EXHIBIT 21
FRANKLIN RESOURCES, INC.
LIST OF PRINCIPAL SUBSIDIARIES*
FOR FISCAL YEAR ENDED SEPTEMBER 30, 2000
STATE OR
NATION OF
NAME INCORPORATION
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CLOSED JOINT-STOCK COMPANY TEMPLETON RUSSIA
CONTINENTAL PROPERTY MANAGEMENT COMPANY CALIFORNIA
FCC RECEIVABLES CORP. DELAWARE
FRANKLIN ADVISERS, INC. CALIFORNIA
FRANKLIN ADVISORY SERVICES, LLC DELAWARE
FRANKLIN AGENCY, INC. CALIFORNIA
FRANKLIN CAPITAL CORPORATION UTAH
FRANKLIN INVESTMENT ADVISORY SERVICES, INC. DELAWARE
FRANKLIN MANAGEMENT, INC. CALIFORNIA
FRANKLIN MUTUAL ADVISERS, LLC DELAWARE
FRANKLIN PROPERTIES, INC. CALIFORNIA
FRANKLIN RECEIVABLES , LLC DELAWARE
FRANKLIN TEMPLETON NIB ASSET MANAGEMENT (PTY) LTD SOUTH AFRICA
FRANKLIN TEMPLETON BANK & TRUST, F.S.B. UNITED STATES
FRANKLIN TEMPLETON COMPANIES, INC. DELAWARE
FRANKLIN TEMPLETON FRANCE S.A. FRANCE
FRANKLIN TEMPLETON HOLDING LIMITED MAURITIUS
FRANKLIN TEMPLETON INVESTMENT MANAGEMENT LIMITED UNITED KINGDOM
FRANKLIN TEMPLETON INVESTMENT (ASIA) LIMITED HONG KONG
FRANKLIN TEMPLETON INVESTMENT SERVICES GMBH GERMANY
FRANKLIN TEMPLETON INVESTMENTS CORP. CANADA
FRANKLIN TEMPLETON INVESTMENTS JAPAN LIMITED JAPAN
FRANKLIN TEMPLETON INVESTMENT TRUST MANAGEMENT
COMPANY, LTD. SOUTH KOREA
FRANKLIN TEMPLETON GLOBAL INVESTORS LIMITED UNITED KINGDOM
FRANKLIN TEMPLETON MANAGEMENT COMPANY LIMITED SOUTH AFRICA
FRANKLIN TEMPLETON MANAGEMENT LUXEMBOURG SA LUXEMBOURG
FRANKLIN TEMPLETON SERVICES, INC. DELAWARE
FRANKLIN TEMPLETON SERVICES LIMITED IRELAND
FRANKLIN/TEMPLETON DISTRIBUTORS, INC. NEW YORK
FRANKLIN/TEMPLETON INVESTOR SERVICES, INC. CALIFORNIA
FRANKLIN/TEMPLETON TRAVEL, INC. CALIFORNIA
FS CAPITAL GROUP CALIFORNIA
FS PROPERTIES, INC. CALIFORNIA
FTTRUST COMPANY FLORIDA
HAPPY DRAGON HOLDINGS LTD. BRITISH VIRGIN ISLANDS
PROPERTY RESOURCES, INC. CALIFORNIA
T.G.H. HOLDINGS LTD. BAHAMAS
TEMPLETON ASSET MANAGEMENT LTD. SINGAPORE
TEMPLETON ASSET MANAGEMENT (INDIA) PVT. LTD. INDIA
TEMPLETON ASIAN DIRECT INVESTMENTS LIMITED HONG KONG
TEMPLETON CHINA RESEARCH LIMITED HONG KONG
TEMPLETON DO BRASIL LTDA. BRAZIL
TEMPLETON FRANKLIN GLOBAL DISTRIBUTORS LTD. BERMUDA
TEMPLETON FRANKLIN INVESTMENT SERVICES (ASIA) LIMITED HONG KONG
TEMPLETON/FRANKLIN INVESTMENT SERVICES, INC. DELAWARE
TEMPLETON FUNDS ANNUITY COMPANY FLORIDA
TEMPLETON GLOBAL ADVISORS LIMITED BAHAMAS
TEMPLETON GLOBAL STRATEGIC SERVICES S.A. LUXEMBOURG
TEMPLETON HERITAGE LIMITED CANADA
TEMPLETON INTERNATIONAL, INC. DELAWARE
TEMPLETON INVESTMENT COUNSEL, INC. FLORIDA
TEMPLETON INVESTMENT HOLDINGS (CYPRUS) LIMITED CYPRUS
TEMPLETON INVESTMENT MANAGEMENT (AUSTRALIA) LIMITED AUSTRALIA
TEMPLETON ITALIA SIM SPA ITALY
TEMPLETON RESEARCH AND MANAGEMENT VENEZUELA, C.A. VENEZUELA
TEMPLETON RESEARCH POLAND SP.Z.O.O. POLAND
TEMPLETON (SWITZERLAND) LTD. SWITZERLAND
