(NYSE:TRF)

Templeton Global Income Fund (NYSE:GIM)

The Funds' investment advisers are subsidiaries of Franklin
Resources, Inc.0%
EUROPE 3.7%
CAPITAL GOODS 9.58


PERCENT OF PERCENT OF
TOTAL NET TOTAL NET
ASSET ALLOCATION ASSETS TEN LARGEST POSITIONS ASSETS
------ ---------------------- -----------------------------------------
CASH + OTHER 7.0% VOLGATELECOM 7.6%
HEALTH CARE 9 .5%
INDO RUPIAH 5.

The bi-lingual or English pages could be found under Regional:Europe:Hungary .

koztat hungarians

9%
51.6%
TOTAL EQUITY(a) 100. You
may have a gain or loss when you sell your shares.5% INDONESIA 5.9% SINGAPORE 1.1% AUSTRIA 1.1% DENMARK 1.6% NETHERLANDS 0.2%
BRAZIL 0.
-- The number of mass market ADSL contracts increased by 19 378 or 90% as
of 30 June 2005 compared to 30 June 2004. In Forint terms, recurring EBITDA increased by 1% to HUF 10.hu

magyarok korm

Business Editors

FORT LAUDERDALE, Fla . 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, 2005.4%
CHEUNG KONG INFRASTRUCTURE
HOLDINGS LTD 4.1% AUTOMOBILES + COMPONENTS 1.1%
UNIFIED ENERGY SYSTEMS 4.6%
CAPITAL GOODS 0.3%
AUSTRALIAN DLR 5.7% GERMANY 2.4%
MID-EAST/AFRICA 0.9%
TOTAL 100.
-- Net third party debt to latest twelve months recurring EBITDA continues
to reduce and was 3.5 million )
for the three months ended 30 June 2004, an increase of 42% in HUF terms and
47% in EUR terms .7
billion (EUR 23. This is being partially offset by
increases in Business Internet and out of concession Business Voice revenues. These statements
reflect the current belief of Invitel's management as well as assumptions made
by, and information available to, Invitel.

linkeket rsadalom

Franklin
Templeton Investments provides global and domestic investment
management solutions managed by its Franklin, Templeton, Mutual Series
and Fiduciary Trust investment teams.7% DAIRY FARM INTERNATIONAL
EQUITY(a) 97.0%
CHINA INT'L MARINE CONTAINERS
(GROUP) CO 3.5%
BANKS 6.6%
TOTAL EQUITY(a) 100.2% WEIGHTED AVG.0%
N ZEAL DOLLAR 6.9%
EURO MON UNIT 14.5%
SWEDISH KRONA 9.1%
SWEDEN 9.1x as of 30 June 2005.0 million) compared to HUF 6."
A summary of Magyar Telecom B.

Invitel (previously Vivendi Telecom Hungary)
Founded in 1994, Invitel offers telephony, Internet, and data services to
residential and business customers in Hungary.

rsadalom ldi

----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.com.1%
RUSSIA 76.3%
PHARMACEUTICAL + BIOTECHNOLOGY 9.6%
INFORMATION TECHNOLOGY 1.6% ASIA 31.3% EUROPE 45. The Fund's portfolio is actively
managed and investment allocations can be expected to change.
Mass Market Internet revenues were HUF 2. You can participate in the conference call by dialling +44-145-256-0299
(UK), +1-706-679-0560 (International) or +1-877-270-4109 (US).

This press release contains forward-looking statements .

kiz korm

6%
INFORMATION TECHNOLOGY 15.0%
UTILITIES 8.

(a) EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES. You
may have a gain or loss when you sell your shares.9%
THAILAND BAHT 5.9 % AUSTRALIA/NEW ZEALAND 9.
-- Recurring EBITDA for the six months ended 30 June 2005 increased 4% to
EUR 40. This change is due to the decrease in
Business voice and data revenues in our traditional concession areas.V.invitel.

This category covers the Hungarian-only language pages in or about Hungary.

azok rsadalom

3% RETAILING 3. Emerging markets involve
heightened risks related to the same factors, in addition to those
associated with their relatively small size and lesser liquidity.4%
TOTAL EQUITY(a) 100.
EQUITY(a) 0.6%
SLOVAK KORUNA 4.8%
CANADIAN DOLLAR 5. In Forint terms, gross margin for the six months ended 30
June 2005 has decreased by 3% or HUF 485 million compared to the six
months ended 30 June 2004.

ahol hogy

5%
FINANCIALS 18.4%
MATERIALS 0.0%

You may request a copy of the Fund's current Report to
Shareholders by contacting Fund Information at 1-800/DIAL BEN(R)
(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. In Forint terms , total revenue for
the six months ended 30 June 2005 increased by 3% or HUF 751 million
compared to the six months ended 30 June 2004.9 million for the six months ended 30 June
2004. This performance was due to the increase in the number of
our DSL packages in line with the continued expansion of the Hungarian
broadband market.
Martin Lea, CEO of Invitel, commented , "Overall the results for the six
months ended 30 June 2005 were positive.

