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

From: Franklin Templeton Investments
Contact: Franklin Templeton Investments
Telephone:(800) 342-5236

Fort Lauderdale, Florida, October 25, 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 September 30, 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 Global Income Fund (NYSE: GIM)

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

The Fund’s 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 $452 billion in assets under management as of September 30, 2005. For more information, please call 1-800/DIAL BEN® (1-800-342-5236) or visit franklintempleton.com.

TEMPLETON DRAGON FUND, INC.
AS OF SEPTEMBER 30, 2005
TOTAL NET ASSETS: $824,359,409
NET ASSET VALUE PER SHARE: $21.83

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS TEN LARGEST POSITIONS PERCENT OF TOTAL NET ASSETS
CASH & OTHER 4.5% DAIRY FARM INTERNATIONAL HOLDINGS LTD 17.7%
FIXED INCOME 0.0%
CHINA MOBILE (HONG KONG) LTD 8.2%
EQUITY* 95.5%========= CHINA PETROLEUM & CHEMICAL CORP 5.7%
100.0% PETROCHINA CO LTD 5.0%
CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD 4.5%
HANG LUNG GROUP LTD 3.8%
CHEUNG KONG HLDS LTD 3.5%
HSBC HOLDINGS PLC 3.5%
ACER INC 3.1%
CHINA RESOURCES ENTERPRISE LTD 2.5%
========
57.5%


INTERNATIONAL ALLOCATION PERCENT OF PORTFOLIO NET ASSETS INDUSTRY ALLOCATION PERCENT OF PORTFOLIO NET ASSETS
ASIA 96.4% CONSUMER DISCRETIONARY 9.0%
CHINA 36.9% AUTOMOBILES & COMPONENTS 1.2%
HONG KONG 36.3% CONSUMER DURABLES & APPAREL 2.2%
SOUTH KOREA 1.9% CONSUMER SERVICES 2.5%
TAIWAN 21.3% RETAILING 3.1%
EUROPE 3.6% CONSUMER STAPLES 19.4%
UNITED KINGDOM 3.6% FOOD & STAPLES RETAILING 18.5%
TOTAL EQUITY* 100.0% FOOD BEVERAGE & TOBACCO 0.8%
ENERGY 11.2%
FINANCIALS 17.3%
BANKS 6.6%
DIVERSIFIED FINANCIALS 1.0%
REAL ESTATE 9.8%
INDUSTRIALS 10.9%
CAPITAL GOODS 7.7%
TRANSPORTATION 3.2%
INFORMATION TECHNOLOGY 13.6%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
4.4%
SOFTWARE & SERVICES 0.3%
TECHNOLOGY HARDWARE & EQUIPMENT
8.8%
MATERIALS 0.3%
TELECOMMUNICATION SERVICES 10.0%
UTILITIES 8.3%
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.

TEMPLETON GLOBAL INCOME FUND
AS OF SEPTEMBER 30, 2005
TOTAL NET ASSETS: $1,158,693,226
NET ASSET VALUE PER SHARE: $8.91

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS PORTFOLIO CHARACTERISTICS
CASH & OTHER 2.5% WEIGHTED AVG. CREDIT QUALITY A+
FIXED INCOME 97.5% WEIGHTED AVG. MATURITY 4 yrs.
EQUITY* 0.0%
========
WEIGHTED AVG. DURATION 3.52 yrs.
100.0% WEIGHTED AVG. COUPON 6.313%


NET CURRENCY DISTRIBUTION PERCENT OF TOTAL NET ASSETS COUNTRY DISTRIBUTION PERCENT OF TOTAL NET ASSETS
ASIA 30.0% ASIA 32.3%
INDO RUPIAH 5.4% INDONESIA 5.4%
MALAYSI RINGGIT 2.3% MALAYSIA 2.3%
SOUTH KOREA WON 14.5% PHILIPPINES 1.9%
SINGAPORE DOLLAR 2.6% SINGAPORE 2.6%
THAILAND BAHT 5.6% SOUTH KOREA 14.5%
AUSTRALIA/NEW ZEALAND 11.1% THAILAND 5.6%
AUSTRALIAN DLR 5.2% AUSTRALIA/NEW ZEALAND 9.7%
N ZEAL DOLLAR 5.8% AUSTRALIA 5.2%
EUROPE 40.9% NEW ZEALAND 4.5%
BRITISH POUND 0.1% EUROPE 40.0%
DANISH KRONE 1.7% AUSTRIA 1.7%
EURO MON UNIT 13.3% BELGIUM 2.7%
NORWEGIAN KRONE 4.8% DENMARK 1.7%
POLAND ZLOTY 7.9% FINLAND 0.9%
SLOVAK KORUNA 4.7% FRANCE 1.3%
SWEDISH KRONA 8.3% GERMANY 1.4%
LATIN AMERICA 3.1% GREECE 0.5%
PERU NUEVO SOL 3.1% IRELAND 0.8%
NORTH AMERICA 14.5% NETHERLANDS 0.5%
CANADIAN DOLLAR 6.7% NORWAY 4.8%
US DOLLAR 7.8% POLAND 7.9%
======== SLOVAK REPUBLIC 4.7%
TOTAL 100.0% SPAIN 2.0%
SWEDEN 8.3%
UKRAINE 0.5%
UNITED KINGDOM 0.1%
LATIN AMERICA 8.5%
ARGENTINA 1.3%
BRAZIL 0.4%
MEXICO 1.1%
PERU 3.1%
VENEZUELA 2.5%
MID-EAST/AFRICA 0.2%
SOUTH AFRICA 0.2%
NORTH AMERICA 9.3%
CANADA 6.7%
UNITED STATES 2.5%
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 SEPTEMBER 30, 2005
TOTAL NET ASSETS: $263,434,059
NET ASSET VALUE PER SHARE: $48.78

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS TEN LARGEST POSITIONS PERCENT OF TOTAL NET ASSETS
CASH & OTHER 7.2% SBERBANK RF 13.6%
FIXED INCOME 0.0% LUKOIL HOLDINGS 10.3%
EQUITY* 92.8%
=========
CHEREPOVETS MK SEVERSTAL 7.7%
100% VOLGATELECOM 5.6%
UNIFIED ENERGY SYSTEMS 5.6%
EGIS RT  5.0%
TELEKOMUNIKACJA POLSKA SA 4.9%
MINING AND METALLURGICAL CO NORILSK NICKEL 4.8%
MOBILE TELESYSTEMS OJSC 4.0%
SIBIRTELECOM
3.9%
========
65.5%


INTERNATIONAL ALLOCATION PERCENT OF PORTFOLIO NET ASSETS INDUSTRY ALLOCATION PERCENT OF PORTFOLIO NET ASSETS
EUROPE 100.0% CONSUMER DISCRETIONARY 2.2%
CROATIA 3.1% AUTOMOBILES & COMPONENTS 2.2%
HUNGARY 7.9% CONSUMER STAPLES 1.7%
POLAND 5.2% HOUSEHOLD & PERSONAL PRODUCTS 1.7%
RUSSIA 82.1% ENERGY 19.5%
SWEDEN 1.7% FINANCIALS 14.6%
TOTAL EQUITY 100.0% BANKS 14.6%
HEALTH CARE 8.4%
PHARMACEUTICALS & BIOTECHNOLOGY 8.4%
INDUSTRIALS 0.5%
CAPITAL GOODS 0.5%
MATERIALS 17.3%
TELECOMMUNICATION SERVICES 27.1%
UTILITIES 8.7%
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 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.