fund's average daily net assets) for FTD's cost
and expenses in connection with any activity that is primarily intended to re-
sult in a sale of Fund shares. Such distribution fees are set forth in the
Statement of Operations.
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (excluding short-term securities) for the pe-
riod ended March 31, 1995 aggregated $1,382,025 and $0, respectively. The cost
of securities for federal income tax purposes is the same as that shown in the
investment portfolio. Realized gains and losses are reported on an identified
cost basis.
At March 31, 1995, the aggregate gross unrealized appreciation and depreciation
of portfolio securities, based on cost for federal income tax purposes was as
follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 5,413
Unrealized depreciaton (108,591)
---------
Net unrealized depreciation $(103,178)
=========
</TABLE>
10
<PAGE>
Templeton Americas Government Securities Fund
Notes to Financial Statements (cont.)
- --------------------------------------------------------------------------------
5. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
During the period ended March 31, 1995, the Fund has been a party to financial
instruments with off-balance sheet risks, primarily forward exchange contracts,
in order to minimize the risk to the Fund, with respect to its portfolio trans-
actions, from adverse changes in the relationship between the U.S. dollar and
foreign currencies and interest rates. These instruments involve market risk in
excess of the amount recognized on the Statement of Assets and Liabilities.
Some of these risks have been minimized by offsetting contracts. Risks arise
from the possible inability of counterparties to meet the terms of their con-
tracts, future movement in currency values and interest rates and contract po-
sitions that are not exact offsets. The contract amount indicates the extent of
the Fund's involvement in such contracts.
FORWARDS: A forward exchange contract is an agreement between two parties to
exchange different currencies at a specific rate at an agreed future date.
At March 31, 1995, the Fund had outstanding forward exchange contracts for the
purchase and sale of currencies as set out below. These contracts are reported
in the financial statements at the Fund's net equity, as measured by the dif-
ference between the forward exchange rates at the reporting date and the for-
ward exchange rates at the date of entry into the contract:
<TABLE>
<S> <C>
Contracts to sell:
155,000 Canadian dollars for 110,857 U.S. dollars, April 17,
1995 $ (86)
Unrealized loss from offsetting forward exchange contracts (756)
-----
Net unrealized loss in forward exchange contracts $(842)
=====
</TABLE>
11
<PAGE>
Templeton Americas Government Securities Fund
Independent Auditor's Report
- --------------------------------------------------------------------------------
The Board of Trustees and Shareholders
Templeton Americas Government Securities Fund
We have audited the accompanying statement of assets and liabilities, including
the investment portfolio, of Templeton Americas Government Securities Fund as
of March 31, 1995, and the related statement of operations, the statement of
changes in net assets and the financial highlights for the period from June 27,
1994 (commencement of operations) to March 31, 1995. These financial statements
and financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and fi-
nancial highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing stan-
dards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial high-
lights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
March 31, 1995, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement pre-
sentation. We believe that our audit provides a reasonable basis for our opin-
ion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Tem-
pleton Americas Government Securities Fund, as of March 31, 1995, the results
of its operations, the changes in its net assets and the financial highlights
for the period indicated, in conformity with generally accepted accounting
principles.
/s/ McGladrey & Pullen, LLP
New York, New York
April 28, 1995
12
<PAGE>
NOTES
-----
<PAGE>
NOTES
-----
<PAGE>
The Franklin Templeton Group
- --------------------------------------------------------------------------------
Literature Request -- Call today for a free descriptive brochure and prospectus
on any of the funds listed below. The prospectus contains more complete
information, including fees, charges and expenses, and should be read carefully
before investing or sending money.
TEMPLETON Massachusetts*** German Government Bond Fund
FUNDS Michigan*** Global Government Income Fund
Minnesota*** Investment Grade Income Fund
American Trust Missouri U.S. Government Securities Fund
American Government New Jersey
Securities Fund New York* FRANKLIN FUNDS SEEKING HIGH
Developing Markets North Carolina CURRENT INCOME AND STABILITY
Trust Ohio*** OF PRINCIPAL
Foreign Fund Oregon Adjustable Rate Securities
Global Infrastructure Pennsylvania Fund
Fund Tennessee** Adjustable U.S. Government
Global Opportunities Texas Securities Fund
Trust Virginia Short-Intermediate U.S.