otthon szem

5%
CHEUNG KONG HLDGS LTD 3.4%
SOFTWARE + SERVICES 0.6%
JSC MINING + SMELTING CO
NORILSK NICKEL 4.2%

INTERNATIONAL PERCENT OF INDUSTRY ALLOCATION PERCENT OF
ALLOCATION PORTFOLIO PORTFOLIO
NET NET
ASSETS ASSETS
--------------------------- ----------------------------- ------------
EUROPE 100.2%
TELECOMMUNICATION SERVICES 23.5%
MALAYSI RINGGIT 2.4% HUNGARY 1.

-- Capex to revenue ratio for the period remained at 12% and was in line
with projections .
-- 74% of debt related foreign exchange denominated cash outflows for the
next two years are hedged. This decrease is attributable
to increased competition in our historical concession areas and mobile
substitution. "Our entire company remains
committed to cost containment and disciplined growth.
Andrea Raba, ACCA
Financial Reporting Manager
Tel: +36 1 801 1651
Email: rabaa@invitel.

koztat ggal

Templeton closed-end Funds:

Templeton Dragon Fund , Inc.1% CONSUMER STAPLES 16.1%
ENERGY 9.4%
100.2%
MOL MAGYAR OLAJ-ES GAZIPARI RT 6.0% CONSUMER DISCRETIONARY 3.3% ENERGY 19. MATURITY 4 yrs.0% AUSTRALIA 5.7% BELGIUM 2.5%
NORWEGIAN KRONE 3.6%
NORTH AMERICA 16.6%
UNITED STATES 1. The information
provided is as of the date shown.

Financial and Operational Highlights:
-- Total revenue in EUR terms for the six months ended 30 June 2005
increased by 7% or EUR 6. In
addition, a replay will be available two hours after the call has ended and
through 19 August. In the rest of Hungary, which represents
a significant growth opportunity following the liberalisation of the telecom
market , Invitel is an alternative telecom operator with a national backbone,
metropolitan networks and point -to-multi-point access system.

Itt tallhatod a Magyarokkal, Magyarorszggal kapcsolatos, magyar nyelv linkeket.

Sajnos elg bonyolult/zavar az, hogy a kategria lefedi a Regional/Europe/Hungary struktrjt is; ezrt fleg oda kerlnek azok a linkek, ahol angol/idegen nyelv lapok is tallhatak, mg ide a kizrlag magyar nyelv lapok.

azok lapok

TEMPLETON DRAGON FUND, INC.9% CONSUMER DISCRETIONARY 10.6%
CHINA 35.2% HOTELS RESTAURANTS + LEISURE 2.7%
DIVERSIFIED FINANCIALS 1.2%
SIBIRTELECOM 3.0% AUTOMOBILES + COMPONENTS 3. Emerging markets involve
heightened risks related to the same factors, in addition to those
associated with their relatively small size and lesser liquidity. We have seen very
aggressive activity from competitors in our concession areas . We are
especially pleased with our continued progress in high-growth market segments
such as in residential Internet services as well as in our out of concession
business.invitel. These factors include, among
others, changes in the general economic and competitive situation,
particularly in Invitel's businesses and markets.

nyzat llam

0% FOOD BEVERAGE + TOBACCO 1. The information
provided is as of the date shown.1%
SOUTH KOREA WON 14.3% PHILIPPINES 1.3 %
EUROPE 42.0% POLAND 6.8%
SPAIN 2.V.6 million) for
the six months ended 30 June 2005 up from HUF 1.

lyes ldi

0% CHINA MOBILE (HONG KONG) LTD 6.3%
TECHNOLOGY HARDWARE + EQUIPMENT 9.4%
EQUITY(a) 92.7%
SOFTWARE + SERVICES 1.295%
100.1%
PERU 0.5
million) for the six months ended 30 June 2004."
Robert Bowker, CFO of Invitel stated, "Whilst we saw a decline in our
gross margin we were able to compensate for this by reducing our operating
costs and focusing on operational efficiencies, which meant that we recorded a
modest increase in EBITDA.1x.'s financial results for the six months
ended 30 June 2005, which includes further information regarding our financial
performance and also includes qualification of some of the terms used in this
press release, is available on Invitel's website (http://www.hu

Invitel Rt.

ldi magyarok

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. The information provided is as of the date shown. The
Fund's portfolio is actively managed and investment allocations can be
expected to change.2% SBERBANK RF 18.4%
LUKOIL HOLDINGS 7.7%
CROATIA 3.7%
HUNGARY 15.1%
POLAND 5.31

