]> 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, December 29, 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 November 30, 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 $322 billion in assets under management as of November 30, 2003. For more information, please call 1-800-DIAL BEN® (1-800-342-5236).

TEMPLETON EMERGING MARKETS FUND
AS OF NOVEMBER 30, 2003
TOTAL NET ASSETS: $212,468,125
NET ASSET VALUE PER SHARE: $12.02

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGETS POSITIONS
SHORT TERM & OTHER 0.7% ANGLO AMERICAN PLC 4.4%
EQUITY* 99.3%
========
SABMILLER PLC 3.1%
100.0% HYUNDAI MOTOR CO LTD 2.2%
LUKOIL HOLDINGS 2.1%
KIMBERLY-CLARK DE MEXICO SA DE CV 1.9%
PETROLEO BRASILEIRO SA (PETROBRAS) 1.8%
REMGRO LTD 1.8%
OMV AG 1.8%
CITIC PACIFIC LTD 1.7%
BANCO BRADESCO SA 1.7%
22.5%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
ASIA 58.5% CONSUMER DISCRETIONARY 9.4%
CHINA 7.3% AUTOMOBILES & COMPONENTS 3.4%
HONG KONG 7.4% CONSUMER DURABLES & APPAREL 2.2%
INDIA 4.6% HOTELS RESTAURANTS & LEISURE 1.9%
INDONESIA 2.6% MEDIA 0.4%
MALAYSIA 0.1% RETAILING 1.4%
PHILIPPINES 0.9% CONSUMER STAPLES 14.8%
SINGAPORE 6.2% FOOD BEVERAGE & TOBACCO 11.4%
SOUTH KOREA 13.0% FOOD & STAPLES RETAILING 0.9%
TAIWAN 10.7% HOUSEHOLD & PERSONAL PRODUCTS 2.4%
THAILAND 1.7% ENERGY 16.3%
TURKEY 4.0 ENERGY 16.3%
AUSTRALIA/NEW ZEALAND 0.5% FINANCIALS 11.5%
AUSTRALIA 0.5% BANKS 7.2%
EUROPE 13.6 DIVERSIFIED FINANCIALS 1.0%
AUSTRIA 3.2% INSURANCE 1.1%
CROATIA 0.9% REAL ESTATE 2.1%
CZECH REPUBLIC 0.5% HEALTH CARE 2.7%
DENMARK 0.9% PHARMACEUTICALS & BIOTECHNOLOGY 2.7%
GREECE 1.2% INDUSTRIALS 15.4%
HUNGARY 3.1% CAPITAL GOODS 12.0%
POLAND 1.6% TRANSPORTATION 3.4%
RUSSIA 2.2% INFORMATION TECHNOLOGY 7.2%
SWITZERLAND 0.1% SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 1.5%
LATIN AMERICA 13.9% SOFTWARE & SERVICES 1.7%
ARGENTINA 0.7% TECHNOLOGY HARDWARE & EQUIPMENT 4.0%
BRAZIL 8.0% MATERIALS 7.7%
MEXICO 5.1% MATERIALS 7.7%
MID-EAST/AFRICA 12.7% TELECOMMUNICATION SERVICES 10.6%
EGYPT 0.3% TELECOMMUNICATION SERVICES 10.6%
SOUTH AFRICA 12.4%
========
UTILITIES 3.7%
TOTAL EQUITY* 99.3% UTILITIES 3.7%
========
TOTAL EQUITY* 99.3%

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 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 NOVEMBER 30, 2003
TOTAL NET ASSETS: $610,711,324
NET ASSET VALUE PER SHARE: $12.95

