PAGE 1
000 B000000 03/31/98
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PAGE 2
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PAGE 3
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PAGE 4
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PAGE 5
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PAGE 6
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PAGE 7
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PAGE 8
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PAGE 9
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PAGE 10
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PAGE 11
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PAGE 12
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PAGE 13
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PAGE 14
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PAGE 15
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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 Russia Fund March 31, 1998 annuual report and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000930828
<NAME> TEMPLETON RUSSIA FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 88020306
<INVESTMENTS-AT-VALUE> 148329864
<RECEIVABLES> 8712789
<ASSETS-OTHER> 47980
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 157090633
<PAYABLE-FOR-SECURITIES> 6240241
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 748762
<TOTAL-LIABILITIES> 6989003
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 75381349
<SHARES-COMMON-STOCK> 5357237
<SHARES-COMMON-PRIOR> 5315678
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14410723
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 60309558
<NET-ASSETS> 150101630
<DIVIDEND-INCOME> 530676
<INTEREST-INCOME> 1424589
<OTHER-INCOME> 0
<EXPENSES-NET> (3685554)
<NET-INVESTMENT-INCOME> (1730289)
<REALIZED-GAINS-CURRENT> 24476482
<APPREC-INCREASE-CURRENT> (17201438)
<NET-CHANGE-FROM-OPS> 5544755
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (21010197)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 41559
<NET-CHANGE-IN-ASSETS> (14054961)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 12864945
<OVERDISTRIB-NII-PRIOR> (823046)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2316966)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3685554)
<AVERAGE-NET-ASSETS> 185357391
<PER-SHARE-NAV-BEGIN> 30.88
<PER-SHARE-NII> (0.32)
<PER-SHARE-GAIN-APPREC> 1.41
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (3.95)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.02
<EXPENSE-RATIO> 1.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Board of Directors and Shareholders
Templeton Russia Fund, Inc.
In planning and performing our audit of the financial statements of Templeton
Russia Fund, Inc. for the year ended March 31, 1998, we considered its internal
control, including controls over 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 Russia 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 safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors 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 the
specific internal control component does not reduce to a relatively low level
the risk that errors 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, including
controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of March 31, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/MCGLADREY & PULLEN, LLP
Mew York, New York
April 24, 1998
