]> Press Releases--Closed-End Funds, Templeton Releases Allocation Updates
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Templeton Releases Closed-End Funds' Portfolio Allocation Update

From: Franklin Templeton Investments
Contact: Lisa Gallegos
Telephone:(650) 312-3395

Fort Lauderdale, Florida, September 18, 2003.  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 August 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 Emerging Markets Fund (NYSE: EMF)

            Templeton Emerging Markets Income Fund, Inc. (NYSE: TEI)

            Templeton Global Income Fund, Inc. (NYSE: GIM)

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 $297 billion in assets under management as of August 31, 2003. For more information, please call 1-800-DIAL BEN® (1-800-342-5236).

TEMPLETON EMERGING MARKETS FUND
AS OF AUGUST 31, 2003
TOTAL NET ASSETS: $191,092,870
NET ASSET VALUE PER SHARE: $10.82

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGETS POSITIONS
SHORT TERM & OTHER 1.1% ANGLO AMERICAN PLC 4.3%
EQUITY* 98.9%
========
SABMILLER PLC 2.5%
100.0% HYUNDAI MOTOR CO LTD 2.4%
LUKOIL HOLDINGS 2.1%
PETROLEO BRASILEIRO SA (PETROBRAS) 2.0%
KIMBERLY-CLARK DE MEXICO SA DE CV 2.0%
TELEFONOS DE MEXICO SA (TELMEX) 1.7%
BANCO BRADESCO SA 1.7%
TUPRAS-TURKEY PETROL RAFINELERI AS 1.7%
POLSKI KONCERN NAFTOWY ORLEN SA 1.6%
22.0%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
ASIA 52.1% CONSUMER DISCRETIONARY 9.1%
CHINA 5.4% AUTOMOBILES & COMPONENTS 3.1%
HONG KONG 6.6% CONSUMER DURABLES & APPAREL 2.0%
INDIA 3.6% HOTELS RESTAURANTS & LEISURE 2.1%
INDONESIA 2.4% MEDIA 0.6%
MALAYSIA 0.1% RETAILING 1.3%
PHILIPPINES 1.1% CONSUMER STAPLES 14.6%
SINGAPORE 6.8% FOOD BEVERAGE & TOBACCO 11.2%
SOUTH KOREA 13.2% FOOD & STAPLES RETAILING 0.9%
TAIWAN 11.2% HOUSEHOLD & PERSONAL PRODUCTS 2.5%
THAILAND 1.6% ENERGY 15.8%
AUSTRALIA/NEW ZEALAND 0.5% ENERGY 15.8%
AUSTRALIA 0.5% FINANCIALS 11.5%
EUROPE 18.0% BANKS 6.7%
AUSTRIA 2.7% DIVERSIFIED FINANCIALS 1.2%
CROATIA 0.9% INSURANCE 1.1%
CZECH REPUBLIC 0.4% REAL ESTATE 2.5%
DENMARK 0.8% HEALTH CARE 2.5%
GREECE 1.1% PHARMACEUTICALS & BIOTECHNOLOGY 2.5%
HUNGARY 3.0% INDUSTRIALS 15.0%
POLAND 2.0% CAPITAL GOODS 11.7%
RUSSIA 2.3% TRANSPORTATION 3.3%
SWITZERLAND 0.1% INFORMATION TECHNOLOGY 8.4%
TURKEY 4.7% SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 1.5%
LATIN AMERICA 14.8% SOFTWARE & SERVICES 1.5%
ARGENTINA 0.9% TECHNOLOGY HARDWARE & EQUIPMENT 5.4%
BRAZIL 7.6% MATERIALS 9.4%
MEXICO 6.3% MATERIALS 9.4%
MID-EAST/AFRICA 13.5% TELECOMMUNICATION SERVICES 9.5%
EGYPT 0.2% TELECOMMUNICATION SERVICES 9.5%
SOUTH AFRICA 13.3%
========
UTILITIES 3.2%
TOTAL EQUITY* 98.9% UTILITIES 3.2%
========
TOTAL EQUITY* 98.9%

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 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 EMERGING MARKETS INCOME FUND, INC.
AS OF AUGUST 31, 2003
TOTAL NET ASSETS: $590,853,216
NET ASSET VALUE PER SHARE: $12.53

