SUPPLEMENT TO THE PROSPECTUS
Prospectus dated January 1, 1995
(as previously supplemented February 1, 1995 and March 1, 1995)
Templeton Income Fund
The fourth paragraph of the section titled "MANAGEMENT OF THE FUND - INVESTMENT
MANAGER" is deleted and replaced with the following:
Currently, the lead portfolio manager for the Fund is Thomas J. Latta.
Mr. Latta joined the Templeton organization in 1991. He is the senior
portfolio manager for developed markets fixed income and has research
responsibilities for the core European markets. Mr. Latta is also
responsible for internal fixed income systems development. Mr. Latta
began working in the securities industry in 1981. His experience includes
seven years with Merrill Lynch where he was part of an investment advisory
team to the Saudi Arabian Monetary Authority in Riyadh, Saudi Arabia.
While at Merrill Lynch, Mr. Latta also acted as an advisor to investment
managers concerning the modeling and application of interest rate
strategies in fixed income portfolios. Neil S. Devlin and Thomas W.
Wilkinson exercise secondary portfolio management responsibilities with
respect to the Fund. Prior to joining the Templeton organization in 1987,
Mr. Devlin, a Senior Vice President of the Investment Manager, was a
portfolio manager and bond analyst with Constitutional Capital Management
of Boston. While there, he managed a portion of the Bank of New England's
pension money, a number of trust and corporate pension accounts, and began
and managed a mortgage-backed securities fund for the bank. Before that,
Mr. Devlin was a bond trader and research analyst for the Bank of New
England. Mr. Wilkinson is the senior portfolio manager for Franklin
Templeton's emerging markets fixed income group with research
responsibilities covering East Asia. Prior to joining the Templeton
organization in 1985, Mr. Wilkinson helped optimize network utilization
for Bell Laboratories. Further information concerning the Investment
Manager is included under the heading "Investment Management and Other
Services" in the SAI.
April 10, 1995 TL406 STKR 04/95
