TEMPLETON EMERGING MARKETS APPRECIATION FUND INC
NSAR-A, 1996-11-27
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      PAGE  1
000 A000000 09/30/96
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,INC.
001 B000000 811-8362
001 C000000 9545277591
002 A000000 500 EAST BROWARD BOULEVARD
002 B000000 FT. LAUDERDALE
002 C000000 FL
002 D010000 33394
002 D020000 3091
003  000000 N
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 ASSET MANAGEMENT LIMITED
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  2
010 A000002 PRINCETON ADMINISTRATORS, L.P.
010 B000002 8-00000
010 C010002 PLAINSBORO
010 C020002 NY
010 C030002 08536
010 A000003 PAINE WEBBER INC.
010 C010003 NEW YORK
010 C020003 NY
010 C030003 10019
012 A000001 CHASEMELLON SHAREHOLDER SERVICES
012 B000001 84-00000
012 C010001 RIDGEFIELD PARK
012 C020001 NJ
012 C030001 07660
012 C040001 0000
013 A000001 MCGLADREY & PULLEN, LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
013 B040001 2416
015 A000001 THE CHASE MANHATTAN BANK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10081
015 E010001 X
015 A000002 THE CHASE MANHATTAN BANK
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 D020003 2000
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 D020005 1000
015 E040005 X
015 A000006 GENERALE BANK
015 B000006 S
015 C010006 BRUXELLES



      PAGE  3
015 D010006 BELGIUM
015 E040006 X
015 A000007 BANCO CHASE MANHATTAN, SA
015 B000007 S
015 C010007 SAO PAULO
015 D010007 BRAZIL
015 D020007 04719-002
015 E040007 X
015 A000008 THE ROYAL BANK OF CANADA
015 B000008 S
015 C010008 TORONTO
015 D010008 CANADA
015 D020008 M5J 25L
015 E040008 X
015 A000009 CANADA TRUST
015 B000009 S
015 C010009 TORONTO
015 D010009 CANADA
015 D020009 M5J 2T2
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 D020012 1091
015 E040012 X
015 A000013 NATIONAL BANK OF EGYPT
015 B000013 S
015 C010013 CAIRO
015 D010013 EGYPT
015 E040013 X
015 A000014 MERITA BANK KOP
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 D020015 75078



      PAGE  4
015 E040015 X
015 A000016 CHASE BANK AG
015 B000016 S
015 C010016 FRANKFURT
015 D010016 GERMANY
015 D020016 60441
015 E040016 X
015 A000017 BARCLAYS BANK OF GHANA
015 B000017 S
015 C010017 ACCRA
015 D010017 GHANA
015 E040017 X
015 A000018 BARCLAYS BANK PLC
015 B000018 S
015 C010018 ATHENS
015 D010018 GREECE
015 D020018 10562
015 E040018 X
015 A000019 THE CHASE MANHATTAN BANK
015 B000019 S
015 C010019 HONG KONG
015 D010019 HONG KONG
015 E040019 X
015 A000020 CITITRUST BUDAPEST RT
015 B000020 S
015 C010020 BUDAPEST
015 D010020 HUNGARY
015 D020020 1052
015 E040020 X
015 A000021 THE HONG KONG AND SHANGHAI BANKING CORP LTD
015 B000021 S
015 C010021 JAKARTA
015 D010021 INDONESIA
015 D020021 10023
015 E040021 X
015 A000022 BANK OF IRELAND
015 B000022 S
015 C010022 DUBLIN
015 D010022 IRELAND
015 E040022 X
015 A000023 BANK LEUMI LE ISRAEL BM
015 B000023 S
015 C010023 TEL AVIV
015 D010023 ISRAEL
015 D020023 65136
015 E040023 X
015 A000024 THE CHASE MANHATTAN BANK
015 B000024 S
015 C010024 MILAN
015 D010024 ITALY
015 D020024 20121



