]> 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, April 20, 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 March 31, 2004:

  • 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 solutions managed by its Franklin, Templeton, Mutual Series and Fiduciary Trust investment teams. The San Mateo, CA-based company has more than 50 years of investment experience and over $351 billion in assets under management as of March 31, 2004. For more information, please call 1-800/DIAL BEN® (1-800-342-5236) or visit franklintempleton.com.

TEMPLETON DRAGON FUND, INC.
AS OF MARCH 31, 2004
TOTAL ASSETS: $655,050,345
NET ASSET VALUE PER SHARE: $17.34

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS TEN LARGEST POSITIONS PERCENT OF TOTAL NET ASSETS
CASH & OTHER 3.2% DAIRY FARM INTERNATIONAL HOLDINGS LTD 12.0%
EQUITY* 96.8%
=========
CHINA PETROLEUM & CHEMICAL CORP 8.4%
100.0% CHINA MOBILE (HONG KONG)LTD 5.2%
HANG LUNG GROUP LTD 4.6%
BEIJING DATANG POWER GENERATION CO LTD 4.1%
CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD 4.1%
CHINA MERCHANTS HOLDINGS INTL CO LTD 3.3%
TCL INTERNATIONAL HOLDINGS INC 3.1%
CITIC PACIFIC LTD 3.1%
PETROCHINA CO LTD

2.8%

========

50.6%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL NET ASSETS INDUSTRY ALLOCATION PERCENT OF TOTAL NET ASSETS
ASIA 100.0% CONSUMER DISCRETIONARY 12.2%
CHINA 30.0% AUTOMOBILES & COMPONENTS 1.5%
HONG KONG 44.7% CONSUMER DURABLES & APPAREL 5.6%
TAIWAN 25.4% HOTELS RESTAURANTS & LEISURE 2.3%
TOTAL EQUITY 100.0% RETAILING 2.9%
CONSUMER STAPLES 13.9%
FOOD&STAPLES RETAILING 12.4%
FOOD BEVERAGE & TOBACCO 1.5%
ENERGY 11.5%
ENERGY 11.5%
FINANCIALS 16.2%
BANKS 5.0%
DIVERSIFIED FINANCIALS 1.2%
REAL ESTATE 10.0%
INDUSTRIALS 15.1%
CAPITAL GOODS 10.8%
TRANSPORTATION 4.3%
INFORMATION TECHNOLOGY 11.7%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 2.4%
SOFTWARE & SERVICES 0.8%
TECHNOLOGY HARDWARE & EQUIPMENT 8.5%
MATERIALS 5.9%
MATERIALS 5.9%
TELECOMMUNICATION SERVICES 7.3%
TELECOMMUNICATION SERVICES 7.3%
UTILITIES 6.2%
UTILITIES 6.2%
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 MARCH 31, 2004
TOTAL NET ASSETS: $1,169,537,281
NET ASSET VALUE PER SHARE: $9.02

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS PORTFOLIO CHARACTERISTICS
CASH & OTHER 2.6% WEIGHTED AVG. CREDIT QUALITY AA-
FIXED INCOME 97.4% WEIGHTED AVG. MATURITY 5 yrs.
EQUITY* 0.0%
========
WEIGHTED AVG. DURATION 4.48 yrs.
100.0% WEIGHTED AVG. COUPON 6.916%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL NET ASSETS COUNTRY DISTRIBUTION PERCENT OF TOTAL NET ASSETS
ASIA 19.3% ASIA 21.4%
INDO RUPIAH 5.9% INDONESIA 5.9%
SOUTH KOREA WON 8.2% PHILIPPINES 2.0%
THAILAND BAHT 5.3% SOUTH KOREA 8.2%
AUSTRALIA/NEW ZELAND 14.5% THAILAND 5.3%
AUSTRALIAN DLR 6.2% AUSTRALIA/NEW ZELAND 14.5%
N ZEAL DOLLAR 8.3% AUSTRALIA 6.2%
EUROPE 49.9% NEW ZELAND 8.3%
BRITISH POUND 0.6% EUROPE 51.7%
DANISH KRONE 1.6% AUSTRIA 3.5%
EURO MON UNIT 33.5% BELGIUM 3.4%
HUNGARY FORINT 1.5% DENMARK 1.6%
NORWEGIAN KRONE 2.9% FINLAND 4.3%
POLND ZLOTY 0.7% FRANCE 6.8%
SWEDISH KRONA 9.0% GERMANY 3.5%
NORTH AMERICA 16.3% GREECE 0.5%
CANADIAN DOLLAR 1.9% HUNGARY 1.5%
US DOLLAR 14.4%
========
IRISH REPUBLIC 1.3%
TOTAL 100.0% ITALY 2.8%
NETHERLANDS 2.3%
NORWAY 2.9%
POLAND 0.7%
RUSSIA 2.2%
SPAIN 2.6%
SWEDEN 9.0%
UKRAINE 2.1%
UNITED KINGDOM 0.6%
LATIN AMERICA 8.2%
BRAZIL 0.7%
COLOMBIA 1.0%
MEXICO 1.9%
PERU 0.4%
VENEZUELA 4.1%
MID-EAST/AFRICA 0.2%
SOUTH AFRICA 0.2%
NORTH AMERICA 4.1%
CANADA 1.9%
UNITED STATES 2.1%
TOTAL 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 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, 2004
TOTAL ASSETS: $214,165,897
NET ASSET VALUE PER SHARE: $39.89

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS TEN LARGEST POSITIONS PERCENT OF TOTAL NET ASSETS
SHORT TERM & OTHER 1.1% SBERBANK RF 17.3%
FIXED INCOME 0.0% CHEREOVETS MK SEVERSTAL 8.1%
EQUITY* 98.9%
=========
JSC MINING & SMELTING CO NORILSK NICKEL 8.0%
100.0% VIMPEL COMMUNICATIONS 7.0%
LUKOIL HOLDINGS 6.8%
VOLGATELECOM 6.7%
UNIFIED ENERGY SYSTEMS 5.2%
MOSENERGO 3.7%
PLIVA D D 4.3%
TELEKOMUNIKACJA PLSKA SA 3.3%

========

70.4%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL NET ASSETS INDUSTRY ALLOCATION PERCENT OF TOTAL NET ASSETS
EUROPE 100.0% CONSUMER DISCRETIONARY 1.2%
CROATIA 4.3% AUTOMOBILES & COMPONENTS 1.2%
HUNGARY 6.1% ENERGY 13.9%
POLAND 3.1% ENERGY 13.9%
RUSSIA 86.5% FINANCIALS 17.4%
TOTAL EQUITY 100.0% BANKS 17.4%
HEALTH CARE 7.4%
PHARMACEUTICALS & BIOTECHNOLOGY 7.4%
INDUSTRIALS 2.1%
TRANSPORTATION 2.1%
INFORMATION TECHNOLOGY 1.9%
SOFTWARE & SERVICES 1.0%
TECHNOLOGY HARDWARE & EQUIPMENT 0.8%
MATERIALS 19.2%
MATERIALS 19.2%
TELECOMMUNICATION SERVICES 26.8%
TELECOMMUNICATION SERVICES 26.8%
UTILITIES 10.3%
UTILITIES 10.3%
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.