PERCENT OF
TOTAL NET
ASSET ALLOCATION ASSETS PORTFOLIO CHARACTERISTICS
---------------------------- -----------------------------------------
CASH + OTHER 3.
----------- WEIGHTED AVG.1%
BRITISH POUND 0. ("Invitel ") today reported its financial results for
the six months ended 30 June 2005. To access the replay of the call, please dial
+44-145-255-0000 (UK), +1-706-645-9291 or +1-800-642-1687 (US) and enter
conference ID number 7802168 (UK) or 7783519 (US/International). The Anne McBride Company
Robert Bowker Kathy Price
Chief Financial Officer Investor Relations
Tel: +36 1 801 1374 Tel: +1 -212-983-1702 x212
Email: kprice@annemcbride.

magyarok megjegyz

TEMPLETON RUSSIA AND EAST EUROPEAN FUND, INC.4%
UTILITIES 6.0%

You may request a copy of the Fund's current Report to
Shareholders by contacting Fund Information at 1-800/DIAL BEN(R)
(1-800-342-5236).

(a) EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES .
"Whilst we will continue to experience a gradual reduction in our
traditional 'in concession ' voice business, we now have strong growth in all
other areas such as voice revenue outside our historical concessions, Mass
Market and Business Internet, Business Voice Out, and Wholesale," concluded
Ian McKenzie, Executive Chairman of the Board. An archived
replay of the conference web cast will also be available on the Invitel web
site, http://www. Forward-looking statements are not
guarantees of future performance and involve risks and uncertainties.

ggal azok

2%
100.2%
HSBC HOLDINGS PLC 3.
AS OF MARCH 31, 2005
TOTAL NET ASSETS: $218,576,657
NET ASSET VALUE PER SHARE: $40.9%
TELEKOMUNIKACJA POLSKA SA 5.4% HOUSEHOLD + PERSONAL PRODUCTS 0.3%
INDUSTRIALS 0. DURATION 3. COUPON 6.7%
HUNGARY FORINT 1.3%
POLAND ZLOTY 6.5%
US DOLLAR 10.6%
MEXICO 1.2%
SOUTH AFRICA 0.4%
CANADA 5. The first half of this year has been
the most competitive period that we have experienced. Invitel is the incumbent
operator in 9 out of 54 primary service areas, where it has a stable cash
generative core telephony business. In addition , future results
and developments could be affected by the performance of financial markets,
fluctuations in exchange rates and changes in national and supranational law,
particularly with regard to tax regulations.

llam szet

8%
HANG LUNG GROUP LTD 4.8%
TAIWAN 24.4%
71. Emerging markets involve
heightened risks related to the same factors, in addition to those
associated with their relatively small size and lesser liquidity.1% MALAYSIA 2.7 %
SLOVAK REPUBLIC 4.2%
NORTH AMERICA 7. Growth in Broadband is
expected to continue .
-- Gross margin increased by 1% to EUR 66.5 billion (EUR 48.4 billion (EUR 9.6 million) for the
six months ended 30 June 2004."
Mr.hu/eng)
and should be read in conjunction with this press release.

HUNGARY - Magyarorszg.

stechnika zavarivanje

Templeton Releases Closed-End Funds' Portfolio Allocation Updates

For more information,
please call 1-800/DIAL BEN(R) (1-800-342-5236) or visit
franklintempleton .3% HOLDINGS LTD 15.7%

INTERNATIONAL PERCENT OF INDUSTRY ALLOCATION PERCENT OF
ALLOCATION PORTFOLIO PORTFOLIO
NET NET
ASSETS ASSETS
--------------------------- ----------------------------- ------------
ASIA 96.1%
TRANSPORTATION 3.3%
TELECOMMUNICATION SERVICES 8.


TEMPLETON GLOBAL INCOME FUND
AS OF MARCH 31, 2005
TOTAL NET ASSETS: $1,210,121,573
NET ASSET VALUE PER SHARE: $9.8% WEIGHTED AVG.2%
VENEZUELA 3.9 million for the six months ended 30
June 2005.

Mass Market Voice revenues declined for the six months ended 30 June 2005
to HUF 11.7 billion (EUR 6.7 million) from HUF 1. Bowker noted that as a result of the improvement in cash flows
provided by operations combined with the growth in EBITDA the Company's ratio
of net third party debt to the latest twelve months EBITDA decreased to 3.

Conference Call Information
On 11 August 2005 (at 14:00 UK time, 15:00 CET, 9:00 AM EST), Invitel will
host a conference call to discuss financial results for the second quarter of
2005.hu/eng.

ahol azok

0%
CITIC PACIFIC LTD 2. The Fund 's portfolio is actively
managed and investment allocations can be expected to change.57 yrs. You can access
a webcast of the call on the Invitel website at http://www. The company assumes no
obligation to update forward-looking statements.

