PAGE 1
000 A000000 09/30/99
000 C000000 0000930828
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002 C000000 FL
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PAGE 2
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PAGE 3
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PAGE 4
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PAGE 5
015 D020025 10023
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PAGE 6
015 D010034 MAURITIUS
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PAGE 7
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015 A000053 THE CHASE MANHATTAN BANK
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PAGE 8
015 C010053 LONDON
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015 A000054 BANK BOSTON, N.A.
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015 A000055 BARCLAYS BANK OF ZAMBIA LTD
015 B000055 S
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015 D020057 EE0001
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PAGE 9
015 C010062 BUCHAREST
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PAGE 10
022 A000004 HONGKONG AND SHANGHAI BANK
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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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PAGE 16
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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
Russia Fund, Inc. September 30, 1999 semi-annual report and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000930828
<NAME> TEMPLETON RUSSIA FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 59631029
<INVESTMENTS-AT-VALUE> 51974876
<RECEIVABLES> 328970
<ASSETS-OTHER> 207950
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52511796
<PAYABLE-FOR-SECURITIES> 765206
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 221716
<TOTAL-LIABILITIES> 986922
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76501984
<SHARES-COMMON-STOCK> 5415714
<SHARES-COMMON-PRIOR> 5408819
<ACCUMULATED-NII-CURRENT> 1269354
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (18589404)
<ACCUM-APPREC-OR-DEPREC> (7657060)
<NET-ASSETS> 51524874
<DIVIDEND-INCOME> 176325
<INTEREST-INCOME> 1815081
<OTHER-INCOME> 0
<EXPENSES-NET> (696608)
<NET-INVESTMENT-INCOME> 1294798
<REALIZED-GAINS-CURRENT> (16870721)
<APPREC-INCREASE-CURRENT> 16443076
<NET-CHANGE-FROM-OPS> 867153
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1379789)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 6895
<NET-CHANGE-IN-ASSETS> (415426)
<ACCUMULATED-NII-PRIOR> 1354345
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1718683)
<GROSS-ADVISORY-FEES> (391235)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (696608)
<AVERAGE-NET-ASSETS> 62597654
<PER-SHARE-NAV-BEGIN> 9.60
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> (0.07)
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.51
<EXPENSE-RATIO> 2.22<F1>
<FN>
<F1>EXPENSE RATIO 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 Russia 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
