<PAGE> PAGE 1
000 A000000 09/30/94
000 C000000 919166
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 TEMPLETON EMERGING MARKETS APPRECIATION FUND
001 B000000 811-8362
001 C000000 3055277591
002 A000000 500 EAST BROWARD BOULEVARD
002 B000000 FT LAUDERDALE
002 C000000 FL
002 D010000 33394
002 D020000 3091
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 TEMPLETON INVESTMENT MANAGEMENT (HONGKONG)LTD
008 B000001 A
008 C000001 801-42967
008 D010001 HONG KONG
008 D050001 HONG KONG
008 A000002 TEMPLETON INVESTMENT COUNSEL INC
008 B000002 S
008 C000002 801-15125
008 D010002 FT LAUDERDALE
008 D020002 FL
008 D030002 33394
008 D040002 3091
010 A000001 TEMPLETON GLOBAL INVESTORS INC
010 B000001 8-31192
010 C010001 FT LAUDERDALE
010 C020001 FL
010 C030001 33394
010 C040001 3091
<PAGE> PAGE 2
"010 A000002 PRINCETON ADMINISTRATORS, L.P."
010 B000002 8-00000
010 C010002 PLAINSBORO
010 C020002 NJ
010 C030002 08536
"011 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC."
011 B000001 8-72210
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10281
012 A000001 MELLON FINANCIAL SERVICES
012 B000001 84-00000
012 C010001 RIDGEFIELD PARK
012 C020001 NJ
012 C030001 07660
012 C040001 0000
013 A000001 MC GLADREY AND PULLEN
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
013 B040001 2416
"015 A000001 THE CHASE MANHATTAN BANK, NA"
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10081
015 E010001 X
"015 A000002 THE CHASE MANHATTAN BANK, NA"
015 B000002 S
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 E040002 X
015 A000003 THE CHASE MANHATTAN BANK AUSTRALIA LTD
015 B000003 S
015 C010003 NEW SOUTH WALES
015 D010003 AUSTRALIA
015 E040003 X
015 A000004 CREDITANSTALT - BANKVEREIN
015 B000004 S
015 C010004 VIENNA
015 D010004 AUSTRIA
015 E040004 X
015 A000005 STANDARD CHARTERED BANK
015 B000005 S
015 C010005 DHAKA
015 D010005 BANGLADESH
015 E040005 X
015 A000006 GENERALE BANK
015 B000006 S
015 C010006 BRUXELLES
015 D010006 BELGIUM
<PAGE> PAGE 3
015 E040006 X
"015 A000007 BANCO CHASE MANHATTAN, SA"
015 B000007 S
015 C010007 SAO PAULO
015 D010007 BRAZIL
015 E040007 X
015 A000008 THE ROYAL BANK OF CANADA
015 B000008 S
015 C010008 TORONTO
015 D010008 CANADA
015 E040008 X
015 A000009 CANADA TRUST
015 B000009 S
015 C010009 TORONTO
015 D010009 CANADA
015 E040009 X
"015 A000010 CITITRUST COLOMBIA, SA"
015 B000010 S
015 C010010 SANTAFE DE BOGOTA
015 D010010 COLOMBIA
015 E040010 X
"015 A000011 CESKOSLOVENSKA OBEHODNI BANKA, AS"
015 B000011 S
015 C010011 PRAHA
015 D010011 CZECH REPUBLIC
015 E040011 X
015 A000012 DEN DANSKE BANK
