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Templeton Releases Closed-End Funds Portfolio Allocation Updates

From: Franklin Resources, Inc.
Contact: Lisa Gallegos
Telephone:(650) 312-3395

Fort Lauderdale, Florida, July 23, 2002 -- The Templeton closed-end funds referenced below, which trade on the New York Stock Exchange, today released portfolio allocation updates containing the following information as of June 30, 2002:

  • Asset Allocation
  • Ten Largest Positions/Portfolio Characteristics
  • International Allocation/Net Currency Distribution
  • Industry Allocation/Country Distribution

To obtain a copy of the updates, please contact Fund Information at 1-800-342-5236.

For more information, please contact Franklin Templeton Investments at
1-800-342-5236. Members of the media should contact Lisa Gallegos at Franklin Templeton Corporate Communications at 650-312-3395.

Templeton closed-end Funds:

Templeton Dragon Fund, Inc. (NYSE: TDF)
Templeton Global Governments Income Trust (NYSE: TGG)
Templeton Global Income Fund, Inc. (NYSE: GIM)
Templeton Emerging Markets Appreciation Fund, Inc. (NYSE: TEA)
Templeton Russia Fund, Inc. (NYSE: TRF)
Templeton Vietnam and Southeast Asia Fund, Inc. (NYSE: TVF)

The Funds' investment advisers are subsidiaries of Franklin Resources, Inc. (NYSE: BEN), a global investment organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management services through its Franklin, Templeton, Mutual Series and Fiduciary Trust subsidiaries. The San Mateo, CA-based company has over 50 years of investment experience and more than $270 billion in assets under management as of June 30, 2002. For more information, please call 1-800-DIAL BEN® (1-800-342-5236).

 

TEMPLETON EMERGING MARKETS APPRECIATION FUND, INC.
AS OF JUNE 30, 2002
TOTAL ASSETS: $46,510,017
NET ASSET VALUE PER SHARE: $11.30

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
SHORT TERM & OTHER 7.6% SOUTH AFRICAN BREWERIES PLC 2.1%
FIXED INCOME 28.1% P T TELEKOMUNIKASI INDONESIA TBK 1.6%
EQUITY* 64.3%
=========
KIMBERLY-CLARKE DE MEXICO SA DE CV 1.4%
100.0% KOREA ELECTRIC POWER CORP 1.3%
AKBANK 1.2%
SAMSUNG ELECTRONICS CO LTD 1.2%
CITIC PACIFIC LTD 1.0%
OMV AG 1.0%
LUKIOIL HOLDINGS 1.0%
SIAM CEMENT PUBLIC CO LTD (THE) 1.0%

========

12.9%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
EUROPE 7.3% CONSUMER DISCRETIONARY 4.7%
AUSTRIA 1.8% AUTOMOBILES & COMPONENTS 0.8%
CROATIA 0.4% CONSUMER DURABLES & APPAREL 1.1%
GREECE 0.5% HOTELS RESTAURANTS & LEISURE 1.5%
HUNGARY 1.4% RETAILING 1.3%
POLAND 0.9% CONSUMER STAPLES 9.1%
RUSSIA 2.1% FOOD & DRUG RETAILING 0.4%
SLOVAK REPUBLIC 0.2% FOOD BEVERAGE & TOBACCO 8.6%
ASIA 38.9% HOUSEHOLD& PERSONAL PRODUCTS 0.1%
CHINA 3.4% ENERGY 7.8%
HONG KONG 5.8% ENERGY 7.8%
INDIA 2.2% FINANCIALS 10.9%
INDONESIA 3.3% BANKS 5.9%
MALAYSIA 0.8% DIVERSIFIED FINANCIALS 2.4%
PHILIPPINES 0.7% INSURANCE 1.6%
SINGAPORE 1.9% REAL ESTATE 1.0%
SOUTH KOREA 9.6% HEALTH CARE 1.5%
TAIWAN 5.6% PHARMACEUTICALS & BIOTECHNOLOGY 1.5%
THAILAND 2.6% INDUSTRIALS 10.0%
TURKEY 3.1% CAPITAL GOODS 8.3%
LATIN AMERICA 7.5% TRANSPORTATION 1.7%
ARGENTINA 0.5% INFORMATION TECHNOLOGY 4.8%
BRAZIL 2.9% SOFTWARE & SERVICES 0.9%
MEXICO 4.1% TECHNOLOGY HARDWARE & EQUIPMENTS 3.9%
PERU 0.1% MATERIALS 5.3%
MID-EAST/AFRICA 10.5% MATERIALS 5.3%
EGYPT 0.4% TELECOMMUNICATION SERVICES 7.3%
ISRAEL 0.2% TELECOMMUNICATION SERVICES 7.3%
SOUTH AFRICA 9.9% UTILITIES 2.8%
UTILITIES 2.8%
TOTAL EQUITY* 64.3% TOTAL EQUITY* 64.3%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800-DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The industry allocation uses MSCI's industry definitions for the convenience of comparison. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.

