]> Press Releases--CLOSED-END FUNDS, PORTFOLIO ALLOCATION UPDATES
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Templeton Releases Close-End Funds Portfolio Allocation Updates

From: Franklin Templeton Investments
Contact: Lisa Gallegos
Telephone:(650) 312-3395

Fort Lauderdale, Florida, May 6, 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 March 31, 2003: 

  • 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 $252 billion in assets under management as of March 31, 2003. For more information, please call 1-800/DIAL BEN® (1-800-342-5236).

TEMPLETON DRAGON FUND, INC.
AS OF MARCH 31, 2003
TOTAL ASSETS: $453,167,686
NET ASSET VALUE PER SHARE: $10.21

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
CASH & OTHER 11.9% DAIRY FARM INTERNATIONAL HOLDINGS LTD 12.5%
EQUITY* 88.1%
=========
CHINA PETROLEUM & CHEMICAL CORP 7.3%
100.0% CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD 4.6%
CHINA MERCHANTS HOLDINGS INTL CO LTD 3.8%
HANG LUNG GROUP LTD 3.7%
ZHEJIANG EXPRESSWAY CO LTD 3.6%
CITIC PACIFIC LTD 2.9%
TCL INTERNATIONAL HOLDINGS INC 2.7%
CHINA MOBILE (HONG KONG) LT 2.6%
BEIJING DATANG POWER GENERATION CO LTD 2.5%

========

46.1%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
ASIA 88.1% CONSUMER DISCRETIONARY 8.3%
CHINA 37.4% AUTOMOBILES & COMPONENTS 1.5%
HONG KONG 39.8% CONSUMER DURABLES & APPAREL 2.8%
TAIWAN 10.9% HOTELS RESTAURANTS & LEISURE 2.4%
TOTAL EQUITY 88.1% RETAILING 1.5%
CONSUMER STAPLES 16.0%
FOOD & DRUG RETAILING 12.5%
FOOD BEVERAGE & TOBACCO 3.5%
ENERGY 9.6%
ENERGY 9.6%
FINANCIALS 10.9%
BANKS 2.6%
DIVERSIFIED FINANCIALS 0.7%
REAL ESTATE 7.5%
INDUSTRIALS 21.8%
CAPITAL GOODS 10.2%
COMMERCIAL SERVICES & SUPPLIES 0.3%
TRANSPORTATION 11.4%
INFORMATION TECHNOLOGY 5.4%
TECHNOLOGY HARDWARE & EQUIPMENT 5.4%
MATERIALS 7.4%
MATERIALS 7.4%
TELECOMMUNICATION SERVICES 4.3%
TELECOMMUNICATION SERVICES 4.3%
UTILITIES 4.3%
UTILITIES 4.3%
TOTAL EQUITY* 88.1%

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, INC.
AS OF MARCH 31, 2003
TOTAL NET ASSETS: $1,034,520,544
NET ASSET VALUE PER SHARE: $7.99

ASSET
ALLOCATION
PERCENT OF TOTAL PORTFOLIO CHARACTERISTICS
CASH & OTHER 3.8% WEIGHTED AVG. CREDIT QUALITY AA-
FIXED INCOME 96.2% WEIGHTED AVG. MATURITY 7 yrs.
EQUITY* 0.0%
========
WEIGHTED AVG. DURATION 4.83 yrs.
100.0% WEIGHTED AVG. COUPON 7.336%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL COUNTRY DISTRIBUTION PERCENT OF TOTAL
AUSTRALIA/NEW ZEALAND 11.7% ASIA 5.0%
AUSTRALIAN DLR 4.8% PHILIPPINES 5.0%
N ZEAL DOLLAR 6.9% AUSTRALIA/NEW ZEALAND 11.6%
EUROPE 56.6% AUSTRALIA 4.8%
BRITISH POUND 2.5% NEW ZEALAND 6.8%
DANISH KRONE 3.5% EUROPE 65.5%
EURO MON UNIT 39.7% AUSTRIA 3.2%
HUNGARY FORINT 0.5% BELGIUM 3.5%
NORWEGIAN KRONE 2.9% BULGARIA 2.4%
SWEDISH KRONA 7.5% DENMARK 3.5%
NORTH AMERICA 31.7% FINLAND 2.7%
CANADIAN DOLLAR 2.2% FRANCE 4.4%
US DOLLAR 29.5%
========
GERMANY 11.0%
TOTAL 100.0% GREECE 0.5%
HUNGARY 0.5%
IRISH REPUBLIC 1.3%
ITALY 4.3%
NETHERLANDS 4.4%
NORWAY 2.9%
POLAND 0.8%
RUSSIA 4.5%
SPAIN 4.5%
SWEDEN 7.5%
UKRAINE 1.1%
UNITED KINGDOM 2.5%
LATIN AMERICA 11.6%
COLOMBIA 1.0%
MEXICO 4.8%
PANAMA 0.7%
PERU 1.0%
VENEZUELA 4.1%
MID-EAST/AFRICA 0.3%
SOUTH AFRICA 0.3%
NORTH AMERICA 2.2%
CANADA 2.2%
TOTAL 96.2%

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 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 MARCH 31, 2003
TOTAL ASSETS: $118,724,181
NET ASSET VALUE PER SHARE: $22.11

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
SHORT TERM & OTHER 4.4% SBERBANK RF 14.2%
FIXED INCOME 3.8% SURGUTNEFTEGAZ 6.4%
EQUITY* 91.8%
=========
YUKOS 6.4%
100.0% MOSENERGO 6.0%
VOLGATELECOM 6.0%
JSC MINING & SMELTING CO NORILSK NICKEL 5.1%
UNIFIED ENERGY SYSTEMS 5.0%
CHEREOVETS MK SEVERSTAL 4.8%
LUKOIL HOLDINGS 4.6%
VIMPEL COMMUNICATIONS 4.1%

========

62.3%

INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
EUROPE 91.8% CONSUMER DISCRETIONARY 4.6%
CROATIA 3.7% AUTOMOBILES & COMPONENTS 1.2%
HUNGARY 2.6% RETAILING 3.4%
RUSSIA 85.5% ENERGY 21.5%
TOTAL EQUITY 91.8% ENERGY 21.5%
FINANCIALS 14.2%
BANKS 14.2%
HEALTH CARE 6.2%
PHARMACEUTICALS & BIOTECHNOLOGY 6.2%
INDUSTRIALS 2.2%
CAPITAL GOODS 2.2%
INFORMATION TECHNOLOGY 4.1%
TECHNOLOGY HARDWARE & EQUIPMENT 4.1%
MATERIALS 10.4%
MATERIALS 10.4%
TELECOMMUNICATION SERVICES 17.6%
TELECOMMUNICATION SERVICES 17.6%
UTILITIES 11.0%
UTILITIES 11.0%
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.