ASSET
ALLOCATION
PERCENT OF TOTAL PORTFOLIO CHARACTERISTICS
CASH & OTHER 14.7% WEIGHTED AVG. CREDIT QUALITY B+
FIXED INCOME 85.0% WEIGHTED AVG. MATURITY 15 yrs.
EQUITY* 0.2%
=========
WEIGHTED AVG. DURATION 5.85 yrs.
100.0% WEIGHTED AVG. COUPON 8.963%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL COUNTRY DISTRIBUTION PERCENT OF TOTAL
NORTH AMERICA 85.8% EUROPE 31.3%
US DOLLAR 85.8% BULGARIA 3.1%
ASIA 5.4% HUNGARY 0.8%
INDO RUPIAH 2.2% NETHERLANDS 1.0%
SOUTH KOREA WON 1.2% RUSSIA 19.3%
THAILAND BAHT 2.0% UKRAINE 7.1%
EUROPE 8.8% ASIA 11.6%
EURO MON UNIT 7.9% INDONESIA 3.8%
HUNGARY FORINT 0.8%
========
PHILIPPINES 4.8%
TOTAL 100.0% SOUTH KOREA 1.2%
THAILAND 1.5%
VIETNAM 0.4%
LATIN AMERICA 40.3%
BRAZIL 18.8%
COLOMBIA 4.9%
MEXICO 4.7%
PANAMA 0.9%
PERU 1.4%
VENEZUELA 9.4%
MID-EAST/AFRICA 1.9%
SOUTH AFRICA 1.9%
========
TOTAL 85.0%

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 GLOBAL INCOME FUND, INC.
AS OF AUGUST 31, 2003
TOTAL NET ASSETS: $1,058,788,524
NET ASSET VALUE PER SHARE: $8.18

ASSET
ALLOCATION
PERCENT OF TOTAL PORTFOLIO CHARACTERISTICS
CASH & OTHER 4.7% WEIGHTED AVG. CREDIT QUALITY A+
FIXED INCOME 95.3% WEIGHTED AVG. MATURITY 8 yrs.
EQUITY* 0.0%
========
WEIGHTED AVG. DURATION 5.63 yrs.
100.0% WEIGHTED AVG. COUPON 6.863%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL COUNTRY DISTRIBUTION PERCENT OF TOTAL
ASIA 5.5% ASIA 11.1%
INDO RUPIAH 1.4% INDONESIA 1.4%
SOUTH KOREA WON 2.0% PHILIPPINES 6.2%
THAILAND BAHT 2.0% SOUTH KOREA 2.0%
AUSTRALIA/NEW ZELAND 14.5% THAILAND 1.5%
AUSTRALIAN DLR 6.5% AUSTRALIA/NEW ZEALAND 14.4%
N ZEAL DOLLAR 8.0% AUSTRALIA 6.5%
EUROPE 51.2% NEW ZEALAND 8.0%
BRITISH POUND 0.6% EUROPE 56.0%
DANISH KRONE 3.4% AUSTRIA 4.3%
EURO MON UNIT 36.1% BELGIUM 3.4%
HUNGARY FORINT 0.9% BULGARIA 0.4%
NORWEGIAN KRONE 2.8% DENMARK 3.4%
SWEDISH KRONA 7.4% FINLAND 4.1%
NORTH AMERICA 28.9% FRANCE 9.3%
CANADIAN DOLLAR 2.5% GERMANY 3.4%
US DOLLAR 26.3%
========
GREECE 0.5%
TOTAL 100.0% HUNGARY 0.9%
IRISH REPUBLIC 1.2%
ITALY 2.9%
NETHERLANDS 2.3%
NORWAY 2.8%
RUSSIA 4.4%
SPAIN 2.6%
SWEDEN 7.4%
UKRAINE 2.2%
UNITED KINGDOM 0.6%
LATIN AMERICA 10.9%
COLOMBIA 1.0%
MEXICO 3.8%
PANAMA 0.7%
PERU 0.5%
VENEZUELA 4.9%
MID-EAST/AFRICA 0.3%
SOUTH AFRICA 0.3%
NORTH AMERICA 2.5%
CANADA 2.5%
========
TOTAL 95.3%

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.