015 B000012 S
015 C010012 COPENHAGEN
015 D010012 DENMARK
015 E040012 X
015 A000013 NATIONAL BANK OF EGYPT
015 B000013 S
015 C010013 CAIRO
015 D010013 EGYPT
015 E040013 X
015 A000014 KANSALLIS-OSAKE-PANKKI
015 B000014 S
015 C010014 HELSINKI
015 D010014 FINLAND
015 E040014 X
015 A000015 BANQUE PARIBAS
015 B000015 S
015 C010015 PARIS
015 D010015 FRANCE
015 E040015 X
015 A000016 CHASE BANK AG
015 B000016 S
015 C010016 FRANKFURT
015 D010016 GERMANY
015 E040016 X
<PAGE> PAGE 4
015 A000017 BARCLAYS BANK PLC
015 B000017 S
015 C010017 ATHENS
015 D010017 GREECE
015 E040017 X
"015 A000018 THE CHASE MANHATTAN BANK, NA"
015 B000018 S
015 C010018 HONG KONG
015 D010018 HONG KONG
015 E040018 X
015 A000019 CITIBANK BUDAPEST RT
015 B000019 S
015 C010019 BUDAPEST
015 D010019 HUNGARY
015 E040019 X
015 A000020 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000020 S
015 C010020 JAKARTA
015 D010020 INDONESIA
015 E040020 X
015 A000021 BANK OF IRELAND
015 B000021 S
015 C010021 DUBLIN
015 D010021 IRELAND
015 E040021 X
015 A000022 BANK LEUMI LE-ISRAEL BM
015 B000022 S
015 C010022 TEL AVIV
015 D010022 ISRAEL
015 E040022 X
"015 A000023 THE CHASE MANHATTAN BANK, NA"
015 B000023 S
015 C010023 MILAN
015 D010023 ITALY
015 E040023 X
"015 A000024 THE CHASE MANHATTAN BANK, NA"
015 B000024 S
015 C010024 TOKYO
015 D010024 JAPAN
015 E040024 X
"015 A000025 THE CHASE MANHATTAN BANK, NA"
015 B000025 S
015 C010025 KUALA LUMPUR
015 D010025 MALAYSIA
015 E040025 X
015 A000026 THE HONG KONG AND SHANHAI BANKING CORP LTD
015 B000026 S
015 C010026 MAURITIUS
015 D010026 MAURITIUS
015 E040026 X
"015 A000027 THE CHASE MANHATTAN BANK, NA"
<PAGE> PAGE 5
015 B000027 S
015 C010027 MEXICO CITY
015 D010027 MEXICO
015 E040027 X
015 A000028 BANQUE COMMERCIALE DU MAROC
015 B000028 S
015 C010028 CASABLANCA
015 D010028 MOROCCO
015 E040028 X
015 A000029 ABN AMRO NV
015 B000029 S
015 C010029 DE BREDA
015 D010029 NETHERLANDS
015 E040029 X
015 A000030 NATIONAL NOMIEES LIMITED
015 B000030 S
015 C010030 AUCKLAND
015 D010030 NEW ZEALAND
015 E040030 X
015 A000031 DEN NORSKE BANK
015 B000031 S
015 C010031 OSLO
015 D010031 NORWAY
015 E040031 X
015 A000032 CITIBANK NA
015 B000032 S
015 C010032 KARACHI
015 D010032 PAKISTAN
015 E040032 X
015 A000033 CITIBANK NA
015 B000033 S
015 C010033 LIMA
015 D010033 PERU
015 E040033 X
015 A000034 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000034 S
015 C010034 MANILA
015 D010034 PHILIPPINES
015 E040034 X
015 A000035 BANK HANDLOWY W WARSAWIE SA
015 B000035 S
015 C010035 WARSAW
015 D010035 POLAND
015 E040035 X
015 A000036 BANCO ESPIRITO SANTO & COMERCIAL DE LISBOA