Megjegyzseidet, de fleg linkjeidet sok szeretettel vrj k az editorok.

Egszsg - Health Hrek - News Internet - ;-) Jtkok - Games Klfldi magyarok - Hungarians abroad Kultra - Culture llam s Kormnyzat - Government Mvszet - Arts Otthon - Home Regionlis - Regional Sport - Sport Szabadid - Recreation Szemlyes lapok - Personal pages Szmtstechnika - Computers Tjkoztats - Reference, Informations Trsadalom - Society Tudomny - Science Vsrls - Shopping zlet - Business

lyes megjegyz

4%
PETROCHINA CO LTD 3.

(a) EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES. CREDIT QUALITY A+
FIXED INCOME 96.8%
DANISH KRONE 1.6% NORWAY 3.5%
ARGENTINA 1., parent
company of Invitel Rt.5 million from EUR 38.4 billion (EUR 13. Our net operating expenses year on year decreased
by 8% compared to the six months ended 30 June 2004.co.

nyzat korm

2% CONSUMER DURABLES + APPAREL 2.1% FOOD + STAPLES RETAILING 15.1%
SEMICONDUCTORS + SEMICONDUCTOR
EQUIPMENT 5. 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.8%
ZEALAND 11.4%
UKRAINE 2.9%
UNITED KINGDOM 0. You
may have a gain or loss when you sell your shares.6 billion (EUR 25.
Peter Bezeredy, ACCA
Treasury and Investor Relations Manager
Tel: +36 1 801 1343
Email: bezeredyp@invitel.

nyelv otthon

3%
CHINA PETROLEUM + CHEMICAL CORP 5.9%
SOUTH KOREA 1.6%
INDUSTRIALS 12.8% CHEREPOVETS MK SEVERSTAL 8.8% GREECE 0.9%
TOTAL 100.

Magyar Telecom B.V. Parent Company of Invitel Rt. Reports Financial Results for the Six Months Ended 30 June 2005

1 million.2 million for the six months
ended 30 June 2005 from EUR 65.
-- Cash and cash equivalents including short term investments were EUR
18.6 million) for
the six months ended 30 June 2004.

magyarok korm

(NYSE:BEN), a global investment management
organization operating as Franklin Templeton Investments.6%
BANKS 19.0%


NET CURRENCY PERCENT COUNTRY DISTRIBUTION PERCENT
DISTRIBUTION OF TOTAL OF TOTAL
NET NET
ASSETS ASSETS
-- ------------------------ -------------------------------------------
ASIA 29.3%
AUSTRALIA /NEW THAILAND 5.9% NEW ZEALAND 4.6% FINLAND 1.0
billion for the six months ended 30 June 2005 compared to the six
months ended 30 June 2004.
Business revenues for the six months ended 30 June 2005 were HUF 5.
Wholesale revenues for the six months ended 30 June 2005 increased to HUF
3.

Contacts:
Invitel Rt.

nyelv rsadalom

AS OF MARCH 31, 2005
TOTAL NET ASSETS: $719,692,692
NET ASSET VALUE PER SHARE: $19.05

PERCENT OF PERCENT OF
TOTAL NET TOTAL NET
ASSET ALLOCATION ASSETS TEN LARGEST POSITIONS ASSETS
--------------------------- --------------------------------------- --
CASH + OTHER 2.6%
UNITED KINGDOM 3.2%
REAL ESTATE 10. The industry
allocation uses MSCI's industry definitions for the convenience of
comparison.5%
EGIS RT 5.2% CONSUMER STAPLES 0.1%
TOTAL 100.0% FINANCIALS 19.7%
MATERIALS 16.0% WEIGHTED AVG.9%
SINGAPORE DOLLAR 1.2% IRISH REPUBLIC 0.0%

You may request a copy of the Fund's current Report to
Shareholders by contacting Fund Information at 1-800/DIAL BEN(R)
(1-800-342-5236). BUDAORS, Hungary, Magyar Telecom B.9 million as of 30 June 2005.4 billion (EUR 46.
Primarily, as a result of lower traffic due to mobile substitution and reduced
prices as a result of increased competition.4 billion (EUR 5.co.

lapok korm

(NYSE:TDF)

Templeton Russia and East European Fund, Inc.9%
HONG KONG 36.8% SOUTH KOREA 14.9% FRANCE 1.1%
LATIN AMERICA 6.0 million) compared to HUF 12.invitel.hu/eng. Actual
future results and developments could differ materially from those set forth
in these statements due to various factors.com

Invitel Rt.

szet koztat

---

- - kjjkjk

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