TEMPLETON TRUST SERVICES PVT. LTD. INDIA
TEMPLETON UNIT TRUST MANAGERS LIMITED UNITED KINGDOM
TEMPLETON WORLDWIDE, INC. DELAWARE
*ALL SUBSIDIARIES CURRENTLY DO BUSINESS PRINCIPALLY UNDER THEIR CORPORATE NAME
EXCEPT FOR TEMPLETON INVESTMENT COUNSEL, INC. WHICH ALSO OPERATES UNDER THE NAME
"TEMPLETON GLOBAL BOND MANAGERS"; AND TEMPLETON/FRANKLIN INVESTMENT SERVICES,
INC. WHICH ALSO OPERATES UNDER THE ASSUMED NAME, "TEMPLETON PORTFOLIO ADVISORY."
SOME TEMPLETON SUBSIDIARIES ALSO ON OCCASION USE THE NAME TEMPLETON WORLDWIDE.
A MORE DETAILED DESCRIPTION OF SOME OF OUR MORE IMPORTANT SUBSIDIARIES IS SET
FORTH BELOW.
FRANKLIN ADVISERS, INC.
Franklin Advisers, Inc. ("FAV") is a California corporation formed in 1985 and
is based in San Mateo, California. FAV is registered as an investment adviser
with the SEC under the Investment Advisers Act of 1940 (the "Advisers Act") and
provides investment advisory, portfolio management and administrative services
under management agreements with most of the Franklin Templeton group of funds.
FRANKLIN ADVISORY SERVICES, LLC
Franklin Advisory Services, LLC ("FASI") is a Delaware limited liability company
formed in 1999 and is based in Fort Lee, New Jersey. FASI is registered as an
investment adviser with the SEC under the Advisers Act. FASI provides investment
advisory and portfolio management services under management agreements with
certain of the Franklin Templeton group of funds and also provides sub-advisory
services to non-affiliated entities.
FRANKLIN AGENCY, INC.
Franklin Agency, Inc. ("FAI") is a California corporation organized in 1971,
which provides variable insurance product development for the Franklin Templeton
group of funds.
FRANKLIN CAPITAL CORPORATION
Franklin Capital Corporation ("FCC") is a Utah corporation formed in 1993 to
expand Franklin Templeton Investments' lending activities related to primarily
to the purchase, securitization and servicing of retail installment sales
contracts ("automobile contracts") originated by independent automobile
dealerships. FCC conducts its business primarily in the Western region of the
United States.
FRANKLIN INVESTMENT ADVISORY SERVICES, INC.
Franklin Investment Advisory Services, Inc. ("FIAS") is a Delaware corporation
formed in 1996 and is based in Norwalk, Connecticut. FIAS is registered as an
investment adviser with the SEC under the Advisers Act and provides investment
management services to an investment company.
FRANKLIN MANAGEMENT, INC.
Franklin Management, Inc. ("FMI"), a California corporation organized in 1978,
is registered as an investment adviser with the SEC under the Advisers Act and
provides investment management services to private accounts. FMI also provides
advisory services to third party broker/dealer wrap fee programs.
