]> 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, June 29, 2004--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 May 31, 2004:

  • 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 (NYSE: TEI)
            Templeton Global Income Fund (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 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 $345 billion in assets under management as of May 31, 2004. For more information, please call 1-800/DIAL BEN® (1-800-342-5236) or visit franklintempleton.com.

TEMPLETON EMERGING MARKETS FUND
AS OF MAY 31, 2004
TOTAL NET ASSETS: $227,776,369
NET ASSET VALUE PER SHARE: $12.88

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS TEN LARGETS POSITIONS
SHORT TERM & OTHER 15.9% ANGLO AMERICAN PLC 2.9%
EQUITY* 84.1%
========
CHINA MOBILE (HONG KONG) LTD 2.4%
100.0% SABMILLER PLC 2.4%
TELEFONOS DE MEXICO SA (TELEMEX) 2.3%
KIMBERLY-CLARK DE MEXICO SA DE CV 2.0%
REMGRO LTD 1.9%
TAIWAN CELLULAR CORP 1.8%
FRASER & NEAVE LTD 1.7%
INTERBREW 1.7%
KEPPEL CORPORATION LTD 1.5%
20.7%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL NET ASSETS INDUSTRY ALLOCATION PERCENT OF TOTAL NET ASSETS
ASIA 57.7% CONSUMER DISCRETIONARY 6.7%
CHINA 6.0% AUTOMOBILES & COMPONENTS 0.5%
HONG KONG 8.4% CONSUMER DURABLES & APPAREL 1.6%
INDIA 2.9% HOTELS RESTAURANTS & LEISURE 2.7%
INDONESIA 0.6% MEDIA 0.6%
MALAYSIA 2.3% RETAILING 1.3%
PHILIPPINES 1.1% CONSUMER STAPLES 20.6%
SINGAPORE 6.8% FOOD BEVERAGE & TOBACCO 15.3%
SOUTH KOREA 13.8% FOOD & STAPLES RETAILING 1.3%
TAIWAN 12.9% HOUSEHOLD & PERSONAL PRODUCTS 4.0%
THAILAND 1.1% ENERGY 9.6%
TURKEY 1.8% ENERGY 9.6%
EUROPE 18.0% FINANCIALS 12.4%
AUSTRIA 2.6% BANKS 6.5%
BELGIUM 2.0% DIVERSIFIED FINANCIALS 3.3%
CROATIA 0.9% INSURANCE 0.5%
CZECH REPUBLIC 0.5% REAL ESTATE 2.0%
GREECE 2.1% HEALTH CARE 2.7%
HUNGARY 3.4% PHARMACEUTICALS & BIOTECHNOLOGY 2.7%
POLAND 3.0% INDUSTRIALS 11.3%
RUSSIA 1.3% CAPITAL GOODS 9.8%
SPAIN 1.2% TRANSPORTATION 1.4%
UNITED KINGDOM 1.0% INFORMATION TECHNOLOGY 8.7%
LATIN AMERICA 12.3% SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 1.9%
ARGENTINA 0.7% SOFTWARE & SERVICES 0.3%
BRAZIL 5.2% TECHNOLOGY HARDWARE & EQUIPMENT 6.5%
MEXICO 6.4% MATERIALS 6.7%
MID-EAST/AFRICA 12.1% MATERIALS 6.7
EGYPT 0.3% TELECOMMUNICATION SERVICES 17.1%
SOUTH AFRICA 11.8%
========
TELECOMMUNICATION SERVICES 17.1%
TOTAL EQUITY* 100% UTILITIES 4.2%
UTILITIES 4.2%
========
TOTAL EQUITY* 100.0%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 800/DIAL BEN® (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 MAY 31, 2004
TOTAL NET ASSETS: $594,061,208
NET ASSET VALUE PER SHARE: $12.60