      PAGE  5
015 E040024 X
015 A000025 THE FUJI BANK LTD.
015 B000025 S
015 C010025 TOKYO
015 D010025 JAPAN
015 D020025 100
015 E040025 X
015 A000026 THE CHASE MANHATTAN BANK
015 B000026 S
015 C010026 KUALA LUMPUR
015 D010026 MALAYSIA
015 D020026 50250
015 E040026 X
015 A000027 THE HONG KONG AND SHANGHAI BANKING CORP LTD
015 B000027 S
015 C010027 CUREPIPE
015 D010027 MAURITIUS
015 E040027 X
015 A000028 THE CHASE MANHATTAN BANK
015 B000028 S
015 C010028 MEXICO CITY
015 D010028 MEXICO
015 D020028 11000
015 E040028 X
015 A000029 DELETE
015 A000030 BANQUE COMMERCIALE DU MAROC
015 B000030 S
015 C010030 CASABLANCA
015 D010030 MOROCCO
015 E040030 X
015 A000031 ABN AMRO NV
015 B000031 S
015 C010031 DE BREDA
015 D010031 NETHERLANDS
015 E040031 X
015 A000032 NATIONAL NOMINEES LIMITED
015 B000032 S
015 C010032 AUCKLAND
015 D010032 NEW ZEALAND
015 E040032 X
015 A000033 DEN NORSKE BANK
015 B000033 S
015 C010033 OSLO
015 D010033 NORWAY
015 E040033 X
015 A000034 CITIBANK N.A.
015 B000034 S
015 C010034 KARACHI
015 D010034 PAKISTAN
015 E040034 X
015 A000035 CITIBANK N.A.



      PAGE  6
015 B000035 S
015 C010035 LIMA
015 D010035 PERU
015 E040035 X
015 A000036 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000036 S
015 C010036 MANILA
015 D010036 PHILIPPINES
015 E040036 X
015 A000037 BANK HANDLOWY W WARSAWIE S.A.
015 B000037 S
015 C010037 WARSAW
015 D010037 POLAND
015 D020037 01-211
015 E040037 X
015 A000038 BANCO ESPIRITO SANTO & COMERCIAL DE LISBOA
015 B000038 S
015 C010038 LISBON
015 D010038 PORTUGAL
015 E040038 X
015 A000039 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000039 S
015 C010039 SHANGHAI
015 D010039 CHINA
015 E040039 X
015 A000040 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000040 S
015 C010040 SHENZHEN
015 D010040 CHINA
015 E040040 X
015 A000041 THE CHASE MANHATTAN BANK
015 B000041 S
015 C010041 SINGAPORE
015 D010041 SINGAPORE
015 D020041 0104
015 E040041 X
015 A000042 CESKOSLOVENSKA OBCHODNI BANKA S.A.
015 B000042 S
015 C010042 BRATISLAVA
015 D010042 SLOVAK REPUBLIC
015 D020042 815 63
015 E040042 X
015 A000043 STANDARD BANK OF SOUTH AFRICA
015 B000043 S
015 C010043 JOHANNESBURG
015 D010043 SOUTH AFRICA
015 D020043 2001
015 E040043 X
015 A000044 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000044 S
015 C010044 SEOUL



      PAGE  7
015 D010044 SOUTH KOREA
015 E040044 X
015 A000045 THE CHASE MANHATTAN BANK
015 B000045 S
015 C010045 MADRID
015 D010045 SPAIN
015 E040045 X
015 A000046 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000046 S
015 C010046 COLOMBO
015 D010046 SRI LANKA
015 E040046 X
015 A000047 SKANDINAVISKA ENSKILDA BANKEN
015 B000047 S
015 C010047 STOCKHOLM
015 D010047 SWEDEN
015 E040047 X
015 A000048 UNION BANK OF SWITZERLAND
015 B000048 S
015 C010048 ZURICH
015 D010048 SWITZERLAND
015 D020048 8021
015 E040048 X
015 A000049 THE CHASE MANHATTAN BANK
015 B000049 S
015 C010049 BANGKOK
015 D010049 THAILAND
015 D020049 10500
015 E040049 X
015 A000050 THE CHASE MANHATTAN BANK
015 B000050 S
015 C010050 ISTANBUL
015 D010050 TURKEY
015 D020050 80700
015 E040050 X
015 A000051 THE CHASE MANHATTAN BANK
015 B000051 S
015 C010051 LONDON
015 D010051 UNITED KINGDOM
015 D020051 EC2P 2HD
015 E040051 X
015 A000052 THE FIRST NATIONAL BANK OF BOSTON
015 B000052 S
015 C010052 MONTEVIDEO
015 D010052 URUGUAY
015 E040052 X
015 A000053 CITIBANK N.A.
015 B000053 S
015 C010053 CARACAS
015 D010053 VENEZUELA
015 D020053 1010



