PAGE 1
000 A000000 09/30/99
000 C000000 927311
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 VIETNAM AND SOUTHEAST ASIA FUND INC
001 B000000 811-8632
001 C000000 9545277591
002 A000000 500 E. BROWARD BLVD. SUITE 2100
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
PAGE 2
008 A000001 TEMPLETON ASSET MANAGEMENT LIMITED
008 B000001 A
008 C000001 801-00005
008 D010001 SINGAPORE
008 D050001 SINGAPORE
008 D060001 0104
010 A000001 FRANKLIN TEMPLETON SERVICES INC.
010 C010001 FT. LAUDERDALE
010 C020001 FL
010 C030001 33315
012 A000001 PAINE WEBBER INCORPORATED
012 B000001 84-00000
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10005
012 C040001 3628
012 A000002 CHASEMELLON SHAREHOLDER SERVICES
012 B000002 85-0000
012 C010002 RIDGEFIELD PARK
012 C020002 NJ
012 C030002 07606
012 C040002 1938
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
015 A000001 THE CHASE MANHATTAN BANK
015 B000001 C
015 C010001 NEW YORK
PAGE 3
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
015 A000003 THE CHASE MANHATTAN BANK
015 B000003 S
015 C010003 SYDNEY
015 D010003 AUSTRALIA
015 D020003 2000
015 E040003 X
015 A000004 BANK AUSTRIA AG
015 B000004 S
015 C010004 VIENNA
015 D010004 AUSTRIA
015 D020004 A-1011
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 BRUSSELS
015 D010006 BELGIUM
015 D020006 1000
015 E040006 X
015 A000007 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000007 S
015 C010007 GABORONE
015 D010007 BOTSWANA
015 E040007 X
015 A000008 CANADIAN IMPERIAL BANK OF COMMERCE
015 B000008 S
015 C010008 TORONTO
015 D010008 CANADA
015 D020008 M5L 1G9
015 E040008 X
015 A000009 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000009 S
015 C010009 PRAGUE
015 D010009 CZECH REPUBLIC
015 D020009 115 20
015 E040009 X
015 A000010 DEN DANSKE BANK
PAGE 4
015 B000010 S
015 C010010 COPENHAGEN
015 D010010 DENMARK
015 D020010 DK 1091
015 E040010 X
015 A000011 CITIBANK, N.A.
015 B000011 S
015 C010011 CAIRO
015 D010011 EGYPT
015 E040011 X
015 A000012 MERITA BANK LTD
015 B000012 S
015 C010012 HELSINKI
015 D010012 FINLAND
015 E040012 X
015 A000013 BANQUE PARIBAS
015 B000013 S
015 C010013 PARIS
015 D010013 FRANCE
015 D020013 75078
015 E040013 X
015 A000014 DRESDNER BANK AG
015 B000014 S
015 C010014 FRANKFURT
015 D010014 GERMANY
015 E040014 X
015 A000015 BARCLAYS BANK PLC
015 B000015 S
015 C010015 ATHENS
015 D010015 GREECE
015 D020015 10562
015 E040015 X
015 A000016 THE CHASE MANHATTAN BANK
015 B000016 S
015 C010016 HONG KONG
015 D010016 HONG KONG
015 E040016 X
015 A000017 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000017 S
015 C010017 JAKARTA
015 D010017 INDONESIA
015 D020017 10023
015 E040017 X
015 A000018 BANK OF IRELAND
015 B000018 S
015 C010018 DUBLIN
015 D010018 IRELAND
015 D020018 1
015 E040018 X
015 A000019 BANK LEUMI LE-ISRAEL B.M.
015 B000019 S
PAGE 5
015 C010019 TEL AVIV
015 D010019 ISRAEL
015 D020019 61000
015 E040019 X
015 A000020 BANQUE PARIBAS
015 B000020 S
015 C010020 MILAN
015 D010020 ITALY
015 D020020 20121
015 E040020 X
015 A000021 THE FUJI BANK, LIMITED
015 B000021 S
015 C010021 TOKYO
015 D010021 JAPAN
015 E040021 X
015 A000022 THE CHASE MANHATTAN BANK (M) BERHARD
015 B000022 S
015 C010022 KUALA LUMPUR
015 D010022 MALAYSIA
015 D020022 50250
015 E040022 X
015 A000023 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000023 S
015 C010023 PORT LOUIS
015 D010023 MAURITIUS
015 E040023 X
015 A000024 THE CHASE MAHATTAN BANK MEXICO, S.A.
015 B000024 S
015 C010024 MEXICO D.F.
015 D010024 MEXICO
015 D020024 01210
015 E040024 X
015 A000025 BANQUE COMMERCIALE DU MAROC S.A.
015 B000025 S
015 C010025 CASABLANCA
015 D010025 MOROCCO
015 D020025 20000
015 E040025 X