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS PORTFOLIO CHARACTERISTICS
CASH & OTHER 3.6% WEIGHTED AVG. CREDIT QUALITY BB-
FIXED INCOME 96.4% WEIGHTED AVG. MATURITY 10 yrs.
EQUITY* 0.0%
=========
WEIGHTED AVG. DURATION 5.07 yrs.
100.0% WEIGHTED AVG. COUPON 8.889%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL NET ASSETS COUNTRY DISTRIBUTION PERCENT OF TOTAL NET ASSETS
NORTH AMERICA 67.3% EUROPE 25.0%
US DOLLAR 67.3% BULGARIA 4.3%
ASIA 18.1% HUNGARY 3.1%
INDO RUPIAH 8.6% POLAND 1.6%
SOUTH KOREA WON 4.9% RUSSIA 11.3%
THAILAND BAHT 4.6% UKRAINE 4.7%
EUROPE 14.6% ASIA 28.1%
EURO MON UNIT 9.9% INDONESIA 10.5%
HUNGARY FORINT 3.1% MALAYSIA 2.5%
POLAND ZLOTY 1.6%
========
PHILIPPINES 4.8%
TOTAL 100.0% SOUTH KOREA 4.9%
THAILAND 4.6%
VIETNAM 0.9%
LATIN AMERICA 41.2%
ARGENTINA 2.3%
BRAZIL 18.4%
COLOMBIA 4.5%
MEXICO 4.7%
PANAMA 0.9%
PERU 1.3%
VENEZUELA 9.1%
MID-EAST/AFRICA 2.1%
SOUTH AFRICA 2.1%
NORTH AMERICA 3.6%
UNITED STATES 3.6%
========
TOTAL 100.0%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 800/DIAL BEN® (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 MAY 31, 2004
TOTAL NET ASSETS: $1,121,380,743
NET ASSET VALUE PER SHARE: $8.65

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS PORTFOLIO CHARACTERISTICS
CASH & OTHER 2.6% WEIGHTED AVG. CREDIT QUALITY AA-
FIXED INCOME 97.4% WEIGHTED AVG. MATURITY 5 yrs.
EQUITY* 0.0%
========
WEIGHTED AVG. DURATION 4.10 yrs.
100.0% WEIGHTED AVG. COUPON 6.923%
NET CURRENCY DISTRIBUTION BREAKDOWN OF TOTAL PORTFOLIO ASSETS COUNTRY DISTRIBUTION PERCENT OF TOTAL NET ASSETS 
ASIA 22.1% ASIA 24.1%
INDO RUPIAH 5.6% INDONESIA 5.6%
SOUTH KOREA WON 10.2% PHILIPPINES 2.0%
THAILAND BAHT 6.3% SOUTH KOREA 10.2%
AUSTRALIA/NEW ZELAND 13.9% THAILAND 6.3%
AUSTRALIAN DLR 5.9% AUSTRALIA/NEW ZELAND 13.9%
N ZEAL DOLLAR 7.9% AUSTRALIA 5.9%
EUROPE 48.9% NEW ZELAND 7.9%
BRITISH POUND 0.6% EUROPE 51.0%
DANISH KRONE 1.7% AUSTRIA 3.3%
EURO MON UNIT 31.6% BELGIUM 3.5%
HUNGARY FORINT 1.5% DENMARK 1.7%
NORWEGIAN KRONE 3.0% FINLAND 4.3%
POLAND ZLOTY 1.3% FRANCE 4.7%
SWEDISH KRONA 9.1% GERMANY 3.6%
NORTH AMERICA 15.1% GREECE 0.5%
CANADIAN DOLLAR 1.9% HUNGARY 1.5%
US DOLLAR 13.2% IRISH REPUBLIC 1.3%
  ======== ITALY 2.9%
TOTAL 100.0% NETHERLANDS 2.4%
NORWAY 3.0%
POLAND 1.3%
RUSSIA 2.1%
SPAIN 2.6%
SWEDEN 9.3%
UKRAINE 2.5%
UNITED KINGDOM 0.6%
LATIN AMERICA 6.7%
BRAZIL 0.7%
COLOMBIA 0.7%
MEXICO 1.3%
PERU 0.2%
VENEZUELA 3.9%
MID-EAST/AFRICA 0.2%
SOUTH AFRICA 0.2%
NORTH AMERICA 4.1%
CANADA 1.9%
UNITED STATES 2.2%
TOTAL NET ASSETS 100.0%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 800/DIAL BEN® (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.