015 B000036 S
015 C010036 LISBON
015 D010036 PORTUGAL
015 E040036 X
015 A000037 THE HONGKONG AND SHAGHAI BANKING CORP LTD
015 B000037 S
<PAGE> PAGE 6
015 C010037 SHANGHAI
015 D010037 CHINA
015 E040037 X
015 A000038 THE HONGKONG AND SHAGHAI BANKING CORP LTD
015 B000038 S
015 C010038 SHENZHEN
015 D010038 CHINA
015 E040038 X
"015 A000039 THE CHASE MANHATTAN BANK, NA"
015 B000039 S
015 C010039 SINGAPORE
015 D010039 SINGAPORE
015 E040039 X
015 A000040 STANDARD BANK OF SOUTH AFRICA
015 B000040 S
015 C010040 JOHANNESBURG
015 D010040 SOUTH AFRICA
015 E040040 X
015 A000041 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000041 S
015 C010041 SEOUL
015 D010041 SOUTH KOREA
015 E040041 X
"015 A000042 THE CHASE MANHATTAN BANK, NA"
015 B000042 S
015 C010042 MADRID
015 D010042 SPAIN
015 E040042 X
015 A000043 SKANDINAVISKA ENSKILDA BANKEN
015 B000043 S
015 C010043 STOCKHOLM
015 D010043 SWEDEN
015 E040043 X
015 A000044 UNION BANK OF SWITZERLAND
015 B000044 S
015 C010044 ZURICH
015 D010044 SWITZERLAND
015 E040044 X
"015 A000045 THE CHASE MANHATTAN BANK, NA"
015 B000045 S
015 C010045 BANGKOK
015 D010045 THAILAND
015 E040045 X
"015 A000046 THE CHASE MANHATTAN BANK, NA"
015 B000046 S
015 C010046 ISTANBUL
015 D010046 TURKEY
015 E040046 X
"015 A000047 THE CHASE MANHATTAN BANK, NA"
015 B000047 S
015 C010047 LONDON
<PAGE> PAGE 7
015 D010047 UNITED KINGDOM
015 E040047 X
015 A000048 THE FIRST NATIONAL BANK OF BOSTON
015 B000048 S
015 C010048 MONTEVIDEO
015 D010048 URUGUAY
015 E040048 X
015 A000049 CITIBANK NA
015 B000049 S
015 C010049 CARACAS
015 D010049 VENEZUELA
015 E040049 X
015 A000050 BARCLAYS BANK OF ZIMBABWE
015 B000050 S
015 C010050 HARARE
015 D010050 ZIMBABWE
015 E040050 X
015 A000051 CEDEL SA
015 B000051 S
015 C010051 LUXEMBOURG
015 D010051 LUXEMBOURG
015 E040051 X
015 A000052 FIRST CHICAGO CLEARING CENTRE
015 B000052 S
015 C010052 LONDON
015 D010052 UNITED KINGDOM
015 E040052 X
015 A000053 RESERVE BANK
015 B000053 S
015 C010053 VIENNA
015 D010053 AUSTRIA
015 E040053 X
018 000000 Y
019 A000000 Y
019 B000000 34
019 C000000 TEMPLETONX
"020 A000001 HOENIG & CO., INC."
020 B000001 13-2656060
020 C000001 20
"020 A000002 CHASE MANHATTAN BANK, NA"
020 B000002 13-2633612
020 C000002 15
020 A000003 ACCIONES Y VALORES
020 B000003 MEXICO
020 C000003 14
020 A000004 GLOBAL SECURITIES INC
020 B000004 HONG KONG
020 C000004 13
020 A000005 SMITH NEWCOURT SECURITIES
020 B000005 13-3169769
020 C000005 10
<PAGE> PAGE 8
020 A000006 BARING SECURITIES
020 B000006 04-2455153
020 C000006 9
"020 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC."
