<PAGE> PAGE 1
000 B000000 08/31/94
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000 D000000 N
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000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 A
"001 A000000 TEMPLETON EMERGING MARKETS FUND, INC."
001 B000000 811-4985
001 C000000 3055277591
002 A000000 500 EAST BROWARD BLVD SUITE 2100
002 B000000 FT. LAUDERDALE
002 C000000 FL
002 D010000 33394
002 D020000 3091
003 000000 N
004 000000 N
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008 A000001 TEMPLETON INVESTMENT MANAGEMENT (HONGKONG)LTD
008 B000001 A
008 C000001 801-42353
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008 D050001 HONG KONG
010 A000001 TEMPLETON GLOBAL INVESTORS INC
010 B000001 8-31192
010 C010001 FT LAUDERDALE
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011 A000001 MERRILL LYNCH CAPITAL MARKETS
011 B000001 8-00000
011 C010001 NEW YORK
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<PAGE> PAGE 2
012 B000001 84-00000
012 C010001 RIDGEFIELD PARK
012 C020001 NJ
012 C030001 07660
012 C040001 0000
013 A000001 MC GLADREY & PULLEN
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
013 B040001 2416
015 A000001 THE CHASE MANHATTAN BANK N.A.
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10081
015 E010001 X
"015 A000002 CHASE MANHATTAN BANK, N.A."
015 B000002 S
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 E040002 X
015 A000003 CHASE MANHATTAN BANK AUSTRALIA LIMITED
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015 E040003 X
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015 D010007 CANADA
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<PAGE> PAGE 3
015 A000009 STANDARD CHARTERED BANK
015 B000009 S
015 C010009 DHAKA
015 D010009 BANGLADESH
015 E040009 X
"015 A000010 BARCLAYS BANK., PLC"
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015 A000011 CHASE MANHATTAN BANK N.A.
015 B000011 S
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015 D010011 HONG KONG
015 E040011 X
015 A000012 CITIBANK BUDAPEST RT.
015 B000012 S
015 C010012 BUDAPEST
015 D010012 HUNGARY
015 E040012 X
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015 B000013 S
015 C010013 TEL AVIV
015 D010013 ISRAEL
015 E040013 X
015 A000014 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000014 S
015 C010014 JAKARTA
015 D010014 INDONESIA
015 E040014 X
015 A000015 BANK OF IRELAND
015 B000015 S
015 C010015 DUBLIN
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015 E040015 X
"015 A000016 CHASE MANHATTAN BANK, N.A."
015 B000016 S
015 C010016 MEXICO CITY
015 D010016 MEXICO
015 E040016 X
015 A000017 ARAB BANK LIMITED
015 B000017 S
015 C010017 AMMAN
015 D010017 JORDAN
015 E040017 X
015 A000018 CITIBANK N.A.
015 B000018 S
015 C010018 LIMA
015 D010018 PERU
015 E040018 X
"015 A000019 CHASE MANHATTAN BANK, N.A."
<PAGE> PAGE 4
015 B000019 S
015 C010019 MILAN
015 D010019 ITALY
015 E040019 X
"015 A000020 CHASE MANHATTAN BANK, N.A."
015 B000020 S
015 C010020 TOKYO
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015 A000021 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000021 S
015 C010021 SHANGHAI
015 D010021 CHINA
015 E040021 X
"015 A000022 CHASE MANHATTAN BANK, N.A."
015 B000022 S
015 C010022 KUALA LUMPUR
015 D010022 MALAYSIA
015 E040022 X
015 A000023 ABN-AMRO BANK N.V.
015 B000023 S
015 C010023 AMSTERDAM
015 D010023 NETHERLANDS
015 E040023 X
"015 A000024 NATIONAL AUSTRALIA BANK, LTD."
015 B000024 S
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015 D010024 NEW ZEALAND
015 E040024 X
015 A000025 DEN NORSKE BANK
015 B000025 S
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015 B000026 S
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015 D010026 PAKISTAN
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015 D010027 PHILIPPINES
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"015 A000029 CHASE MANHATTAN BANK, N.A."
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<PAGE> PAGE 5
015 C010029 SINGAPORE
015 D010029 SINGAPORE
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015 C010032 COLOMBO
015 D010032 SRI LANKA
015 E040032 X
015 A000033 SKANDINAVISKA ENSKILDA BANKEN
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015 C010033 STOCKHOLM
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"015 A000036 CHASE MANHATTAN BANK, N.A."
015 B000036 S
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015 E040036 X
"015 A000037 CHASE MANHATTAN BANK, N.A."