015 A000026 ABN AMRO N.V.
015 B000026 S
015 C010026 DE BREDA
015 D010026 NETHERLANDS
015 D020026 4800
015 E040026 X
015 A000027 NATIONAL NOMINEES LIMITED
015 B000027 S
015 C010027 AUCKLAND
015 D010027 NEW ZEALAND
015 E040027 X
015 A000028 DEN NORSKE BANK ASA
015 B000028 S
PAGE 6
015 C010028 OSLO
015 D010028 NORWAY
015 D020028 N-0107
015 E040028 X
015 A000029 THE HONGKONK AND SHANGHAI BANKING CORP. LTD
015 B000029 S
015 C010029 PASIG CITY
015 D010029 PHILIPPINES
015 E040029 X
015 A000030 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA SA
015 B000030 S
015 C010030 LISBON
015 D010030 PORTUGAL
015 D020030 1250
015 E040030 X
015 A000031 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000031 S
015 C010031 SHANGHAI
015 D010031 CHINA
015 D020031 200120
015 E040031 X
015 A000032 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000032 S
015 C010032 SHENZHEN
015 D010032 CHINA
015 E040032 X
015 A000033 STANDARD CHARTERED BANK
015 B000033 S
015 C010033 SINGAPORE
015 D010033 SINGAPORE
015 D020033 049909
015 E040033 X
015 A000034 THE STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000034 S
015 C010034 JOHANNESBURG
015 D010034 SOUTH AFRICA
015 E040034 X
015 A000035 THE CHASE MANHATTAN BANK CMB, S.A.
015 B000035 S
015 C010035 MADRID
015 D010035 SPAIN
015 D020035 28046
015 E040035 X
015 A000036 BARCLAYS BANK OF GHANA LIMITED
015 B000036 S
015 C010036 ACCRA
015 D010036 GHANA
015 E040036 X
015 A000037 SKANDINAVISKA ENSKILDA BANKEN
015 B000037 S
015 C010037 STOCKHOLM
PAGE 7
015 D010037 SWEDEN
015 D020037 S-106 40
015 E040037 X
015 A000038 UBS AG
015 B000038 S
015 C010038 ZURICH
015 D010038 SWITZERLAND
015 D020038 8021
015 E040038 X
015 A000039 THE CHASE MANHATTAN BANK
015 B000039 S
015 C010039 BANGKOK
015 D010039 THAILAND
015 D020039 10500
015 E040039 X
015 A000040 THE CHASE MANHATTAN BANK
015 B000040 S
015 C010040 LONDON
015 D010040 UNITED KINGDOM
015 D020040 EC2N 4AJ
015 E040040 X
015 A000041 BANKBOSTON, N.A.
015 B000041 S
015 C010041 MONTEVIDEO
015 D010041 URUGUAY
015 E040041 X
015 A000042 CITIBANK, N.A.
015 B000042 S
015 C010042 SAO PAULO
015 D010042 BRAZIL
015 D020042 SP 01311-920
015 E040042 X
015 A000043 BARCLAYS BANK OF ZIMBABWE LIMITED
015 B000043 S
015 C010043 HARARE
015 D010043 ZIMBABWE
015 E040043 X
015 A000044 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000044 S
015 C010044 BRATISLAVA
015 D010044 SLOVAK REPUBLIC
015 D020044 815 63
015 E040044 X
015 A000045 THE CYPRUS POPULAR BANK LTD.
015 B000045 S
015 C010045 NICOSIA
015 D010045 CYPRUS
015 D020045 CY-1598
015 E040045 X
015 A000046 CEDEL BANK S.A.
015 B000046 S
PAGE 8
015 C010046 LUXEMBOURG
015 D010046 LUXEMBOURG
015 E040046 X
015 A000047 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000047 S
015 C010047 SEOUL
015 D010047 SOUTH KOREA
015 E040047 X
015 A000048 DELETE
015 A000049 EUROCLEAR
015 B000049 S
015 C010049 BRUSSELS
015 D010049 BELGIUM
015 D020049 B-1210
015 E040049 X
015 A000050 THE BANK OF BERMUDA LIMITED
015 B000050 S
015 C010050 HAMILTON
015 D010050 BERMUDA
015 D020050 HMDX
015 E040050 X
015 A000051 CITIBANK BUDAPEST RT.
015 B000051 S
015 C010051 BUDAPEST
015 D010051 HUNGARY
015 D020051 H-1051
015 E040051 X
015 A000052 CITIBANK, N.A.
015 B000052 S
015 C010052 LIMA
015 D010052 PERU
015 D020052 27
015 E040052 X
015 A000053 BANK HANDLOWY W. WARSZAWIE S.A.
015 B000053 S
015 C010053 WARSAW
015 D010053 POLAND
015 D020053 00-950
015 E040053 X
015 A000054 BARCLAYS BANK OF KENYA LIMITED
015 B000054 S
015 C010054 NAIROBI
015 D010054 KENYA
015 E040054 X
015 A000055 BARCLAYS BANK OF ZAMBIA LIMITED
015 B000055 S
015 C010055 LUSAKA
015 D010055 ZAMBIA
015 E040055 X
015 A000056 BANQUE GENERALE DU LUXEMBOURG S.A.
