PAGE
PAGE 1
000 B000000 03/31/99
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 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
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007 C010800 8
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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 FRANKLIN TEMPLETON SERVICES INC.
010 C010001 FT. LAUDERDALE
010 C020001 FL
010 C030001 33394
010 C040001 3091
010 A000002 PRINCETON ADMINISTRATORS, L.P.
PAGE
PAGE 2
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 CHASE MELLON 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 D020002 1061
015 E040002 X
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015 B000003 S
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015 D010003 AUSTRALIA
015 D020003 2000
015 E040003 X
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015 D010004 AUSTRIA
015 D020004 A-1011
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015 A000006 STANDARD CHARTERED BANK
015 B000006 S
015 C010006 DHAKA
PAGE
PAGE 3
015 D010006 BANGLADESH
015 D020006 1000
015 E040006 X
015 A000007 GENERALE BANK
015 B000007 S
015 C010007 BRUSSELS
015 D010007 BELGIUM
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015 E040007 X
015 A000008 THE BANK OF BERMUDA LTD
015 B000008 S
015 C010008 HAMILTON
015 D010008 BERMUDA
015 E040008 X
015 A000009 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000009 S
015 C010009 GABORONE
015 D010009 BOTSWANA
015 E040009 X
015 A000010 CITIBANK, N.A.
015 B000010 S
015 C010010 SAO PAULO
015 D010010 BRAZIL
015 D020010 SP 01311-920
015 E040010 X
015 A000011 CANADA TRUST
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015 D020011 M5J 2T2
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015 A000013 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000013 S
015 C010013 SHANGHAI
015 D010013 CHINA
015 D020013 200120
015 E040013 X
015 A000014 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000014 S
015 C010014 SHENZHEN
015 D010014 CHINA
015 E040014 X
015 A000015 CITITRUST COLOMBIA S.A.
015 B000015 S
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PAGE
PAGE 4
015 D010015 COLOMBIA
015 E040015 X
015 A000016 BARCLAYS BANK PLC
015 B000016 S
015 C010016 NICOSIA
015 D010016 CYPRUS
015 D020016 1644
015 E040016 X
015 A000017 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
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015 C010017 PRAHA
015 D010017 CZECH REPUBLIC
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015 E040017 X
015 A000018 DEN DANSKE BANK
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PAGE
PAGE 5
015 A000025 BANQUE PARIBAS
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015 D010029 HONG KONG
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PAGE
PAGE 6
015 A000034 BANK LEUMI LE-ISRAEL B.M.
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015 A000043 HONGKONG BANK SECURITIES CUSTODIAL SERVICES
PAGE
PAGE 7
015 B000043 S
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PAGE
PAGE 8
015 C010052 LIMA
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PAGE
PAGE 9
015 C010061 SEOUL
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015 A000062 THE CHASE MANHATTAN BANK
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PAGE
PAGE 10
015 D010070 UNITED KINGDOM
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PAGE
PAGE 11
020 A000003 MORGAN STANLEY, DEAN WITTER
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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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PAGE
PAGE 15
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PAGE
PAGE 16
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PAGE 17
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PAGE
PAGE 18
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SIGNATURE /s/JAMES R. BAIO
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 MARCH 31, 1999 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> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 60033201
<INVESTMENTS-AT-VALUE> 51708836
<RECEIVABLES> 657030
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52365866
<PAYABLE-FOR-SECURITIES> 262294
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<SHARES-COMMON-PRIOR> 4384710
<ACCUMULATED-NII-CURRENT> 718779
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<OVERDISTRIBUTION-GAINS> (1688448)
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<DIVIDEND-INCOME> 986568
<INTEREST-INCOME> 2420873
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</TABLE>
The Board of Directors and Shareholders
Templeton Emerging Markets Appreciation Fund, Inc.
In planning and performing our audit of the financial statements of Templeton
Emerging Markets Appreciation Fund, Inc. for the year ended March 31, 1999, we
considered its internal control, including control activities 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 internal control.
The management of Templeton Emerging Markets Appreciation Fund, Inc. is
responsible for establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls include
the safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and may not be detected. Also, projection of any evaluation of internal control
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 internal control would not necessarily disclose all matters
in internal control 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 one or more
of the internal control component does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
March 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors, and the Securities and Exchange Commission.
/s/MCGLADREY & PULLEN, LLP
New York, New York
April 30, 1999