Global Rising Dividends Washington** Government Securities Fund
Fund
Greater European Fund FRANKLIN FUNDS FRANKLIN FUNDS FOR NON-U.S.
Growth Fund SEEKING CAPITAL GROWTH INVESTORS
Income Fund California Tax-Advantaged High Yield
Japan Fund DynaTech Fund Securities Fund
Latin America Fund Growth Fund Tax-Advantaged International
Money Fund Equity Fund Bond Fund
Real Estate Securities Global Health Tax-Advantaged U.S.
Fund Care Fund Government Securities Fund
Smaller Companies Gold Fund
Growth Fund Growth Fund FRANKLIN TEMPLETON
World Fund International INTERNATIONAL CURRENCY FUNDS
Equity Fund Global Currency Fund
FRANKLIN FUNDS Pacific Hard Currency Fund
SEEKING TAX- Growth Fund High Income Currency Fund
FREE INCOME Real Estate
Federal Intermediate Securities FRANKLIN MONEY MARKET FUNDS
Term Fund California Tax-Exempt Money
Tax-Free Income Fund Small Cap Fund
Federal Tax-Free Growth Fund Federal Money Fund
Income Fund IFT U.S. Treasury Money
High Yield Tax-Free Market Portfolio
Income Fund FRANKLIN FUNDS SEEKING Money Fund
Insured Tax-Free GROWTH AND INCOME New York Tax-Exempt Money
Income Fund*** Balance Sheet Fund
Puerto Rico Tax-Free Investment Fund Tax-Exempt Money Fund
Income Fund Convertible Securities
Fund FRANKLIN FUND FOR
FRANKLIN STATE-SPECIFIC Equity Income Fund CORPORATIONS
FUNDS SEEKING TAX-FREE Global Utilities Fund Corporate Qualified Dividend
INCOME Income Fund Fund
Alabama Premier Return Fund
Arizona* Rising Dividends Fund FRANKLIN TEMPLETON VARIABLE
Arkansas** Strategic Income Fund ANNUITIES
California* Utilities Fund Franklin Valuemark
Colorado Franklin Templeton Valuemark
Connecticut FRANKLIN FUNDS SEEKING Income
Florida* HIGH CURRENT INCOME Plus (an intermediate
Georgia AGE High Income Fund annuity)
Hawaii**
Indiana
Kentucky
Louisiana
Maryland
Toll-free 1-800/DIAL BEN (1-800/342-5236)
* Two or more fund options available: Long-term portfolio, intermediate-term
portfolio, a portfolio of municipal securities, and a high yield portfolio
(CA).
** The fund may invest up to 100% of its assets in bonds that pay interest
subject to the federal alternative minimum tax.
*** Portfolio of insured municipal securities.
<PAGE>
- --------------------------
Templeton Americas
Government Securities Fund
Auditors
McGladrey & Pullen, LLP
555 Fifth Avenue
New York, New York 10017-2416
Principal Underwriter:
Franklin Templeton
Distributors, Inc.
700 Central Avenue
St. Petersburg,
Florida 33701-3628
Account Services
1-800-354-9191
Sales Information
1-800-292-9293
This report must be preceded or accompanied by the prospectus of Templeton
Americas Government Securities Fund.
Like any investment in securities, the value of the Fund's portfolio will be
subject to the risk of loss from market, currency, economic, political and
other factors, as well as investment decisions by the investment manager which
will not always be profitable or wise. The Fund and its investors are not
protected from such losses by the investment manager. Therefore, investors who
cannot accept this risk should not invest in shares of the Fund.
To ensure the highest quality of service, telephone calls to or from our
service departments may be monitored, recorded and accessed. These calls can
be determined by the presence of a regular beeping tone.
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TL416 A95 05/95
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TEMPLETON
AMERICAS
GOVERNMENT
SECURITIES
FUND
Annual Report
March 31, 1995
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