]> Press Releases--Closed-End Funds, Templeton Releases Portfolio Allocation Update
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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, February 26, 2004.  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, 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 $343 billion in assets under management as of January 31, 2004. For more information, please call 1-800-DIAL BEN® (1-800-342-5236).

TEMPLETON DRAGON FUND, INC.
AS OF DECEMBER 31, 2003
TOTAL ASSETS: $626,959,363
NET ASSET VALUE PER SHARE: $16.62

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
CASH & OTHER 0.0% DAIRY FARM INTERNATIONAL HOLDINGS LTD 10.7%
EQUITY* 100.0%
=========
CHINA PETROLEUM & CHEMICAL CORP 10.6%
100.0% CHINA MOBILE (HONG KONG)LTD 4.9%
PETROCHINA CO LTD 4.8%
HANG LUG GROUP LTD 4.1%
CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD 4.0%
CHINA MERCHANTS HOLDINGS INTL CO LTD 3.9%
TCL INTERNATIONAL HOLDINGS INC 3.8%
BEIJING DATANG POWER GENERATION CO LTD 3.7%
SINOPEC BEIJING YANHUA PETROCHEMICAL CO LTD 3.1%

========

53.5%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL NET ASSETS INDUSTRY ALLOCATION PERCENT OF TOTAL NET ASSETS 
ASIA 100.0% CONSUMER DISCRETIONARY 12.5%
CHINA 42.3% AUTOMOBILES & COMPONENTS 1.9%
HONG KONG 37.4% CONSUMER DURABLES & APPAREL 6.1%
SINGAPORE 0.7% HOTELS RESTAURANTS & LEISURE 2.0%
TAIWAN 19.7% RETAILING 2.6%
TOTAL EQUITY 100.0% CONSUMER STAPLES 11.7%
FOOD&STAPLES RETAILING 10.7%
FOOD BEVERAGE & TOBACCO 1.1%
ENERGY 15.4%
ENERGY 15.4%
FINANCIALS 14.3%
BANKS 3.7%
DIVERSIFIED FINANCIALS 1.0%
INSURANCE 0.7%
REAL ESTATE 9.0%
INDUSTRIALS 17.0%
CAPITAL GOODS 11.3%
TRANSPORTATION 5.7%
INFORMATION TECHNOLOGY 9.9%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 1.8%
SOFTWARE & SERVICES 0.9%
TECHNOLOGY HARDWARE & EQUIPMENT 7.2%
MATERIALS 7.3%
MATERIALS 7.3%
TELECOMMUNICATION SERVICES 6.1%
TELECOMMUNICATION SERVICES 6.1%
UTILITIES 5.7%
UTILITIES 5.7%
TOTAL EQUITY* 100.0%

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 DECEMBER 31, 2003
TOTAL NET ASSETS: $1,163,312,853
NET ASSET VALUE PER SHARE: $8.98

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS PORTFOLIO CHARACTERISTICS
CASH & OTHER 4.1% WEIGHTED AVG. CREDIT QUALITY A+
FIXED INCOME 95.9% WEIGHTED AVG. MATURITY 7 yrs.
EQUITY* 0.0%
========
WEIGHTED AVG. DURATION 5.22 yrs.
100.0% WEIGHTED AVG. COUPON 6.904%
NET CURRENCY DISTRIBUTION BREAKDOWN OF TOTAL PORTFOLIO ASSETS COUNTRY DISTRIBUTION PERCENT OF TOTAL NET ASSETS 
ASIA 13.6% ASIA 18.8%
INDO RUPIAH 5.1% INDONESIA 5.1%
SOUTH KOREA WON 4.2% PHILIPPINES 5.3%
THAILAND BAHT 4.3% SOUTH KOREA 4.2%
AUSTRALIA/NEW ZELAND 14.2% THAILAND 4.3%
AUSTRALIAN DLR 6.1% AUSTRALIA/NEW ZELAND 13.8%
N ZEAL DOLLAR 8.1% AUSTRALIA 6.1%
EUROPE 50.7% NEW ZELAND 7.7%
BRITISH POUND 0.6% EUROPE 52.9%
DANISH KRONE 1.7% AUSTRIA 4.5%
EURO MON UNIT 36.2% BELGIUM 3.5%
HUNGARY FORINT 1.3% DENMARK 1.7%
NORWEGIAN KRONE 2.9% FINLAND 4.3%
SWEDISH KRONA 8.1% FRANCE 8.3%
NORTH AMERICA 21.5% GERMANY 3.6%
CANADIAN DOLLAR 1.9% GREECE 0.5%
US DOLLAR 19.6%
========
HUNGARY 1.3%
TOTAL 100.0% IRISH REPUBLIC 1.3%
ITALY 3.0%
NETHERLANDS 2.4%
NORWAY 2.9%
RUSSIA 2.4%
SPAIN 2.6%
SWEDEN 8.1%
UKRAINE 2.1%
UNITED KINGDOM 0.6%
LATIN AMERICA 8.2%
COLOMBIA 1.0%
MEXICO 2.2%
PANAMA 0.2%
PERU 0.4%
VENEZUELA 4.5%
MID-EAST/AFRICA 0.2%
SOUTH AFRICA 0.2%
NORTH AMERICA 1.9%
CANADA 1.9%
TOTAL 95.9%

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.

100.0%

TEMPLETON RUSSIA AND EAST EUROPEAN FUND, INC.
AS OF DECEMBER 31, 2003
TOTAL ASSETS: $166,986,251
NET ASSET VALUE PER SHARE: $31.10

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
SHORT TERM & OTHER -1.4% SBERBANK RF 12.9%
FIXED INCOME 0.0% JSC MINING & SMELTING CO NORILSK NICKEL 9.8%
EQUITY* 101.4%
=========
CHEREOVETS MK SEVERSTAL 7.3%
100.0% VOLGATELECOM 7.2%
LUKOIL HOLDINGS 6.5%
VIMPEL COMMUNICATIONS 6.3%
UNIFIED ENERGY SYSTEMS 5.8%
PLIVA D D 5.4%
TELEKOMUNIKACJA PLSKA SA 4.0%
MOSENERGO 4.0%

========

69.2%
INTERNATIONAL ALLOCATION BREAKDOWN OF TOTAL PORTFOLIO ASSETS INDUSTRY ALLOCATION BREAKDOWN OF TOTAL PORTFOLIO ASSETS
EUROPE 100.0% CONSUMER DISCRETIONARY 1.1%
CROATIA 5.3% AUTOMOBILES & COMPONENTS 1.1%
HUNGARY 6.6% ENERGY 13.5%
POLAND 3.9% ENERGY 13.5%
RUSSIA 84.1% FINANCIALS 12.7%
TOTAL EQUITY 100.0% BANKS 12.7%
HEALTH CARE 8.8%
PHARMACEUTICALS & BIOTECHNOLOGY 8.8%
INDUSTRIALS 2.0%
TRANSPORTATION 2.0%
INFORMATION TECHNOLOGY 2.0%
SOFTWARE & SERVICES 1.2%
TECHNOLOGY HARDWARE & EQUIPMENT 0.9%
MATERIALS 20.0%
MATERIALS 20.0%
TELECOMMUNICATION SERVICES 28.5%
TELECOMMUNICATION SERVICES 28.5%
UTILITIES 11.3%
UTILITIES 11.3%
TOTAL EQUITY* 100.0%