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                        SUPPLEMENT DATED JANUARY 29, 1999
                              TO THE PROSPECTUS OF

                  TEMPLETON AMERICAS GOVERNMENT SECURITIES FUND
                 dated August 1, 1998 as amended January 1, 1999



The prospectus is amended as follows:

The section "Management Team" found under "Who Manages the Fund?" is replaced
with the following:

MANAGEMENT TEAM.  Beginning in January  1999,  a team of Templeton Global Bond
Managers is responsible for the day-to-day  management of the fund's  portfolio.
Templeton Global Bond Managers is a division of Investment Counsel.

                Please keep this supplement for future reference.



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