ASSET
ALLOCATION
PERCENT OF TOTAL PORTFOLIO CHARACTERISTICS
CASH & OTHER 6.0% WEIGHTED AVG. CREDIT QUALITY BB-
FIXED INCOME 93.8% WEIGHTED AVG. MATURITY 13 yrs.
EQUITY* 0.3%
=========
WEIGHTED AVG. DURATION 5.62 yrs.
100.0% WEIGHTED AVG. COUPON 8.840%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL COUNTRY DISTRIBUTION PERCENT OF TOTAL
NORTH AMERICA 74.7% EUROPE 27.5%
US DOLLAR 74.7% BULGARIA 4.4%
ASIA 16.1% HUNGARY 0.8%
INDO RUPIAH 8.3% NETHERLANDS 0.8%
SOUTH KOREA WON 3.3% RUSSIA 16.7%
THAILAND BAHT 4.5% UKRAINE 4.8%
EUROPE 9.1% ASIA 26.5%
EURO MON UNIT 8.3% INDONESIA 9.7%
HUNGARY FORINT 0.8%
========
MALAYSIA 4.0%
TOTAL 100.0% PHILLIPINES 4.6%
SOUTH KOREA 3.3%
THAILAND 4.5%
VIETNAM 0.4%
LATIN AMERICA 37.8%
BRAZIL 16.8%
COLOMBIA 4.7%
MEXICO 4.8%
PANAMA 0.9%
PERU 1.5%
VENEZUELA 9.2%
MID-EAST/AFRICA 2.0%
SOUTH AFRICA 2.0%
========
TOTAL 93.8%

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 NOVEMBER 30, 2003
TOTAL NET ASSETS: $1,116,339,656
NET ASSET VALUE PER SHARE: $8.62

ASSET
ALLOCATION
PERCENT OF TOTAL PORTFOLIO CHARACTERISTICS
CASH & OTHER 2.6% WEIGHTED AVG. CREDIT QUALITY A+
FIXED INCOME 97.4% WEIGHTED AVG. MATURITY 8 yrs.
EQUITY* 0.0%
========
WEIGHTED AVG. DURATION 5.42 yrs.
100.0% WEIGHTED AVG. COUPON 7.172%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL COUNTRY DISTRIBUTION PERCENT OF TOTAL
ASIA 11.8% ASIA 17.5%
INDO RUPIAH 3.9% INDONESIA 3.9%
SOUTH KOREA WON 4.0% PHILIPPINES 5.7%
THAILAND BAHT 3.9% SOUTH KOREA 4.0%
AUSTRALIA/NEW ZELAND 14.5% THAILAND 3.9%
AUSTRALIAN DLR 6.2% AUSTRALIA/NEW ZEALAND 14.5%
N ZEAL DOLLAR 8.3% AUSTRALIA 6.2%
EUROPE 49.1% NEW ZEALAND 8.3%
BRITISH POUND 0.6% EUROPE 53.0%
DANISH KRONE 1.6% AUSTRIA 4.4%
EURO MON UNIT 35.5% BELGIUM 3.4%
HUNGARY FORINT 0.8% BULGARIA 0.1%
NORWEGIAN KRONE 2.9% DENMARK 1.6%
SWEDISH KRONA 7.6% FINLAND 4.2%
NORTH AMERICA 24.6% FRANCE 8.1%
CANADIAN DOLLAR 2.0% GERMANY 3.5%
US DOLLAR 22.6%
========
GREECE 0.5%
TOTAL 100.0% HUNGARY 0.8%
IRISH REPUBLIC 1.3%
ITALY 3.0%
NETHERLANDS 2.3%
NORWAY 2.9%
RUSSIA 3.8%
SPAIN 2.6%
SWEDEN 7.6%
UKRAINE 2.1%
UNITED KINGDOM 0.6%
LATIN AMERICA 10.0%
COLOMBIA 1.0%
MEXICO 3.5%
PANAMA 0.4%
PERU 0.5%
VENEZUELA 4.7%
MID-EAST/AFRICA 0.4%
SOUTH AFRICA 0.4%
NORTH AMERICA 2.0%
CANADA 2.0%
========
TOTAL 97.4%

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.