]> 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: Franklin Templeton Fund Information
Telephone:(800) 342-5236

Fort Lauderdale, Florida, May 5, 2005--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, 2005:

  • 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 Russia and East European Fund, Inc. (NYSE: TRF)

            Templeton Global Income Fund (NYSE: GIM)

The Funds’ investment advisers are subsidiaries of Franklin Resources, Inc. (NYSE: BEN), a global investment management 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 $412 billion in assets under management as of March 31, 2005. 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, 2005
TOTAL NET ASSETS: $719,692,692
NET ASSET VALUE PER SHARE: $19.05

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS TEN LARGEST POSITIONS PERCENT OF TOTAL NET ASSETS
CASH & OTHER 2.7% DAIRY FARM INTERNATIONAL HOLDINGS LTD 15.2%
EQUITY* 97.3%
=========
CHINA MOBILE (HONG KONG) LTD 6.3%
100.0% CHINA PETROLEUM & CHEMICAL CORP 5.8%
HANG LUNG GROUP LTD 4.4%
CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD 4.4%
PETROCHINA CO LTD 3.5%
CHEUNG KONG HLDS LTD 3.2%
HSBC HOLDINGS PLC 3.0%
CHINA INT'L MARINE CONTAINERS(GROUP) CO 3.0%
CITIC PACIFIC LTD 2.9%
========
51.7%


INTERNATIONAL ALLOCATION PERCENT OF PORTFOLIO NET ASSETS INDUSTRY ALLOCATION PERCENT OF PORTFOLIO NET ASSETS
ASIA 96.9% CONSUMER DISCRETIONARY 10.6%
CHINA 35.1% AUTOMOBILES & COMPONENTS 1.9%
HONG KONG 36.2% CONSUMER DURABLES & APPAREL 2.9%
SOUTH KOREA 1.2% HOTELS RESTAURANTS & LEISURE 2.8%
TAIWAN 24.3% RETAILING 3.0%
EUROPE 3.1% CONSUMER STAPLES 16.6%
UNITED KINGDOM 3.1% FOOD & STAPLES RETAILING 15.6%
TOTAL EQUITY* 100.0% FOOD BEVERAGE & TOBACCO 1.1%
ENERGY 9.5%
FINANCIALS 18.5%
BANKS 6.7%
DIVERSIFIED FINANCIALS 1.2%
REAL ESTATE 10.6%
INDUSTRIALS 12.7%
CAPITAL GOODS 9.1%
TRANSPORTATION 3.6%
INFORMATION TECHNOLOGY 15.1%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
5.4%
SOFTWARE & SERVICES 0.3%
TECHNOLOGY HARDWARE & EQUIPMENT
9.4%
MATERIALS 0.3%
TELECOMMUNICATION SERVICES 8.0%
UTILITIES 8.6%
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
AS OF MARCH 31, 2005
TOTAL NET ASSETS: $1,210,121,573
NET ASSET VALUE PER SHARE: $9.31

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS PORTFOLIO CHARACTERISTICS
CASH & OTHER 3.8% WEIGHTED AVG. CREDIT QUALITY A+
FIXED INCOME 96.2% WEIGHTED AVG. MATURITY 4 yrs.
EQUITY* 0.0%
========
WEIGHTED AVG. DURATION 3.57 yrs.
100.0% WEIGHTED AVG. COUPON 6.295%


NET CURRENCY DISTRIBUTION PERCENT OF TOTAL NET ASSETS COUNTRY DISTRIBUTION PERCENT OF TOTAL NET ASSETS
ASIA 29.6% ASIA 31.5%
INDO RUPIAH 5.5% INDONESIA 5.5%
MALAYSI RINGGIT 2.1% MALAYSIA 2.1%
SOUTH KOREA WON 14.3% PHILIPPINES 1.9%
SINGAPORE DOLLAR 1.9% SINGAPORE 1.9%
THAILAND BAHT 5.8% SOUTH KOREA 14.3%
AUSTRALIA/NEW ZEALAND 11.9% THAILAND 5.8%
AUSTRALIAN DLR 5.0% AUSTRALIA/NEW ZEALAND 9.3%
N ZEAL DOLLAR 6.9% AUSTRALIA 5.0%
EUROPE 42.3% NEW ZEALAND 4.3%
BRITISH POUND 0.1% EUROPE 45.1%
DANISH KRONE 1.7% AUSTRIA 1.8%
EURO MON UNIT 14.1% BELGIUM 2.9%
HUNGARY FORINT 1.6% DENMARK 1.7%
NORWEGIAN KRONE 3.9% FINLAND 1.5%
POLAND ZLOTY 6.7% FRANCE 1.3%
SLOVAK KORUNA 4.8% GERMANY 2.6%
SWEDISH KRONA 9.4% GREECE 0.5%
NORTH AMERICA 16.2% HUNGARY 1.6%
CANADIAN DOLLAR 5.6% IRISH REPUBLIC 0.8%
US DOLLAR 10.6% NETHERLANDS 0.5%
======== NORWAY 3.9%
TOTAL 100.0% POLAND 6.7%
SLOVAK REPUBLIC 4.8%
SPAIN 2.1%
SWEDEN 9.4%
UKRAINE 2.9%
UNITED KINGDOM 0.1%
LATIN AMERICA 6.5%
ARGENTINA 1.2%
BRAZIL 0.6%
MEXICO 1.1%
PERU 0.2%
VENEZUELA 3.4%
MID-EAST/AFRICA 0.2%
SOUTH AFRICA 0.2%
NORTH AMERICA 7.4%
CANADA 5.6%
UNITED STATES 1.9%
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, 2005
TOTAL NET ASSETS: $218,576,657
NET ASSET VALUE PER SHARE: $40.58

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS TEN LARGEST POSITIONS PERCENT OF TOTAL NET ASSETS
CASH & OTHER 7.2% SBERBANK RF 18.4%
EQUITY* 92.8%
=========
CHEREPOVETS MK SEVERSTAL 8.4%
100% VOLGATELECOM 7.4%
LUKOIL HOLDINGS 7.2%
MOL MAGYAR OLAJ-ES GAZIPARI RT 6.5%
EGIS RT 5.9%
TELEKOMUNIKACJA POLSKA SA 5.1%
UNIFIED ENERGY SYSTEMS 4.6%
JSC MINING & SMELTING CO NORILSK NICKEL 4.2%
NICKEL
SIBIRTELECOM

3.4%
========
71.2%


INTERNATIONAL ALLOCATION PERCENT OF PORTFOLIO NET ASSETS INDUSTRY ALLOCATION PERCENT OF PORTFOLIO NET ASSETS
EUROPE 100.0% CONSUMER DISCRETIONARY 3.7%
CROATIA 3.0% AUTOMOBILES & COMPONENTS 3.7%
HUNGARY 15.2% CONSUMER STAPLES 0.1%
POLAND 5.4% HOUSEHOLD & PERSONAL PRODUCTS
0.1%
RUSSIA 76.3% ENERGY 19.1%
TOTAL EQUITY 100.0% FINANCIALS 19.6%
BANKS 19.6%
HEALTH CARE 9.3%
PHARMACEUTICALS & BIOTECHNOLOGY 9.3%
INDUSTRIALS 0.6%
CAPITAL GOODS 0.6%
INFORMATION TECHNOLOGY 1.7%
SOFTWARE & SERVICES 1.7%
MATERIALS 16.2%
TELECOMMUNICATION SERVICES 23.4%
UTILITIES 6.4%
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.