TEMPLETON DRAGON FUND, INC
AS OF JUNE 30, 2002
TOTAL ASSETS: $502,962,488
NET ASSET VALUE PER SHARE: $10.32

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
SHORT TERM & OTHER 8.6% DAIRY FARM INTERNATIONAL HOLDINGS LTD 9.0%
EQUITY* 91.4%
=========
CHINA PETROLEUM & CHEMICAL CORP 5.8%
100.00% ZHEJIANG EXPRESSWAY CO LTD 5.7%
HANG LUNG GROUP LTD 3.8%
CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD 3.6%
CHINA MERCHANTS HOLDINGS INTL CO LTD 3.5%
TSINGTAO BREWEREY CO LTD 3.2%
CHINA MOBILE (HONG KONG) LTD 3.2%
JIANGSU EXPRESSWAY COMPANY LTD 3.1%
TCL INTERNATIONAL HOLDINGS INC 3.0%

========

43.9%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
ASIA 91.4% CONSUMER DISCRETIONARY 9.5%
CHINA 43.7% AUTOMOBILES & COMPONENTS 1.3%
HONG KONG 37.9% CONSUMER DURABLES & APPAREL 3.8%
TAIWAN 9.9% HOTELS RESTAURANTS & LEISURE 2.6%
TOTAL EQUITY* 91.4% RETAILING 1.8%
CONSUMER STAPLES 13.3%
FOOD & DRUG RETAILING 9.0%
FOOD BEVERAGE & TOBACCO 4.4%
ENERGY 8.0%
ENERGY 8.0%
FINANCIALS 12.7%
BANKS 3.1%
DIVERSIFIED FINANCIALS 2.4%
REAL ESTATE 7.2%
HEALTH CARE 1.3%
PHARMACEUTICALS & BIOTECHNOLOGY 1.3%
INDUSTRIALS 24.3%
CAPITAL GOODS 9.6%
TRANSPORTATION 14.7%
INFORMATION TECHNOLOGY 3.7%
SOFTWARE & SERVICES 0.3%
TECHNOLOGY HARDWARE & EQUIPMENT 3.5%
MATERIALS 8.4%
MATERIALS 8.4%
TELECOMMUNICATION SERVICES 5.2%
TELECOMMUNICATION SERVICES 5.2%
UTILITIES 4.9%
UTILITIES 4.9%
TOTAL EQUITY* 91.4%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800-DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The industry allocation uses MSCI's industry definitions for the convenience of comparison. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.

TEMPLETON GLOBAL GOVERNMENTS INCOME TRUST
AS OF JUNE 30, 2002
TOTAL ASSETS: $144,888,972
NET ASSET VALUE PER SHARE: $6.67

