]> Press Releases--Closed-End Funds, Portfolio Allocation Updates
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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, January 24, 2003. 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 December 31, 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.

Templeton closed-end Funds:

Templeton Dragon Fund, Inc. (NYSE: TDF)
Templeton Global Income Fund, Inc. (NYSE: GIM)
Templeton Russia and East European Fund, Inc. (NYSE: TRF)

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 $257 billion in assets under management as of December 31, 2002. For more information, please call 1-800-DIAL BEN® (1-800-342-5236). 

TEMPLETON DRAGON FUND, INC.
AS OF DECEMBER 31, 2002
TOTAL ASSETS: $431,779,063
NET ASSET VALUE PER SHARE: $9.73

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
SHORT TERM & OTHER 3.4% DAIRY FARM INTERNATIONAL HOLDINGS LTD 11.4%
EQUITY* 96.6%
=========
CHINA PETROLEUM & CHEMICAL CORP 6.4%
100.0% ZHEJIANG EXPRESSWAY CO LTD 5.4%
TSINGTAO BREWERY CO LTD 4.7%
CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD 4.4%
HANG LUNG GROUP LTD 3.9%
TCL INTERNATIONAL HOLDINGS INC 3.8%
CHINA MERCHANTS HOLDINGS INTL CO LTD 3.7%
JIANGSU EXPRESSWAY COMPANY LTD 3.6%
CHINA MOBILE (HOLG KONG) LT 3.3%

========

50.6%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
ASIA 96.6% CONSUMER DISCRETIONARY 9.8%
CHINA 43.8% AUTOMOBILES & COMPONENTS 1.3%
HONG KONG 44.1% CONSUMER DURABLES & APPAREL 3.9%
TAIWAN 8.7% HOTELS RESTAURANTS & LEISURE 2.8%
TOTAL EQUITY* 96.6% RETAILING 1.8%
CONSUMER STAPLES 17.2%
FOOD & DRUG RETAILING 11.4%
FOOD BEVERAGE & TOBACCO 5.8%
ENERGY 8.8%
ENERGY 8.8%
FINANCIALS 12.2%
BANKS 3.1%
DIVERSIFIED FINANCIALS 0.8%
REAL ESTATE 8.3%
HEALTH CARE 1.0%
PHARMACEUTICALS & BIOTECHNOLOGY 1.0%
INDUSTRIALS 25.7%
CAPITAL GOODS 10.3%
COMMERCIAL SERVICES & SUPPLIES 0.3%
TRANSPORTATION 15.1%
INFORMATION TECHNOLOGY 2.8%
TECHNOLOGY HARDWARE & EQUIPMENTS 2.8%
MATERIALS 9.5%
MATERIALS 9.5%
TELECOMMUNICATION SERVICES 5.3%
TELECOMMUNICATION SERVICES 5.3%
UTILITIES 4.3%
UTILITIES 4.3%
TOTAL EQUITY* 96.6%

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 INCOME FUND
AS OF DECEMBER 31, 2002
TOTAL ASSETS: $1,005,205,822
NET ASSET VALUE PER SHARE: $7.76

ASSET
ALLOCATION
PERCENT OF TOTAL PORTFOLIO CHARACTERISTICS
CASH & OTHER 4.4% WEIGHTED AVG. CREDIT QUALITY AA-
FIXED INCOME 95.6% WEIGHTED AVG. MATURITY 7 yrs.
EQUITY* 0.0%
=========
WEIGHTED AVG. DURATION 4.64 yrs.
100.0% WEIGHTED AVG. COUPON 7.702%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL COUNTRY DISTRIBUTION PERCENT OF TOTAL
ASIA 0.2% ASIA 6.5%
HONG KONG DOLLR 0.2% HONG KONG 0.2%
AUSTRALIA/NEW ZEALAND 11.2% PHILIPPINES 6.3%
AUSTRALIAN DLR 4.6% AUSTRALIA/NEW ZEALAND 11.2%
N ZEAL DOLLAR 6.6% AUSTRALIA 4.6%
EUROPE 54.4% NEW ZEALAND 6.5%
BRITISH POUND 2.6% EUROPE 63.3%
DANISH KRONE 3.2% AUSTRIA 2.2%
EURO MON UNIT 38.1% BELGIUM 4.7%
NORWEGIAN KRONE 3.1% BULGARIA 2.4%
SWEDISH KRONA 7.4% DENMARK 3.2%
NORTH AMERICA 34.2% FINLAND 2.1%
CANADIAN DOLLAR 2.2% FRANCE 4.7%
US DOLLAR 32.1%
=========
GERMANY 10.8%
TOTAL 100% ITALY 4.3%
NETHERLANDS 4.6%
NORWAY 3.1%
POLAND 0.9%
RUSSIA 4.6%
SPAIN 4.7%
SWEDEN 7.4%
UKRAINE 1.0%
UNITED KINGDOM 2.6%
LATIN AMERICA 12.2%
COLOMBIA 1.0%
MEXICO 4.9%
PANAMA 0.7%
PERU 0.9%
VENEZUELA 4.8%
MID-EAST/AFRICA 0.2%
SOUTH AFRICA 0.2%
NORTH AMERICA 2.2%
CANADA 2.2%

========

TOTAL 95.6%

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 AND EAST EUROPEAN FUND, INC.
AS OF DECEMBER 31, 2002
TOTAL ASSETS: $113,112,281
NET ASSET VALUE PER SHARE: $21.07

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
SHORT TERM & OTHER 4.1% SBERBANK RF 14.0%
FIXED INCOME 4.1% SURGUTNEFTEGAZ 7.4%
EQUITY* 91.8%
=========
YUKOS 7.1%
100.0% UNIFIED ENERGY SYSTEMS 6.5%
YUKOS 6.5%
LUKOIL HOLDINGS 5.1%
MOSENERGO 4.9%
PLIVAD D 4.8%
EGIS RT 4.6%
JSC MINING & SMELTING CO NORILSK NICKEL 4.5%
CHEREOVETS MK SEVERSTAL 4.4%

========

62.8%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
EUROPE 91.8% CONSUMER DISCRETIONARY 5.1%
CROATIA 4.8% AUTOMOBILES & COMPONENTS 0.9%
HUNGARY 4.6% RETAILING 4.3%
RUSSIA 82.4% ENERGY 22.9%
TOTAL EQUITY* 91.8% ENERGY 22.9%
FINANCIALS 14.0%
BANKS 14.0%
HEALTH CARE 9.4%
PHARMACEUTICALS & BIOTECHNOLOGY 9.4%
INDUSTRIALS 2.3%
CAPITAL GOODS 2.3%
INFORMATION TECHNOLOGY 4.0%
TECHNOLOGY HARDWARE & EQUIPMENT 4.0%
MATERIALS 9.1%
MATERIALS 9.1%
TELECOMMUNICATION SERVICES 12.0%
TELECOMMUNICATION SERVICES 12.0%
UTILITIES 12.9%
UTILITIES 12.9%

========

TOTAL EQUITY 91.8%

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.