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015 D010037 TURKEY
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"015 A000038 CHASE MANHATTAN BANK, N.A."
015 B000038 S
015 C010038 LONDON
015 D010038 UNITED KINGDOM
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015 A000039 CEDEL SA
015 B000039 S
015 C010039 LUXEMBOURG
<PAGE> PAGE 6
015 D010039 LUXEMBOURG
015 E040039 X
"015 A000040 CITIBANK, N.A."
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015 C010040 CARACAS
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015 A000041 BANK HANDLOWY W WARSAWIE SA
015 B000041 S
015 C010041 WARSAW
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015 A000042 FIRST CHICAGO CLEARING CENTRE
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015 C010042 LONDON
015 D010042 UNITED KINGDOM
015 E040042 X
015 A000043 STANDARD BANK OF SOUTH AFRICA
015 B000043 S
015 C010043 JOHANNESBURG
015 D010043 SOUTH AFRICA
015 E040043 X
015 A000044 DEN DANSKE BANK
015 B000044 S
015 C010044 COPENHAGEN
015 D010044 DENMARK
015 E040044 X
015 A000045 HONG KONG AND SHANGHAI BANKING CORP LTD
015 B000045 S
015 C010045 SHENZHEN
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015 E040045 X
015 A000046 KANSALLIS-OSAKE-PANKKI
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015 C010046 HELSINKI
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015 A000047 BANQUE PARIBAS
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015 E040048 X
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015 B000049 S
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<PAGE> PAGE 7
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"015 A000053 CESKOSLOVENSKA OBOHODNI BANKA, A.S."
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015 B000055 S
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015 D010055 ZIMBABWE
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018 000000 Y
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019 C000000 TEMPLETONX
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020 A000002 MORGAN GRENFELL ASIA
020 B000002 THAILAND
020 C000002 51
020 A000003 ICATU
020 B000003 BRAZIL
020 C000003 49
020 A000004 PT MAKINDO
020 B000004 INDONESIA
020 C000004 44
020 A000005 SMITH NEWCOURT
020 B000005 HONG KONG
020 C000005 41
020 A000006 CITICORP VICKERS
<PAGE> PAGE 8
020 B000006 PHILIPPINE
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022 C000003 0
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022 C000005 0
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE JAMES R. BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE TEMPLETON
EMERGING MARKETS FUND, INC. AUGUST 31, 1994 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-END> AUG-31-1994
<INVESTMENTS-AT-COST> 231457012
<INVESTMENTS-AT-VALUE> 363466431
<RECEIVABLES> 1768817
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 365235248
<PAYABLE-FOR-SECURITIES> 81312
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1393883
<TOTAL-LIABILITIES> 1475195
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 181949937
<SHARES-COMMON-STOCK> 15974911
<SHARES-COMMON-PRIOR> 15912142
<ACCUMULATED-NII-CURRENT> 1542948
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 48330834
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 131936334
<NET-ASSETS> 363760053
<DIVIDEND-INCOME> 6129924
<INTEREST-INCOME> 1345030
<OTHER-INCOME> 0
<EXPENSES-NET> 5932006
<NET-INVESTMENT-INCOME> 1542948
<REALIZED-GAINS-CURRENT> 51099159
<APPREC-INCREASE-CURRENT> 42443010
<NET-CHANGE-FROM-OPS> 95085117
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4645083)
<DISTRIBUTIONS-OF-GAINS> (13503973)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 62769
<NET-CHANGE-IN-ASSETS> 78353247
<ACCUMULATED-NII-PRIOR> 4645083
<ACCUMULATED-GAINS-PRIOR> 10735648
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4171409
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5932006
<AVERAGE-NET-ASSETS> 333712587
<PER-SHARE-NAV-BEGIN> 17.94
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 5.87
<PER-SHARE-DIVIDEND> (0.29)
<PER-SHARE-DISTRIBUTIONS> (0.85)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.77
<EXPENSE-RATIO> 2<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>The expense ratio per the Templeton Emerging Markets Fund, Inc. Annual Report
August 31, 1994 is 1.78%.
</FN>
</TABLE>
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Directors and Shareholders
Templeton Emerging Markets Fund, Inc.
In planning and performing our audit of the financial statements of Templeton
Emerging Markets Fund, Inc. for the year ended August 31, 1994, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Templeton Emerging Markets Fund, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safe-
guarding securities, that we consider to be material weaknesses as defined
above as of August 31, 1994.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
McGladrey & Pullen
New York, New York
September 27, 1994