      PAGE  8
015 E040053 X
015 A000054 BARCLAYS BANK OF ZIMBABWE
015 B000054 S
015 C010054 HARARE
015 D010054 ZIMBABWE
015 E040054 X
015 A000055 FIRST CHICAGO CLEARING CENTRE
015 B000055 S
015 C010055 LONDON
015 D010055 UNITED KINGDOM
015 E040055 X
015 A000056 CEDEL SA
015 B000056 S
015 C010056 LUXEMBOURG
015 D010056 LUXEMBOURG
015 E040056 X
015 A000057 AUTRACLEAR RESERVE BANK
015 B000057 S
015 C010057 VIENNA
015 D010057 AUSTRIA
015 E040057 X
015 A000058 BARCLAYS BANK OF ZAMBIA
015 B000058 S
015 C010058 LUSAK
015 D010058 ZAMBIA
015 E040058 X
015 A000059 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000059 S
015 C010059 GABORONE
015 D010059 BOTSWANA
015 E040059 X
015 A000060 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000060 S
015 C010060 BOMBAY
015 D010060 INDIA
015 D020060 400 001
015 E040060 X
015 A000061 BARCLAYS BANK OF KENYA
015 B000061 S
015 C010061 NAIROBI
015 D010061 KENYA
015 E040061 X
015 A000062 CHASE MANHATTAN BANK INTL ("CMBI")
015 B000062 S
015 C010062 MOSCOW
015 D010062 RUSSIA
015 D020062 125047
015 E040062 X
018  000000 Y
019 A000000 Y
019 B000000  193



      PAGE  9
019 C000000 FRNKTEMGRP
020 A000001 MORGAN GRENFELL & CO.
020 B000001 HONG KONG
020 C000001      7
020 A000002 PEREGRINE BROKERAGE INC.
020 B000002 HONG KONG
020 C000002      3
020 A000003 BARING SECURITIES
020 B000003 04-2455153
020 C000003      2
020 A000004 CROSBY SECURITIES INC.
020 B000004 13-3431728
020 C000004      1
020 A000005 PT MAKINDO
020 B000005 INDONESIA
020 C000005      1
020 A000006 ACCIONES Y VALO
020 B000006 MEXICO
020 C000006      1
020 A000007 ARAB MALAYSIAN
020 B000007 MALAYSIA
020 C000007      1
020 A000008 SILVIS BARNARD
020 B000008 SO AFRICA
020 C000008      1
020 A000009 JARDINE FLEMING
020 B000009 HONG KONG
020 C000009      1
020 A000010 GOH OMETRACO
020 B000010 HONG KONG
020 C000010      1
021  000000       24
022 A000001 CHASE MANHATTAN BANK
022 B000001 13-2633612
022 C000001     21774
022 D000001     14141
022 A000002 BEAR STEARNS SECURITIES CORP
022 B000002 13-3299429
022 C000002      3661
022 D000002      5424
022 A000003 J.P. MORGAN INVESTMENT MGMT
022 B000003 13-3224016
022 C000003      6200
022 D000003      1117
022 A000004 FIRST NATIONAL BANK OF BOSTON
022 C000004      2709
022 D000004      1222
022 A000005 INTERNATIONALE NEDERLANDEN INV BANK
022 B000005 NETHERLDS
022 C000005      1101
022 D000005      2786



      PAGE  10
022 A000006 SALOMON BROTHERS INC.
022 B000006 13-3082694
022 C000006       954
022 D000006      2638
022 A000007 DRESDNER BANK
022 B000007 04-2442748
022 C000007      2562
022 D000007       937
022 A000008 HONG KONG & SHANGHAI BANKING
022 B000008 HONG KONG
022 C000008      1828
022 D000008      1411
022 A000009 GENERALE BANK OF NEW YORK
022 B000009 BRUXELLES
022 C000009      2565
022 D000009         0
022 A000010 MORGAN STANLEY & CO INC.
022 B000010 13-2655998
022 C000010      1012
022 D000010      1155
023 C000000      50034
023 D000000      31627
024  000000 N
025 D000001       0
025 D000002       0
025 D000003       0
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028 B030000         0
028 B040000         0
028 C010000         0
028 C020000         0



      PAGE  11
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      PAGE  12
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      PAGE  13
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070 M010000 Y
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      PAGE  14
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      PAGE  15
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      PAGE  16
086 E010000      0
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SIGNATURE   /s/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 SEPTEMBER 30, 1996 SEMI-ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000919166
<NAME> TEMPLETON EMERGING MARKETS APPRECIATION FUND, INC.
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-END>                               SEP-30-1996
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<INVESTMENTS-AT-VALUE>                        59066173
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<ASSETS-OTHER>                                       0
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<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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