ASSET
ALLOCATION
PERCENT OF TOTAL PORTFOLIO CHARACTERISTICS
CASH & OTHER 5.2% WEIGHTED AVG. CREDIT QUALITY A+
FIXED INCOME 94.8% WEIGHTED AVG. MATURITY 7 yrs.
EQUITY* 0.0%
========
WEIGHTED AVG. DURATION 4.374 yrs.
100.0% WEIGHTED AVG. COUPON 8.107%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL COUNTRY DISTRIBUTION PERCENT OF TOTAL
ASIA 0.2% ASIA 6.7%
HONG KONG DOLLR 0.2% HONG KONG 0.2%
AUSTRALIA/NEW ZEALAND 7.0% PHILIPPINES 5.2%
AUSTRALIAN DLR 4.1% TURKEY 1.3%
N ZEAL DOLLAR 2.9% AUSTRALIA/NEW ZEALAND 7.0%
EUROPE 42.2% AUSTRALIA 4.1%
BRITISH POUND 2.1% NEW ZEALAND 2.9%
DANISH KRONE 1.4% EUROPE 52.5%
EURO MON UNIT 35.3% BELGIUM 3.4%
SWEDISH KRONA 3.5% BULGARIA 1.0%
NORTH AMERICA 50.7% DENMARK 1.4%
CANADIAN DOLLAR 2.9% FRANCE 8.5%
US DOLLAR 47.7%
========
GERMANY 9.3%
TOTAL 100.0% ITALY 7.3%
NETHERLANDS 4.5%
POLAND 3.0%
RUSSIA 5.0%
SPAIN 3.5%
SWEDEN 3.5%
UNITED KINGDOM 2.1%
LATIN AMERICA 15.8%
BRAZIL 1.7%
MEXICO 7.8%
PANAMA 0.6%
PERU 1.6%
VENEZUELA 4.2%
NORTH AMERICA 12.7%
CANADA 2.9%
UNITED STATES 9.8%
TOTAL 94.8%

You may request a copy of the Trust's current Report to Shareholders by contacting Fund Information at 1-800-DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Trust invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The information provided is as of the date shown. The Trust's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.

TEMPLETON GLOBAL INCOME FUND
AS OF JUNE 30, 2002
TOTAL ASSETS: $789,024,151
NET ASSET VALUE PER SHARE: $7.22

ASSET
ALLOCATION
PERCENT OF TOTAL PORTFOLIO CHARACTERISTICS
CASH & OTHER 7.2% WEIGHTED AVG. CREDIT QUALITY A+
FIXED INCOME 92.8% WEIGHTED AVG. MATURITY 8 yrs.
EQUITY* 0.0%
=========
WEIGHTED AVG. DURATION 4.767 yrs.
100.0% WEIGHTED AVG. COUPON 8.067%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL COUNTRY DISTRIBUTION PERCENT OF TOTAL
ASIA 0.2% ASIA 7.1%
HONG KONG DOLLR 0.2% HONG KONG 0.2%
AUSTRALIA/NEW ZEALAND 7.7% PHILIPPINES 6.5%
AUSTRALIAN DLR 4.2% TURKEY 0.4%
N ZEAL DOLLAR 3.4% AUSTRALIA/NEW ZEALAND 7.0%
EUROPE 40.2% AUSTRALIA 4.2%
BRITISH POUND 2.7% NEW ZEALAND 2.7%
DANISH KRONE 2.3% EUROPE 49.4%
EURO MON UNIT 31.8% BELGIUM 3.7%
SWEDISH KRONA 3.4% BULGARIA 1.0%
NORTH AMERICA 52.0% DENMARK 2.3%
CANADIAN DOLLAR 2.2% FRANCE 7.4%
US DOLLAR 49.8%
=========
GERMANY 6.9%
TOTAL 100% ITALY 7.4%
NETHERLANDS 4.3%
POLAND 1.8%
RUSSIA 5.1%
SPAIN 3.5%
SWEDEN 3.4%
UNITED KINGDOM 2.7%
LATIN AMERICA 16.4%
BRAZIL 1.6%
ECUADOR 0.5%
MEXICO 7.8%
PANAMA 0.7%
PERU 0.8%
VENEZUELA 5.0%
NORTH AMERICA 12.9%
CANADA 2.2%
UNITED STATES 10.7%

========

TOTAL 92.8%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800-DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The industry allocation uses MSCI's industry definitions for the convenience of comparison. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.

