Notes to Financial Statements
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Templeton Russia Fund, Inc. (the Fund) is registered under the Investment Company Act of 1940 as a closed-
end, non-diversified investment company. The Fund seeks long-term capital appreciation. Under normal market
conditions, the Fund invests in equity securities of "Russia Companies," as defined in the Fund's prospectus. The
following summarizes the Fund's significant accounting policies.
a. SECURITY VALUATION:
Securities listed or traded on a recognized national exchange or NASDAQ are valued at the latest reported sales
price. Over-the-counter securities and listed securities for which no sale is reported are valued within the range of
the latest quoted bid and asked prices. Securities for which market quotations are not readily available are valued
at fair value as determined by management in accordance with procedures established by the Board of Directors.
b. FOREIGN CURRENCY TRANSLATION:
Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S.
dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. Purchases and
sales of securities and income items denominated in foreign currencies are translated into U.S. dollars at the
exchange rate in effect on the transaction date. When the Fund purchases or sells foreign securities it will
customarily enter into a foreign exchange contract to minimize foreign exchange risk from the trade date to
settlement date of such transactions.
The Fund does not separately report the effect of changes in foreign exchange rates from changes in market
prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments.
Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized
between the trade and settlement dates on securities transactions, and the difference between the r