015 B000056 S
PAGE 9
015 C010056 LUXEMBOURG
015 D010056 LUXEMBOURG
015 D020056 L-2951
015 E040056 X
015 A000057 STANDARD BANK NAMIBIA LIMITED
015 B000057 S
015 C010057 WINDHOEK
015 D010057 NAMIBIA
015 E040057 X
015 A000058 HSBC BANK OF MIDDLE EAST
015 B000058 S
015 C010058 MUSCAT
015 D010058 OMAN
015 E040058 X
015 A000059 THE CHASE MANHATTAN BANK
015 B000059 S
015 C010059 TAIPEI
015 D010059 TAIWAN
015 E040059 X
015 A000060 CITIBANK, N.A.
015 B000060 S
015 C010060 QUITO
015 D010060 ECUADOR
015 E040060 X
015 A000061 THE FIRST NATIONAL BANK OF CHICAGO
015 B000061 S
015 C010061 LONDON
015 D010061 UNITED KINGDOM
015 D020061 NW1 3FN
015 E040061 X
015 A000062 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE
015 B000062 S
015 C010062 ABIDJAN
015 D010062 IVORY COAST
015 D020062 01
015 E040062 X
018 000000 Y
019 A000000 Y
019 B000000 234
019 C000000 FRNKTEMGRP
020 A000001 UBS
020 B000001 ENGLAND
020 C000001 46
020 A000002 ABN AMRO
020 B000002 13-3227945
020 C000002 19
020 A000003 CHEUVREUX DE VIRIEU CARR
PAGE 10
020 B000003 HONG KONG
020 C000003 19
020 A000004 JARDINE FLEMING
020 B000004 SINGAPORE
020 C000004 14
020 A000005 BANQUE NATL DE PARIS
020 B000005 FRANCE
020 C000005 12
020 A000006 ING BARINGS FURMAN SELZ
020 B000006 39-6037917
020 C000006 9
020 A000007 GOLDMAN SACHS
020 B000007 13-5108880
020 C000007 7
020 A000008 SALMON SMITH BARNEY
020 B000008 ARGENTINA
020 C000008 7
020 A000009 MORGAN STANLEY
020 B000009 INDIA
020 C000009 6
020 A000010 SASSOON SECURITIES
020 B000010 SINGAPORE
020 C000010 6
021 000000 159
022 A000001 CHASE MANHATTAN BANK
022 B000001 13-3112953
022 C000001 3897
022 D000001 4286
022 A000002 HONGKONG AND SHANGHAI BANK
022 B000002 13-2650272
022 C000002 2103
022 D000002 4043
022 A000003 FIRST TENNESSEE BANK
022 B000003 62-0201385
022 C000003 2010
022 D000003 679
022 A000004 DEUTCHE BANK SECURITIES
022 B000004 13-1939216
022 C000004 1466
022 D000004 835
022 A000005 SALMON SMITH BARNEY
022 B000005 ARGENTINA
022 C000005 790
022 D000005 0
022 A000006 MERRILL LYNCH
022 B000006 BRAZIL
022 C000006 621
022 D000006 99
022 A000007 LEHMAN BROTHERS
022 B000007 13-2518466
022 C000007 0
PAGE 11
022 D000007 555
022 A000008 CREDIT LYONNAIS
022 B000008 13-2674617
022 C000008 0
022 D000008 471
022 A000009 ABN AMRO
022 B000009 13-3227945
022 C000009 0
022 D000009 284
022 A000010 CS FIRST BOSTON
022 B000010 NEW ZEALAN
022 C000010 0
022 D000010 21
023 C000000 10888
023 D000000 11289
024 000000 N
025 A000001 0
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
PAGE 12
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
PAGE 13
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.350
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
PAGE 14
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
PAGE 15
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 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 18866
071 B000000 19010
071 C000000 51241
071 D000000 37
072 A000000 6
072 B000000 26
072 C000000 298
072 D000000 0
072 E000000 0
072 F000000 404
072 G000000 80
072 H000000 0
072 I000000 6
072 J000000 20
072 K000000 0
072 L000000 57
072 M000000 0
072 N000000 9
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 56
072 S000000 45
PAGE 16
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 1
072 X000000 678
072 Y000000 43
072 Z000000 -311
072AA000000 5346
072BB000000 6423
072CC010000 10331
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 2001
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 833
074 F000000 41307
074 G000000 0
074 H000000 0
074 I000000 6640
074 J000000 89
074 K000000 0
074 L000000 62
074 M000000 0
074 N000000 50932