FRANKLIN MUTUAL ADVISERS, LLC
Franklin Mutual Advisers, LLC ("FMAI") is a Delaware limited liability company
formed in 1999 as a successor in interest to Franklin Mutual Advisers, Inc. and
is based in Short Hills, New Jersey. FMAI is registered as an investment adviser
with the SEC under the Advisers Act. FMAI provides investment management and
portfolio management services under various agreements with Mutual Series. FMAI
principally serves as the investment manager to the Mutual Series funds.
FRANKLIN PROPERTIES, INC.
Franklin Properties, Inc. ("FPI") is a real estate investment management company
organized in California in 1988, which manages a publicly-traded real estate
investment trust. Franklin Select Realty Trust, Inc. is managed by FPI under an
advisory agreement. Property Resources, Inc. ("PRI"), a California corporation
organized in 1967 and acquired by Franklin Templeton Investments in December
1985, serves as general partner, property manager or adviser for certain other
real estate investment programs.
FRANKLIN TEMPLETON BANK & TRUST, F.S.B.
Franklin Templeton Bank & Trust (the "Bank"), a wholly-owned subsidiary of
Franklin Resources, Inc., is chartered by the Office of Thrift Supervision as a
federal savings bank. The Bank, formerly known as "Franklin Bank", was formed in
1974 and was acquired by Franklin Templeton Investments in December 1985. The
Bank, with total assets of $117.9 Million as of September 30, 2000, provides
consumer banking products and services such as credit cards, auto loans and
deposit accounts. The Bank converted its charter from a California state
chartered bank to a federal savings bank in May 2000. Immediately following this
conversion, Franklin Templeton Trust Company, a California chartered trust
company organized in 1983, merged into the Bank and continues to carry out
activities as a division of the Bank. These activities include, primarily,
serving as custodian for Individual Retirement Accounts and business retirement
plans whose assets are invested in the Franklin Templeton funds, and as trustee
or fiduciary of private trusts and retirement plans.
FRANKLIN TEMPLETON COMPANIES, INC.
Franklin Templeton Companies, Inc. ("FTCS") is a Delaware corporation
formed in 1998. Based in San Mateo, California, FTCS is the principal
contracting and corporate services subsidiary of Franklin Templeton Investments
through which property management, human resources, information systems and
technology, legal, accounting, treasury, payroll, employment, purchasing,
contracting, tax and similar functions are conducted. FTCS does not manage any
assets.
FRANKLIN TEMPLETON INVESTMENT MANAGEMENT LIMITED
Franklin Templeton Investment Management Limited ("FTIML"), is a corporation
organized in 1985 under the laws of England and is based in Edinburgh, Scotland.
FTIML is registered as the foreign equivalent of an investment adviser with the
Investment Management Regulatory Organization and the Financial Services
Authority of the United Kingdom and is also registered with the SEC under the
Advisers Act. FTIML provides both equity and fixed-income investment advisory
services and serves as an investment adviser to various Franklin Templeton
Investments investment companies registered in foreign jurisdictions.
FRANKLIN TEMPLETON INVESTMENT TRUST MANAGEMENT COMPANY, LTD.
Franklin Templeton Investment Trust Management Company, Ltd. ("FTITML") is a
corporation organized under the laws of, and is based in South Korea. FTITML
provides investment trust management services in South Korea.
FRANKLIN TEMPLETON INVESTMENTS CORP.
Franklin Templeton Investments Corp. ("FTIC") is an Ontario corporation formed
in November 1987. FTIC is registered in the province of Ontario, Canada with the
Ontario Securities Commission in the categories of Investment Counsel, Portfolio
Manager and Mutual Fund Dealer. FTIC provides investment advisory, portfolio
management, distribution and administrative services for Canadian mutual funds,
commingled trusts and private and institutional accounts under various
management agreements.
FRANKLIN TEMPLETON INVESTMENTS (ASIA) LIMITED
Franklin Templeton Investments (Asia) Limited ("FTILHK") is a corporation
organized under the laws of, and is based in Hong Kong. FTILHK was formed in
late 1993 to distribute and service Franklin Templeton Investments' financial
products in Asia.
