SUPPLEMENT TO THE PROSPECTUS
Prospectus Dated July 10, 1995
(as previously supplemented July 26, 1995,
August 8, 1995, October 2, 1995,
December 5, 1995, and March 1, 1996)
TEMPLETON AMERICAS GOVERNMENT SECURITIES FUND
The discussion under "MANAGEMENT OF THE FUND-INVESTMENT MANAGER AND SUB-ADVISER"
is amended by deleting the fifth paragraph and replacing with the following
text:
The portfolio management responsibilities for the Fund will be performed by a
team consisting of Alexander C. Calvo, Thomas J. Dickson and Cynthia A. New. Mr.
Calvo is currently an analyst for the Templeton Global Bond Managers division
("TGBM")of Templeton Investment Counsel, Inc., an indirect wholly-owned
subsidiar of Franklin Resources, Inc. He is responsible for sovereign and
corporate credit analysis for emerging markets securities. He holds an MA in
International Affairs from The Fletcher School of Law and Diplomacy at Tufts
University and a BA in Political Science from Binghamton University. He also has
completed coursework towards a Ph.D. in Economics at Boston University. Prior to
joining the Templeton organization in 1995, Mr. Calvo was an account executive
with Fleishman-Hillard, where he served as consultant to firms investing in
Latin America, and previously was a research analyst with Zeta Investments. Mr.
Dickson is currently a portfolio manager for several Franklin Templeton mutual
funds and holds a BS in Managerial Economics from the University of California
at Davis. He is also a fixed-income analyst with responsibilities in Canada,
Japan, New Zealand and Australia and manager of the fixed-income trading desk.
Prior to joining the Templeton organization in 1994, Mr. Dickson worked as a
fixed-income analyst and trader for Franklin Advisors, Inc. Ms. New is currently
an analyst for TGBM and holds an MBA from the University of Central Florida and
a BS in Accounting from the University of Florida. She is also a certified
public accountant. She is responsible for sovereign and corporate credit
analysis for emerging market securities and high yield European bonds. She also
maintains country research responsibilities in the developed markets for Italy,
Spain, Sweden and Denmark, as well as Africa in the emerging markets. Prior to
joining the Templeton organization in 1993, Ms. New was an auditor with the
accounting firm of Deloitte and Touche.
May 23, 1996 TL416 STKPM 5/96