TEMPLETON RUSSIA FUND, INC.
AS OF JUNE 30, 2002
TOTAL ASSETS: $110,132,339
NET ASSET VALUE PER SHARE: $20.51

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
SHORT TERM & OTHER 6.0% SBERBANK RF 12.7%
FIXED INCOME 4.3% SURGUTNEFTEGAZ 9.2%
EQUITY* 89.7%
=========
YUKOS 6.5%
100.0% CHEREOVETS MK SEVERSTAL 6.1%
LUKOIL HOLDINGS 5.6%
UNIFIED ENERGY SYSTEMS 5.2%
TATNEFT 5.1%
MOSENERGO 5.0%
PLIVA D D 4.8%
JSC MINING & SMELTING CO NORILSK NICKEL 4.8%

========

65.0%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
EUROPE 89.7% CONSUMER DISCRETIONARY 3.5%
CROATIA 4.8% AUTOMOBILES & COMPONENTS 0.4%
HUNGARY 4.5% RETAILING 3.1%
RUSSIA 80.4% ENERGY 26.4%
TOTAL EQUITY* 89.7% ENERGY 26.4%
FINANCIALS 12.7%
BANKS 12.7%
HEALTH CARE 9.3%
PHARMACEUTICALS & BIOTECHNOLOGY 9.3%
INDUSTRIALS 2.1%
CAPITAL GOODS 2.1%
INFORMATION TECHNOLOGY 5.9%
TECHNOLOGY HARDWARE & EQUIPMENT 5.9%
MATERIALS 10.8%
MATERIALS 10.8%
TELECOMMUNICATION SERVICES 8.8%
TELECOMMUNICATION SERVICES 8.8%
UTILITIES 10.2%
UTILITIES 10.2%

========

TOTAL EQUITY 89.7%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800-DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The industry allocation uses MSCI's industry definitions for the convenience of comparison. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.

TEMPLETON VIETNAM AND SOUTHEAST ASIA FUND, INC.
AS OF JUNE 30, 2002
TOTAL ASSETS: $43,148,234
NET ASSET VALUE PER SHARE: $9.49

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
SHORT TERM & OTHER 1.3% HEA HOLDINGS LIMITED 10.9%
EQUITY* 98.7%
=========
SIAM CEMENT PUBLIC CO LTD 9.9%
100.0% INDOTEL LTD 8.0%
KEPPEL CORPORATION LTD 6.1%
SINGAPORE AIRLINES LTD 5.6%
SK TELECOM CO LTD 4.1%
SHIN CORPORATION PUBLIC COMPANY LTD 4.0%
SINGAPORE TELECOMMUNICATIONS LTD 3.8%
P T TELEKOMUNIKASI INDONESIA TBK, 3.8%
MAHANAGAR TELEPHONE NIGAM LTD 3.4%

========

59.6%
INTERNATIONAL ALLOCATION** PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
ASIA 98.7% CONSUMER DISCRETIONARY 17.0%
CHINA 4.5% AUTOMOBILES & COMPONENTS 2.3%
HONG KONG 12.4% CONSUMER DURABLES & APPAREL 8.0%
INDIA 4.4% HOTELS RESTAURANTS & LEISURE 3.9%
INDONESIA 8.1% RETAILING 2.8%
MALAYSIA 3.7% CONSUMER STAPLES 4.8%
PHILIPPINES 2.3% FOOD BEVERAGE & TOBACCO 4.8%
SINGAPORE 28.5% ENERGY 2.3%
SOUTH KOREA 12.9% ENERGY 2.3%
TAIWAN 7.2% FINANCIALS 20.1%
THAILAND 14.6% BANKS 0.8%
TOTAL EQUITY* 98.7% DIVERSIFIED FINANCIALS 6.1%
REAL ESTATE 13.2%
INDUSTRIALS 6.6%
CAPITAL GOODS 1.1%
TRANSPORTATION 5.6%
INFORMATION TECHNOLOGY 11.1%
SOFTWARE & SERVICES 1.0%
TECHNOLOGY HARDWARE & EQUIPMENTS 10.1%
MATERIALS 10.6%
MATERIALS 10.6%
TELECOMMUNICATION SERVICES 25.3%
TELECOMMUNICATION SERVICES 25.3%
UTILITIES 0.8%
UTILITIES 0.8%

========

TOTAL EQUITY* 98.7%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800-DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The industry allocation uses MSCI's industry definitions for the convenience of comparison. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.

** 18.9% of the Fund's total assets are held in direct investments in Vietnam made through companies domiciled in Hong Kong and Singapore.