<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE TEMPLETON
EMERGING MARKETS APPRECIATION FUND, INC. SEPTEMBER 30, 2000 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-31-2001
<PERIOD-END> SEP-30-2000
<INVESTMENTS-AT-COST> 56464004
<INVESTMENTS-AT-VALUE> 52928891
<RECEIVABLES> 2471516
<ASSETS-OTHER> 66949
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 55467356
<PAYABLE-FOR-SECURITIES> 1319847
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 228295
<TOTAL-LIABILITIES> 1548142
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58991332
<SHARES-COMMON-STOCK> 4178410
<SHARES-COMMON-PRIOR> 4384710
<ACCUMULATED-NII-CURRENT> 1372054
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2907606)
<ACCUM-APPREC-OR-DEPREC> (3536566)
<NET-ASSETS> 53919214
<DIVIDEND-INCOME> 422080
<INTEREST-INCOME> 1544690
<OTHER-INCOME> 0
<EXPENSES-NET> (562444)
<NET-INVESTMENT-INCOME> 1404326
<REALIZED-GAINS-CURRENT> 1644537
<APPREC-INCREASE-CURRENT> (10046618)
<NET-CHANGE-FROM-OPS> (6997755)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (580974)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (206300)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (9585462)
<ACCUMULATED-NII-PRIOR> 548702
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4552143)
<GROSS-ADVISORY-FEES> (362198)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (562444)
<AVERAGE-NET-ASSETS> 57793285
<PER-SHARE-NAV-BEGIN> 14.48
<PER-SHARE-NII> 0.33<F1>
<PER-SHARE-GAIN-APPREC> (1.78)<F2>
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.90
<EXPENSE-RATIO> 1.94<F3>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THIS AMOUNT INCLUDES CAPITAL SHARE REPURCHASES OF $0.18.
<F3>ANNUALIZED.
</FN>
</TABLE>
