PROSPECTUS SUPPLEMENT
DATED MAY 1, 1997
Templeton Capital Accumulation Plans
Templeton Capital Accumulator Fund, Inc.
dated January 1, 1997
I. The Templeton Capital Accumulation Plans prospectus is amended as follows:
The section "Telephone Transactions" under "YOUR RIGHTS AND PRIVILEGES
UNDER THE PLAN" is amended by replacing the first sentence of the first
paragraph with the following text:
Beginning on or about June 1, 1997, your account will be coded
automatically for telephone redemptions unless you notify us
in writing that you do not want this option. If you later
decide you would like this option, send us written
instructions signed by all account owners, with a signature
guarantee.
II. The Templeton Capital Accumulator Fund, Inc. prospectus is amended as
follows:
A. The following paragraph is added under "WHAT ARE THE FUNDS
POTENTIAL RISKS?":
Hong Kong is scheduled to revert to the sovereignty of China
on July 1, 1997. As with any major political transfer of
power, this could result in political, social, economic,
market, or other developments in Hong Kong, China or other
countries that could affect the value of Fund investments.
B. The following paragraph is added under "HOW DO I SELL
SHARES?":
Beginning on or about June 1, 1997, your account will be coded
automatically for telephone redemptions unless you notify us
in writing that you do not want this option. If you later
decide you would like this option, send us written
instructions signed by all account owners, with a signature
guarantee.