074 O000000 1062
074 P000000 65
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 247
074 S000000 0
074 T000000 49558
074 U010000 4681
074 U020000 0
074 V010000 10.59
074 V020000 0.00
074 W000000 0.0000
074 X000000 242
074 Y000000 0
075 A000000 0
075 B000000 53720
076 000000 8.63
PAGE 17
077 A000000 Y
077 K000000 Y
077 O000000 Y
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 88022J107
087 A030000 TVF
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
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
VIETNAM AND SOUTHEAST ASIA FUND, INC. SEPTEMBER 30, 1999 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000927311
<NAME> TEMPLETON VIETNAM AND SOUTHEAST ASIA FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 56044701
<INVESTMENTS-AT-VALUE> 48779626
<RECEIVABLES> 150971
<ASSETS-OTHER> 2000808
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 50931405
<PAYABLE-FOR-SECURITIES> 1061580
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312071
<TOTAL-LIABILITIES> 1373651
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85747756
<SHARES-COMMON-STOCK> 4681173
<SHARES-COMMON-PRIOR> 4681173
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (310897)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (28614030)
<ACCUM-APPREC-OR-DEPREC> (7265075)
<NET-ASSETS> 49557754
<DIVIDEND-INCOME> 297510
<INTEREST-INCOME> 26239
<OTHER-INCOME> 0
<EXPENSES-NET> (634646)
<NET-INVESTMENT-INCOME> (310897)
<REALIZED-GAINS-CURRENT> (1077343)
<APPREC-INCREASE-CURRENT> 10331433
<NET-CHANGE-FROM-OPS> 8943193
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8943193
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (27536687)
<GROSS-ADVISORY-FEES> (404003)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (677524)
<AVERAGE-NET-ASSETS> 53719888
<PER-SHARE-NAV-BEGIN> 8.68
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> 1.98
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.59
<EXPENSE-RATIO> 2.36<F1>
<FN>
<F1>Expense ratio excluding waiver and payments by affiliates is 2.52% and is
annualized.
</FN>
</TABLE>
EXHIBIT 77-K CHANGE IN INDEPENDENT ACCOUNTANTS
On August 13, 1999, McGladrey & Pullen, LLP (McGladrey) resigned as independent
auditors of the Fund pursuant to an agreement by PricewaterhouseCoopers LLP
(PwC) to acquire McGladrey's investment company practice. The McGladrey partners
and professionals serving the Fund at the time of the acquisition joined PwC.
The reports of McGladrey on the financial statements of the Fund during the past
two fiscal years contained no adverse opinion or disclaimer of opinion, and were
not qualified or modified as to uncertainty, audit scope or accounting
principles. In connection with its audits for the two most recent fiscal years
and through August 13, 1999, there were no disagreements with McGladrey on any
matter of accounting principle or practices, financial statement disclosure, or
auditing scope or procedure, which disagreements, if not resolved to the
satisfaction of McGladrey would have caused it to make reference to the subject
matter of disagreement in connection with its report. On October 21, 1999, the
Fund, with the approval of its Board of Directors and its Audit Committee,
engaged PwC as its independent auditors."
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street
Washington D.C. 20549
We were previously the independent accountants for Templeton Vietnam and
Southeast Asia Fund, Inc. We have read their notification of change in
independent accountants made in Item 77K of Form N-SAR. We agree with the
statements in the filing.
/s/MCGLADREY & PULLEN, LLP
New York, New York
November 29, 1999
