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

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

Fort Lauderdale, Florida, October 17, 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 September 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 $301 billion in assets under management as of September 30, 2003. For more information, please call 1-800-DIAL BEN® (1-800-342-5236).

TEMPLETON DRAGON FUND, INC.
AS OF SEPTEMBER 30, 2003
TOTAL ASSETS: $533,405,814
NET ASSET VALUE PER SHARE: $14.14

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
CASH & OTHER 4.4% DAIRY FARM INTERNATIONAL HOLDINGS LTD 9.7%
EQUITY* 95.6%
=========
CHINA PETROLEUM & CHEMICAL CORP 7.7%
100.0% CHINA MERCHANTS HOLDINGS INTL CO LTD 4.9%
HANG LUNG GROUP LTD 4.6%
CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD 4.3%
CHINA MOBILE (HONG KONG) LTD 3.6%
BEIJING DATANG POWER GENERATION CO LTD 3.3%
PETROCHINA CO LTD 3.1%
TCL INTERNATIONAL HOLDINGS INC 3.0%
CHEUNG KONG HOLDINGS LTD 2.6%

========

46.8%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
ASIA 95.6% CONSUMER DISCRETIONARY 12.5%
CHINA 39.7% AUTOMOBILES & COMPONENTS 1.8%
HONG KONG 35.0% CONSUMER DURABLES & APPAREL 5.7%
SINGAPORE 1.3% HOTELS RESTAURANTS & LEISURE 2.4%
TAIWAN 19.6% MEDIA 0.2%
TOTAL EQUITY 95.6% RETAILING 2.3%
CONSUMER STAPLES 10.8%
FOOD BEVERAGE & TOBACCO 1.0%
FOOD & STAPLES RETAILING 9.8%
ENERGY 10.9%
ENERGY 10.9%
FINANCIALS 15.4%
BANKS 3.9%
DIVERSIFIED FINANCIALS 1.1%
REAL ESTATE 10.5%
HEALTH CARE 0.1%
HEALTH CARE EQUIPMENT & SERVICES 0.1%
INDUSTRIALS 19.1%
CAPITAL GOODS 11.7%
TRANSPORTATION 7.4%
INFORMATION TECHNOLOGY 9.3%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 2.0%
SOFTWARE & SERVICES 1.0%
TECHNOLOGY HARDWARE & EQUIPMENT 6.3%
MATERIALS 6.7%
MATERIALS 6.7%
TELECOMMUNICATION SERVICES 5.7%
TELECOMMUNICATION SERVICES 5.7%
UTILITIES 5.1%
UTILITIES 5.1%
TOTAL EQUITY* 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 GLOBAL INCOME FUND, INC.
AS OF SEPTEMBER 30, 2003
TOTAL NET ASSETS: $1,118,173,170
NET ASSET VALUE PER SHARE: $8.63

ASSET
ALLOCATION
PERCENT OF TOTAL PORTFOLIO CHARACTERISTICS
CASH & OTHER 3.2% WEIGHTED AVG. CREDIT QUALITY AA-
FIXED INCOME 96.8% WEIGHTED AVG. MATURITY 8 yrs.
EQUITY* 0.0%
========
WEIGHTED AVG. DURATION 5.74 yrs.
100.0% WEIGHTED AVG. COUPON 6.861%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL COUNTRY DISTRIBUTION PERCENT OF TOTAL
ASIA 7.5% ASIA 13.1%
INDO RUPIAH 1.6% INDONESIA 1.6%
SOUTH KOREA WON 3.1% PHILIPPINES 6.2%
THAILAND BAHT 2.8% SOUTH KOREA 3.1%
AUSTRALIA/NEW ZELAND 14.3% THAILAND 2.3%
AUSTRALIAN DLR 6.5% AUSTRALIA/NEW ZELAND 14.3%
N ZEAL DOLLAR 7.8% AUSTRALIA 6.5%
EUROPE 52.1% NEW ZELAND 7.8%
BRITISH POUND 0.6% EUROPE 56.4%
DANISH KRONE 3.5% AUSTRIA 4.4%
EURO MON UNIT 36.7% BELGIUM 3.4%
HUNGARY FORINT 0.9% BULGARIA 0.1%
NORWEGIAN KRONE 2.8% DENMARK 3.5%
SWEDISH KRONA 7.7% FINLAND 4.2%
NORTH AMERICA 26.1% FRANCE 9.5%
CANADIAN DOLLAR 1.9% GERMANY 3.5%
US DOLLAR 24.2%
========
GREECE 0.5%
TOTAL 100.0% HUNGARY 0.9%
IRISH REPUBLIC 1.3%
ITALY 2.9%
NETHERLANDS 2.3%
NORWAY 2.8%
RUSSIA 4.3%
SPAIN 2.6%
SWEDEN 2.6%
UKRAINE 2.1%
UNITED KINGDOM 0.6%
LATIN AMERICA 10.7%
COLOMBIA 1.0%
MEXICO 3.8%
PANAMA 0.7%
PERU 0.5%
VENEZUELA 4.7%
MID-EAST/AFRICA 0.4%
SOUTH AFRICA 0.4%
NORTH AMERICA 1.9%
CANADA 1.9%
TOTAL 96.8%

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 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 SEPTEMBER 30, 2003
TOTAL ASSETS: $171,614,601
NET ASSET VALUE PER SHARE: $31.96

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
SHORT TERM & OTHER 13.8% SBERBANK RF 12.6%
FIXED INCOME 0.0% JSC MINING & SMELTING CO NORILSK NICKEL 7.3%
EQUITY* 86.2%
=========
CHEREOVETS MK SEVERSTAL 6.6%
100.0% UNIFIED ENERGY SYSTEMS 6.5%
YUKOS 5.9%
VOLGATELECOM 5.2%
VIMPEL COMMUNICATIONS 5.1%
LUKOIL HOLDINGS 4.7%
PLIVA D D 4.1%
MOSENERGO 3.8%

========

61.8%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
EUROPE 86.2% CONSUMER DISCRETIONARY 1.2%
CROATIA 4.1% AUTOMOBILES & COMPONENTS 1.2%
HUNGARY 5.9% ENERGY 16.7%
POLAND 2.3% ENERGY 16.7%
RUSSIA 73.9% FINANCIALS 12.6%
TOTAL EQUITY 86.2% BANKS 12.6%
HEALTH CARE 7.2%
PHARMACEUTICALS & BIOTECHNOLOGY 7.2%
INFORMATION TECHNOLOGY 0.8%
TECHNOLOGY HARDWARE & EQUIPMENT 0.8%
MATERIALS 15.6%
MATERIALS 15.6%
TELECOMMUNICATION SERVICES 21.8%
TELECOMMUNICATION SERVICES 21.8%
UTILITIES 10.3%
UTILITIES 10.3%
TOTAL EQUITY* 86.2%

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 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.