020 B000007 13-5674085
020 C000007 9
020 A000008 MORGAN GRENFELL & CO
020 B000008 HONG KONG
020 C000008 8
020 A000009 SBC FINANCE
020 B000009 HONG KONG
020 C000009 7
020 A000010 ARAB MALAYSIAN SECURITIES
020 B000010 MALAYSIA
020 C000010 6
021 000000 177
"022 A000001 CHASE MANHATTAN BANK, NA"
022 B000001 13-2633612
022 C000001 130239
022 D000001 38673
"022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC"
022 B000002 13-5674085
022 C000002 66724
022 D000002 0
022 A000003 SALOMON BROTHERS
022 B000003 13-3082694
022 C000003 3698
022 D000003 2513
022 A000004 GOLDMAN SACHS & CO
022 B000004 13-5108880
022 C000004 2365
022 D000004 1356
"022 A000005 KIDDER PEABODY & CO, INC"
022 B000005 13-5650440
022 C000005 2209
022 D000005 0
022 A000006 CHEMICAL BANK
022 B000006 13-4994650
022 C000006 1959
022 D000006 0
022 A000007 BEAR STEARNS & CO
022 B000007 13-3299429
022 C000007 1817
022 D000007 0
022 A000008 JP MORGAN SECURITIES
022 B000008 13-3224016
022 C000008 727
022 D000008 920
022 A000009 JAMES CAPEL & CO
022 B000009 52-1348224
022 C000009 923
<PAGE> PAGE 9
022 D000009 0
022 A000010 CS FIRST BOSTON CORP
022 B000010 13-5659485
022 C000010 748
022 D000010 0
023 C000000 226502
023 D000000 50467
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
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026 B000000 Y
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026 H000000 Y
027 000000 N
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<PAGE> PAGE 10
028 G020000 0
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030 C000000 0.00
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048 K020000 0.000
049 000000 N
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054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
<PAGE> PAGE 11
054 E000000 N
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062 N000000 0.0
062 O000000 0.0
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062 R000000 0.0
063 A000000 0
063 B000000 0.0
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066 B000000 N
066 C000000 Y
066 D000000 N
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066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
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<PAGE> PAGE 12
070 A010000 Y
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070 B010000 Y
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070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 60170
071 B000000 8345
071 C000000 37984
071 D000000 22
072 A000000 6
072 B000000 1111
072 C000000 174
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072 G000000 58
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072 J000000 73
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<PAGE> PAGE 13
072 L000000 27
072 M000000 40
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074 D000000 19746
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074 F000000 35454
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074 K000000 0
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074 N000000 65931
074 O000000 2996
074 P000000 321
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074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 305
074 S000000 0
074 T000000 62309
074 U010000 4232
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<PAGE> PAGE 14
074 V010000 14.72
074 V020000 0.00
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074 X000000 317
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087 A020000 880190103
087 A030000 TEA
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE JAMES R BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON EMERGING MARKETS APPRECIATION FUND, INC. SEPTEMBER 30, 1994
SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1994
<PERIOD-END> SEP-30-1994<F1>
<INVESTMENTS-AT-COST> 60931019
<INVESTMENTS-AT-VALUE> 62999406
<RECEIVABLES> 2023011
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 908826
<TOTAL-ASSETS> 65931243
<PAYABLE-FOR-SECURITIES> 2995784
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 626475
<TOTAL-LIABILITIES> 3622259
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59272918
<SHARES-COMMON-STOCK> 4232093
<SHARES-COMMON-PRIOR> 7093
<ACCUMULATED-NII-CURRENT> 775997
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 204264
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2055805
<NET-ASSETS> 62308984
<DIVIDEND-INCOME> 174270
<INTEREST-INCOME> 1111145
<OTHER-INCOME> 0
<EXPENSES-NET> 509418
<NET-INVESTMENT-INCOME> 775997
<REALIZED-GAINS-CURRENT> 204264
<APPREC-INCREASE-CURRENT> 2055805
<NET-CHANGE-FROM-OPS> 3036066
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4225000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 62208973
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 294524
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 544071
<AVERAGE-NET-ASSETS> 58546747
<PER-SHARE-NAV-BEGIN> 14.01<F2>
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> .53
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.72
<EXPENSE-RATIO> 2.05<F3>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>APRIL 29, 1994 WAS COMMENCEMENT OF OPERATIONS FOR THE FUND.
<F2>INCLUDES $.09 REDUCTION DUE TO UNDERWRITING EXPENSES DEDUCTED
FROM CAPITAL.
<F3>EXPENSE RATIO WITHOUT FEE WAIVER EQUALS 2.19%.
</FN>
</TABLE>
