SUPPLEMENT TO THE PROSPECTUS
Prospectus dated August 1, 1996
(as previously supplemented October 1, 1996)
TEMPLETON GROWTH AND INCOME FUND
The discussion under "WHO MANAGES THE FUND? - PORTFOLIO MANAGEMENT" is amended
by replacing it with the following text:
The lead portfolio manager of the Fund is Richard Sean Farrington. Mr.
Farrington is a vice president of the Investment Manager. He holds a BA in
economics from Harvard University. Mr. Farrington is a Chartered Financial
Analyst and is currently the president of the Bahamas Society of Financial
Analysts. He joined the Templeton organization in 1991 and is currently a
research analyst and portfolio manager. Mr. Farrington's current research
responsibilities include global industry coverage of the electrical equipment
industries, as well as European, Asian and South American electric utilities. He
is also responsible for country coverage of Hong Kong, China and Taiwan.
Mark G. Holowesko and Jeffrey A. Everett exercise secondary portfolio management
responsibilities for the Fund. Mr. Holowesko is president of the Investment
Manager. He holds a BA in economics from Holy Cross College and an MBA from
Babson College. He is a Chartered Financial Analyst, Chartered Investment
Counselor, and a director and founding member of the International Society of
Financial Analysts. Prior to joining the Templeton organization, Mr. Holowesko
worked with RoyWest Trust Corporation (Bahamas) Limited as an investment
analyst. His duties at RoyWest included managing trust and individual accounts,
as well as equity market research worldwide. Mr. Holowesko is responsible for
coordinating equity research worldwide for the Investment Manager and managing
several mutual funds. Mr. Everett is an executive vice president of the
Investment Manager. He holds a BS in finance from Pennsylvania State University
and is also a Chartered Financial Analyst. He joined the Templeton organization
in 1989 and is responsible for managing several offshore accounts at Templeton,
as well as several Templeton funds. Mr. Everett's global research
responsibilities encompass industry coverage for insurance, real estate,
broadcasting, publishing and media, and country responsibilities for Italy and
Australia. Prior to joining the Templeton organization, Mr. Everett was an
investment officer at First Pennsylvania Investment Research, a division of
First Pennsylvania Corporation, where he analyzed equity and convertible
securities. He also coordinated research for Centre Square Investment Group, the
pension management subsidiary of First Pennsylvania Corporation.
October 31, 1996 TL414 STKPM 10/96