FRANKLIN TEMPLETON SERVICES, INC.
Franklin Templeton Services, Inc. ("FTSI") is a Delaware corporation formed in
1996 and is based in San Mateo, California. FTSI provides business management
services, including fund accounting, securities pricing, trading, compliance and
other related administrative activities under various management agreements to
most of the U.S. Franklin Templeton funds.
FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
Franklin/Templeton Distributors, Inc. ("FTDI") is a New York corporation formed
in 1947. FTDI is registered with the SEC as a broker/dealer and is a member of
the National Association of Securities Dealers, Inc. (the "NASD"). As the
principal underwriter of the shares of most of the Franklin Templeton funds,
FTDI earns underwriting commissions on the distribution of shares of the funds.
FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
Franklin/Templeton Investor Services, Inc. ("FTISI"), is a California
corporation formed in 1981. FTISI is registered with the SEC as a transfer agent
under the '34 Act. FTISI provides shareholder record keeping services and acts
as transfer agent and dividend-paying agent for the Franklin Templeton group of
funds.
FTTRUST COMPANY
FTTrust Company ("FTTC"), a Florida corporation formed in 1985, is a trust
company licensed by the Florida Department of Banking and Finance. FTTC serves
as trustee of commingled trusts for qualified retirement plans.
TEMPLETON ASSET MANAGEMENT LTD.
Templeton Asset Management Ltd. ("TAML") is a corporation organized under the
laws of, and is based in, Singapore. TAML is registered as an investment adviser
in Singapore with the Monetary Authority of Singapore, in Hong Kong with the
Securities and Futures Commission and is also registered with the SEC under the
Advisers Act. TAML provides investment advisory and related services to certain
Templeton funds and portfolios. TAML is principally an investment adviser to
emerging market equity portfolios.
TEMPLETON FUNDS ANNUITY COMPANY
Templeton Funds Annuity Company ("TFAC") is a Florida corporation formed in
1984, which offers variable annuity and variable life insurance products. TFAC
is principally regulated by the Florida Department of Insurance and Florida's
Treasurer.
TEMPLETON/FRANKLIN INVESTMENT SERVICES, INC.
Templeton/Franklin Investment Services, Inc. ("TFIS") is a Delaware corporation
formed in 1987, and is registered with the SEC as a broker/dealer and an
investment adviser and is a member of the NASD. Its principal business
activities include: (i) through its Templeton Portfolio Advisory division,
serving as a sponsor of a comprehensive fee (wrap account) program, in which it
provides investment advisory and broker/dealer services, as well as serving as
investment adviser in other broker/dealer wrap account programs and directly as
an adviser for separate accounts; and (ii) serving as a direct marketing
broker/dealer for institutional investors in the Franklin Templeton group of
funds.
TEMPLETON GLOBAL ADVISORS LIMITED
Templeton Global Advisors Limited ("TGAL") is a Bahamian corporation located in
Nassau, Bahamas. TGAL is registered as an investment adviser with the SEC under
the Advisers Act. TGAL provides investment advisory, portfolio, management, and
administrative services under various agreements with certain of the Templeton
funds and other sponsored investment products.
TEMPLETON INTERNATIONAL, INC.
Templeton International, Inc. ("TII") is a Delaware corporation organized in
1992 and acts as the holding company for a number of the Templeton international
subsidiaries. This organization is responsible for the development and operation
of businesses outside of North America.
TEMPLETON INVESTMENT COUNSEL, INC.
Templeton Investment Counsel, Inc. ("TICI") is a Florida corporation formed in
1979. Based in Ft. Lauderdale, Florida, TICI is the principal investment adviser
to managed and institutional accounts. In addition, it provides investment
advisory portfolio management services to certain of the Templeton funds and
subadvisory services to certain of the Franklin funds.
TEMPLETON WORLDWIDE, INC.
Templeton Worldwide, Inc. ("TWW") is a Delaware corporation organized in July
1992 as the parent holding company for all of the Templeton companies.