]> Press Releases--Closed-End Funds, Templeton Releases Closed-End Funds Portfolio Allocation Updates
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Templeton Releases Closed-End Funds Portfolio Allocation Updates

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

Fort Lauderdale, Florida, July 23, 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 June 30, 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 $287 billion in assets under management as of June 30, 2003. For more information, please call 1-800/DIAL BEN® (1-800-342-5236).

TEMPLETON DRAGON FUND, INC.
AS OF JUNE 30, 2003
TOTAL ASSETS: $439,208,638
NET ASSET VALUE PER SHARE: $11.64

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
CASH & OTHER 4.3% DAIRY FARM INTERNATIONAL HOLDINGS LTD 11.4%
EQUITY* 95.7%
=========
CHINA PETROLEUM & CHEMICAL CORP 8.1%
100.0% CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD 4.9%
CHINA MERCHANTS HOLDINGS INTL CO LTD 4.6%
HANG LUNG GROUP LTD 3.8%
PETROCHINA CO LTD 3.4%
CHINA MOBILE (HONG KONG) LT 3.2%
BEIJING DATANG POWER GENERATION CO LTD 3.2%
HONG KONG & SHANGHAI HOTELS LTD 2.9%
CITIC PACIFIC LTD 2.7%

========

48.2%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
ASIA 95.7% CONSUMER DISCRETIONARY 10.6%
CHINA 36.2% AUTOMOBILES & COMPONENTS 1.7%
HONG KONG 42.3% CONSUMER DURABLES & APPAREL 3.8%
SINGAPORE 1.5% HOTELS RESTAURANTS & LEISURE 3.0%
TAIWAN 15.8% MEDIA 0.3%
TOTAL EQUITY 95.7% RETAILING 1.7%
CONSUMER STAPLES 12.9%
FOOD BEVERAGE & TOBACCO 1.3%
FOOD & STAPLES RETAILING 11.6%
ENERGY 11.5%
ENERGY 11.5%
FINANCIALS 12.3%
BANKS 3.0%
DIVERSIFIED FINANCIALS 1.1%
REAL ESTATE 8.3%
HEALTH CARE 0.1%
HEALTH CARE EQUIPMENT & SERVICES 0.1%
INDUSTRIALS 21.4%
CAPITAL GOODS 11.1%
TRANSPORTATION 10.3%
INFORMATION TECHNOLOGY 8.5%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 1.5%
SOFTWARE & SERVICES 0.3%
TECHNOLOGY HARDWARE & EQUIPMENT 6.6%
MATERIALS 7.5%
MATERIALS 7.5%
TELECOMMUNICATION SERVICES 5.2%
TELECOMMUNICATION SERVICES 5.2%
UTILITIES 5.6%
UTILITIES 5.6%
TOTAL EQUITY* 95.7%

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 GLOBAL INCOME FUND, INC.
AS OF JUNE 30, 2003
TOTAL NET ASSETS: $1,117,541,150
NET ASSET VALUE PER SHARE: $8.63

ASSET
ALLOCATION
PERCENT OF TOTAL PORTFOLIO CHARACTERISTICS
CASH & OTHER 3.7% WEIGHTED AVG. CREDIT QUALITY AA-
FIXED INCOME 96.3% WEIGHTED AVG. MATURITY 8 yrs.
EQUITY* 0.0%
========
WEIGHTED AVG. DURATION 5.26 yrs.
100.0% WEIGHTED AVG. COUPON 6.924%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL COUNTRY DISTRIBUTION PERCENT OF TOTAL
ASIA 3.8% ASIA 8.8%
SOUTH KOREA WON 1.9% PHILIPPINES 5.5%
THAILAND BAHT 1.9% SOUTH KOREA 1.9%
AUSTRALIA/NEW ZEALAND 12.3% THAILAND 1.5%
AUSTRALIAN DLR 5.1% AUSTRALIA/NEW ZEALAND 12.1%
N ZEAL DOLLAR 7.3% AUSTRALIA 5.1%
EUROPE 55.0% NEW ZEALAND 7.0%
BRITISH POUND 1.8% EUROPE 60.8%
DANISH KRONE 3.5% AUSTRIA 2.8%
EURO MON UNIT 38.6% BELGIUM 3.4%
HUNGARY FORINT 0.8% BULGARIA 0.5%
NORWEGIAN KRONE 2.8% DENMARK 3.5%
SWEDISH KRONA 7.5% FINLAND 2.6%
NORTH AMERICA 28.8% FRANCE 11.2%
CANADIAN DOLLAR 2.5% GERMANY 4.0%
US DOLLAR 26.3%
========
GREECE 0.5%
TOTAL 100.0% HUNGARY 0.8%
IRISH REPUBLIC 1.2%
ITALY 3.3%
NETHERLANDS 3.8%
NORWAY 2.8%
RUSSIA 4.5%
SPAIN 4.4%
SWEDEN 7.5%
UKRAINE 2.1%
UNITED KINGDOM 1.8%
LATIN AMERICA 11.8%
COLOMBIA 1.0%
MEXICO 4.8%
PANAMA 0.7%
PERU 0.5%
VENEZUELA 4.7%
MID-EAST/AFRICA 0.4%
SOUTH AFRICA 0.4%
NORTH AMERICA 2.5%
CANADA 2.5%
TOTAL 96.3%

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 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 JUNE 30, 2003
TOTAL ASSETS: $153,886,154
NET ASSET VALUE PER SHARE: $28.66

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
SHORT TERM & OTHER 15.2% SBERBANK RF 15.1%
FIXED INCOME 0.0% YUKOS 7.1%
EQUITY* 84.8%
=========
UNIFIED ENERGY SYSTEMS 6.0%
100.0% JSC MINING & SMELTING CO NORILSK NICKEL 5.6%
VOLGATELECOM 5.2%
LUKOIL HOLDINGS 5.1%
CHEREOVETS MK SEVERSTAL 4.8%
MOSENERGO 4.6%
VIMPEL COMMUNICATIONS 4.3%
YUZHNAYA TELECOMMUNICATION CO 3.6%

========

61.4%

INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
EUROPE 84.8% CONSUMER DISCRETIONARY 3.7%
CROATIA 3.4% AUTOMOBILES & COMPONENTS 0.8%
HUNGARY 2.2% RETAILING 3.0%
RUSSIA 79.2% ENERGY 15.9%
TOTAL EQUITY 84.8% ENERGY 15.9%
FINANCIALS 15.1%
BANKS 15.1%
HEALTH CARE 5.6%
PHARMACEUTICALS & BIOTECHNOLOGY 5.6%
INDUSTRIALS 2.0%
CAPITAL GOODS 2.0%
INFORMATION TECHNOLOGY 1.7%
TECHNOLOGY HARDWARE & EQUIPMENT 1.7%
MATERIALS 10.9%
MATERIALS 10.9%
TELECOMMUNICATION SERVICES 19.3%
TELECOMMUNICATION SERVICES 19.3%
UTILITIES 10.6%
UTILITIES 10.6%
TOTAL EQUITY* 84.8%

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.